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10 May 2024
Insight
On 10 May 2024, the Senate Economics Legislation Committee (the Committee) delivered its report on the Treasury Laws Amendment (Better Superannuation Concessions and Other Measures) Bill 2023 (Bill) and the Superannuation (Better Targeted Superannuation Concessions) Imposition Bill (the Report).
The Bill includes new exemptions for foreign financial service providers (FFSPs) from the requirement to hold an Australian financial service licence (AFSL).
Background
The Bill was tabled in the House of Representatives on 30 November 2023 (as noted here), following the release of draft exposure legislation in August 2023.
The Bill was then referred to the Committee for inquiry and report on 7 December 2023 (as noted here).
HSF made submissions to the Committee.
Report’s update on the exemptions
In paragraphs 2.138–9 of the Report, the Committee welcomed AFSL exemptions for FFSPs, and acknowledged “the widespread support for these measures among submitters and other stakeholders providing views on this schedule to this inquiry”.
In particular, the Committee noted that there was “strong support for making the financial services market more accessible for foreign providers”.
The Committee recommended that the Bill be passed (at paragraph 2.144 at the conclusion of the Report).
Next Steps
We will continue to monitor the status of the Bill.
Key contacts
Legal Notice
The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
© Herbert Smith Freehills 2024