ASIC has announced a 12-month extension of its transitional relief for foreign financial services providers (FFSPs) from the requirement to hold an AFS licence.
The extension has now been pushed forward to 31 March 2023 pending the outcome of the government’s consultation about FFSPs regulation as previously announced in the federal budget.
ASIC said in a statement released on Friday: “As Treasury will consult on proposals that affect licensing of FFSPs, ASIC has paused its assessment of licence applications lodged by FFSPs pending the outcome of the Government’s announced reforms, unless the applicant requests that we continue with the assessment of their application.
“During this extended transitional period, ASIC will consider new applications for individual temporary licensing relief or new standard or foreign AFS licence applications from entities that cannot rely on the transitional relief.”
FFSPs that have been or are granted a foreign AFS licence will also be able to continue to operate pending any legislative changes arising from the consultation.
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