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On 10 May 2024, the Senate Economics Legislation Committee (the Committeedelivered 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.

 

 

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Fiona Smedley

Partner, Sydney

Fiona Smedley
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Ewan MacDonald

Special Counsel, Sydney

Ewan MacDonald
Yorick Ng photo

Yorick Ng

Special Counsel, Sydney

Yorick Ng
Adam Hickey photo

Adam Hickey

Senior Associate, Sydney

Adam Hickey

Key contacts

Fiona Smedley photo

Fiona Smedley

Partner, Sydney

Fiona Smedley
Ewan MacDonald photo

Ewan MacDonald

Special Counsel, Sydney

Ewan MacDonald
Yorick Ng photo

Yorick Ng

Special Counsel, Sydney

Yorick Ng
Adam Hickey photo

Adam Hickey

Senior Associate, Sydney

Adam Hickey
Fiona Smedley Ewan MacDonald Yorick Ng Adam Hickey