Foreign Financial Services Providers – Two More Years to Go

    View Author March 2020
    Introduction

    On 10 March 2020, the Australian Securities and Investments Commission (ASIC) released an updated Regulatory Guide 176 (RG 176) that provides guidance to foreign financial services providers (FFSPs) in relation to the status of existing FFSP exemptions and the introduction of the new foreign Australian financial service licence (AFSL) regime and funds management relief.

    The existing FFSP exemptions remain available for a two-year transition period. From 1 April 2022, an FFSP will need to obtain an AFSL or a foreign AFSL, or to rely on another exemption, to provide regulated financial services to Australia-based clients.