Australian regulator ASIC has extended to 30 September 2019 licensing relief for foreign financial services providers (FFSPs) to allow them to provide financial services to Australian wholesale clients without needing to hold an Australian financial services license.
The licensing relief that is extended by ASIC is in the following instruments:
- ASIC Corporations (Repeal and Transitional) Instrument 2016/396 and ASIC Corporations (CSSF-Regulated Financial Services Providers) Instrument 2016/1109. FFSPs relying on this relief can provide specified financial services to Australian wholesale clients if their home regulatory regime has been assessed by ASIC as sufficiently equivalent to the Australian financial services licensing regime; and
- ASIC Corporations (Foreign Financial Services Providers—Limited Connection) Instrument 2017/182. This provides licensing relief for FFSPs limited to inducing an Australian wholesale client to use the provider’s financial services.
These instruments had been due to expire in late September 2018.
The complete announcement can be seen here.