ASIC has reissued RG 121 to provide the latest guidance to individuals and companies from outside Australia that wish to conduct a financial services business in Australia. This version replaces guidance issued in June 2013.

RG 121 has been reissued to:

• remove references to expired or repealed AFS licencing relief, including class relief granted by ASIC to foreign financial services providers (FFSPs) and foreign collective investment schemes
• amend descriptions of AFS licensing exemptions and relief to reflect those currently available
• update the description of the Courts’ interpretation of ‘carrying on a business in Australia’, such as the general indicators of carrying on a business, other relevant factors and when a one-off transaction may amount to the carrying on of a business, and
• update descriptions of, or references to, financial products and services, obligations of AFS licensees, legislation administered by ASIC, other applicable rules and legislation, and ASIC’s regulatory documents to reflect the current legal and regulatory framework.

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Regulatory Guide 121 Doing financial services business in Australia (RG 121)

Background

RG 121 provides general guidance on the financial services regime in Australia relevant for individuals and companies from outside Australia including:

• when an individual or company from outside Australia may be required to hold an AFS licence to carry on a financial services business in Australia
• circumstances in which an individual or company may be exempt from holding an AFS licence, and
• some of the obligations associated with being an AFS licensee.

ASIC is Australia’s corporate, markets and financial services regulator.