ASIC today issued a new regulatory guide Doing financial services business in Australia (RG 121).
The guide is part of ASIC’s international capital flows work (see our recent report Enhancing Capital flows in and out of Australia (Report 134)). One of the aims of ASIC’s international capital flows project is to make it easier to establish a financial services business in Australia.
The new guide assists foreign financial services providers understand Australia’s financial services regime under the Corporations Act by:
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Setting out the statutory regime and describing ASIC’s regulation of the financial services industry.
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Describing the requirement to be licensed if you wish to provide financial services in Australia.
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Summarising the exemptions available from the requirement to hold a licence, including those exemptions designed specifically for foreign financial services providers.
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Introducing some of the obligations that come with being a licensee.
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Describing disclosure obligations that apply if you offer financial products in Australia, even if you do not need a licence.
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Noting some of the other rules and legislation that may apply to someone from overseas that wishes to offer financial services in Australia.