Released 21 November 2002. Comment closed 28 February 2003.

This policy proposal paper outlines ASIC’s proposed approach to the regulation of financial markets that are authorised overseas, and whose operators apply to be, or are, licensed under the criteria set out in s795B(2) of the Corporations Act 2001 (Corporations Act). In this policy proposal paper, we refer to these markets as ‘overseas markets’.

This policy proposal paper sets out:

• who is eligible to apply for a licence under s795B(2) (Section A);
• our approach to and guidance on the obligations of overseas market licensees (Section B);
• how to get an overseas market licence (Section C); and
• our approach to and guidance on how we will assess whether there is sufficient equivalence between the overseas regulatory regime and the Australian regulatory regime to satisfy the test in s795B(2)(c) (Section D).

The Schedule sets out questions about the home regulatory regime for an overseas market. The answers to these questions will assist us in assessing its equivalence to the Australian regulatory regime.

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