ASIC has registered the ASIC Corporations (Amendment) Instrument 2024/497 to further extend transitional relief for foreign financial services providers (FFSPs) until 31 March 2026 from the requirement to hold an Australian financial services (AFS) licence when providing financial services to Australian wholesale clients. Background.

After this date, FFSPs will be required to notify ASIC of their intention to rely on the new licensing exemption regime, unless they choose to opt in by notifying ASIC earlier.

The Australian Government has introduced legislation for a new licensing exemption regime for FFSPs under the Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023. The new regime is due to commence on 1 April 2025, subject to passage of the Bill through Parliament.

UPDATE December 2024:  The Senate has split the Treasury Laws Amendment (Better Target Superannuation Concessions and Other Measures) Bill 2024 into two bills: the Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023 containing superannuation changes; and the Treasury Laws Amendment (Miscellaneous Measures) Bill 2024 containing the proposed exemptions for foreign financial service providers (FFSPs) from the requirement to hold an Australian financial services licence.

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.