Australian Treasury Releases Consultation on Exemptions for Foreign Financial Services Providers

On 7 August 2023, The Australian Treasury released an exposure draft. This draft invites stakeholders to participate in a consultation process regarding proposed exemptions for Australian Financial Services Licences that would apply to foreign financial services providers (“FFSPs“). This initiative follows a prior consultation which lapsed in 2022 due to governmental changes. The exposure draft legislation aims to introduce four new exemptions, which will replace the current ones. It is intended to take effect on 1 April 2024.

The Consultation closes on 8 September 2023. FFSPs relying on existing exemptions or considering reliance on exemptions to conduct financial service businesses in Australia should…

carefully review the new exemptions and their associated requirements. For more information about the four new exemptions and to learn about the next steps to be taken for FFSPs that currently rely on exemptions or are considering entering the Australian market, explore our guide below.

 

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