CP 301 Foreign financial services providers
This consultation paper is for foreign financial services providers (FFSPs) and other relevant stakeholders, such as users of the services provided by FFSPs.
It provides an update on the results of our comprehensive review of our relief for FFSPs—following the temporary extension of the relief for a further two years—from the requirement to hold an Australian financial services (AFS) licence when providing financial services to wholesale clients in Australia.
This consultation paper seeks feedback on our proposals to:
- repeal ASIC Corporations (Repeal and Transitional) Instrument 2016/396 and ASIC Corporations (Foreign Financial Services Providers—Limited Connection) Instrument 2017/182, with a 12-month transitional period; and
- implement a modified AFS licensing regime for FFSPs to enable FFSPs to apply for and maintain a modified form of AFS licence (foreign AFS licence).
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Related documents
- Updated RG 176 Foreign financial services providers
- REP 656 Response to submissions on CP 301 and CP 315 on foreign financial services providers
-
ASIC Corporations (Foreign Financial Services Providers—Foreign AFS Licensees) Instrument 2020/198
Submissions
- AFMA (PDF 573KB)
- Alternative Investment Manager Association (AIMA) (PDF 5.2MB)
- Association of the Luxembourg Fund Industry (ALFI) (PDF 217KB)
- Allens (PDF 441KB)
- Ashurst (PDF 734KB)
- Asia Securities Industry & Financial Markets Association (ASIFMA) (PDF 191KB)
- ASX Limited (PDF 187KB)
- Australian Private Equity & Venture Capital Association Limited (AVCAL) (PDF 351KB)
- Baker & McKenzie (PDF 222KB)
- CGS-CIMB Securities (Singapore) Pte Ltd (PDF 27KB)
- Chi-X Australia (PDF 350KB)
- FEXCO Merchant Services Unlimited Company (PDF 3.7MB)
- Financial Services Council (FSC) (PDF 615KB)
- Herbert Smith Freehills (PDF 7.8MB)
- ICI Global
- Law Council of Australia (PDF 1.1MB)
- MinterEllison (PDF 191KB)
- New Zealand Financial Markets Association (NZ FMA)(PDF 162KB)
- Perpetual Corporate Trust (PDF 72KB)
- Property Funds Association (PFA) (PDF 413KB)
- PMC Legal (PDF 342KB)
- River and Mercantile Asset Management (PDF 98KB)