CP 315 Foreign financial services providers: Further consultation

Released 3 July 2019. Comments close 9 August 2019.

This paper is for foreign financial services providers (FFSPs) that wish to provide financial services in Australia to wholesale clients or professional investors only. It seeks feedback on our proposal to introduce Australian financial services (AFS) licensing relief for FFSPs known as the ‘funds management’ relief to allow FFSPs to provide relevant services to professional investors in Australia. We will proceed with repealing ‘limited connection’ relief as we have previously proposed.

We are not currently proposing to give AFS licensing relief to allow FFSPs to provide financial services to professional investors in Australia where the investor initiates an inquiry about the service (‘reverse solicitation’ relief). This paper seeks feedback on this issue.

Download

• CP 315 (PDF 372 KB)
• Attachment 1 to CP 315: Draft updated RG 176 (PDF 1.08 MB)
• Attachment 2 to CP 315: Draft ASIC Corporations (Foreign Financial Services Providers—Funds Management Financial Services) Instrument 2019/XXX (PDF 108 KB)
• Attachment 3 to CP 315: Draft ASIC Corporations (Foreign Financial Services Providers—Foreign AFS Licensees) Instrument 2019/XXX (PDF 176 KB)

Related documents

• Updated RG 176 Foreign financial services providers

• REP 656 Response to submissions on CP 301 and CP 315 on foreign financial services providers

• ASIC Corporations (Foreign Financial Services Providers—Funds Management Financial Services) Instrument 2020/199

• ASIC Corporations (Foreign Financial Services Providers—Foreign AFS Licensees) Instrument 2020/198

• ASIC Corporations (Amendment) Instrument 2020/200

• Related CP 301

• Media release 20-058MR