The eagerly awaited detail of the proposed new foreign financial service provider (FFSP) exemptions from the need to hold an Australian financial services licence (AFSL) was released on 20 December 2021.
Earlier in 2021, Treasury consulted on restoring the 'previously well-established regulatory exemptions', and to create a fast-track licensing process for FFSPs wishing to establish more permanent operations in Australia. Following this consultation, Treasury released the exposure draft legislation.
Read the details on what is proposed in our summary here.
For more background to the FFSP reforms, see our earlier articles:
- noting the extension of the limited connection exemption and the passporting exemptions to 31 March 2023 while the new FFSP exemptions are finalised and implemented: ASIC Extends Australian Financial Services Licensing Exemptions for Foreign Financial Service (FFSPS) Until March 2023; and
- summarising the prior FFSP reform proposals: And Finally... the Foreign Financial Service Provider (FFSP) Licensing Reforms are Confirmed.
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