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The Australian Securities and Investments Commission (ASIC) have again extended the transitional relief for foreign financial service providers (FFSPs). Notwithstanding this extension the new FFSP legislative exemptions are still expected to come into effect on 1 April 2025.
In late 2023, the Australian Government introduced legislation for four new FFSP exemptions under the Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 ("Bill").
In May 2024, the Senate Economics Legislation Committee delivered its report on the Bill and recommended that it be passed into law.
Now, the Australian Securities and Investments Commission (ASIC) have issued the ASIC Corporations (Amendment) Instrument 2024/497 ("Amendment Instrument") and an explanatory statement ("Explanatory Statement"). The effect of the Amendment Instrument is that the transitional relief for FFSPs when providing financial services to wholesale clients under the limited connection relief or sufficient equivalence relief will be extended until 31 March 2026. 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.
Importantly, the Explanatory Statement indicates that:
The ASIC Corporations (Amendment) Instrument 2024/497 extends the relief contained in the following instruments:
For those entities who cannot currently rely on the transitional relief, or otherwise require guidance on the FFSP regime, please do not hesitate to contact our team. We will continue to monitor the passage of the Bill.
For more details on the previous updates to the transitional relief for FFSPs, please refer to our articles listed below:
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