ob体育 is extending for 12 months 鈥� to 31聽March 2023 鈥� our transitional relief for foreign financial services providers (FFSPs) from the requirement to hold an Australian financial services (AFS) licence, pending the outcome of the Australian Government鈥檚 consultation about the regulation of FFSPs.
As part of the Federal Budget released on 11聽May 2021, the Government announced that it will consult on options to:
- restore regulatory relief for FFSPs who are licensed and regulated in jurisdictions with comparable financial service rules and obligations, or have limited connection to Australia, from holding an AFS licence; and
- create a fast-track licensing process for FFSPs who wish to establish more permanent operations in Australia.
extends the relief contained in the following instruments:
- ;
- ; and
- .
The three instruments currently apply to a range of FFSPs until 31聽March 2022.
The instrument also delays the commencement of the until 1聽April 2023. Under that instrument ob体育 gives licensing relief to some providers of funds management financial services to certain categories of Australian professional investors.
As Treasury will consult on proposals that affect licensing of FFSPs, ob体育 has paused its assessment of licence applications lodged by FFSPs pending the outcome of the Government鈥檚 announced reforms, unless the applicant requests that we continue with the assessment of their application.
During this extended transitional period, ob体育 will consider new applications for individual temporary licensing relief or new standard or foreign AFS licence applications from entities that cannot rely on the transitional relief.
FFSPs that have been or are granted a foreign AFS licence will be able to continue to operate their financial services business in Australia under the licence issued by ob体育 pending any legislative changes arising from the Government鈥檚 consultation.