The Australian Securities and Investments Commission (ASIC) announced this month that it is extending the temporary relief put in place for foreign financial service providers (FFSPs) that would otherwise be required to submit an application for a local Australian license. Such firms can now continue to operate in Australia until March 31, 2023.
The Australian regulator indicated that it is currently satisfied that such foreign firms are already holding licenses in “comparable financial service rules and obligations” for providing such temporary relief. Furthermore, the regulator stated that they will explore creating “a fast-track licensing process for FFSPs who wish to establish more permanent operations in Australia”.
Firms already registered with a “foreign AFS license will be able to continue to operate their financial services business in Australia under the license issued by ASIC pending any legislative changes arising from the Government’s consultation.
