ASIC has removed the requirement for certain FFSPs to hold an Australian financial services licence (AFSL) for an extra year, to 31 March 2023.
This latest development in the on-again, off-again relief follows the Federal Budget announcement in May 2021. The Government will consult on how it can:
- Restore legislated AFSL relief for FFSPs who are:
- licensed and regulated in comparable jurisdictions; or
- have limited connection to Australia; and
- Create a “fast-track” process for FFSPs applying for an AFSL for more permanent Australian operations.
ASIC also extended similar relief for foreign fund managers providing services to certain Australian professional investors.
As a result of this extension, and pending Government consultation, ASIC will not:
- give further consideration to existing AFS licence applications from FFSPs unless they request; or
- consider new applications from FFSPs who can rely on the extended relief.
ASIC’s media release on this subject can be found here: