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).