Released 19 December 2002. Comment closed 28 February 2003.

This policy proposal paper outlines when we will use our discretionary powers to provide exemptions from the requirement to hold an Australian financial services (AFS) licence for financial services providers who are regulated by overseas regulatory authorities.

In this paper, we refer to these providers as ‘foreign financial services providers’ (FFSPs).

The proposals in this paper cover exemptions under the following sections of the Corporations Act 2001 (Corporations Act):

• s911A(2)(h), which, subject to certain conditions, exempts an FFSP that is regulated by an overseas regulatory authority approved by ASIC; or
• s911A(2)(l), which deals with exemptions specified by ASIC.

We intend to use our power under s911A(2)(l) to exempt certain FFSPs regulated by certain overseas regulatory authorities.

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