On 7 August 2023, Treasury released exposure draft legislation to introduce new exemptions from holding an Australian financial service licence (AFSL) for foreign financial service providers (FFSPs). The exposure draft legislation is available here.
In addition, today the Australian corporate regulator, ASIC, announced an extension of 12 months for the transitional arrangements for the current FFSP exemptions, the passporting exemptions and limited connection exemption, which will now expire on 31 March 2025.
To read more, see our article here.
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