ASIC has extended licensing relief for foreign providers for providing certain services without needing to hold an Australian financial services license.
The instruments, initially due to expire on 30 September, now have their deadlines broadened to 31 March 2020.
The licensing relief covers two instruments allowing foreign financial services providers (FFSPs) to service Australian wholesale clients if their home regulatory regime has been assessed by ASIC as sufficiently equivalent to the Australian financial services licensing process.
It also has extended the deadline for an instrument providing relief to FFSPs that are only required to hold a license because they have engaged in conduct intending to induce a wholesale client to use its services.
ASIC had indicated in its consultation paper “Foreign financial services providers: Further consultation” that it would extend the relief to 31 March 2020 pending consultation.
Submission to the paper closed in August.
The extension of the relief is contained in ASIC Corporations (Amendment) Instrument 2019/902.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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