Publication
International arbitration report
In this edition, we focused on the Shanghai International Economic and Trade Arbitration Commission’s (SHIAC) new arbitration rules, which take effect January 1, 2024.
The holding pattern continues: FFSP transitional relief extended to March 2026
Australia | Publication | agosto 2024
This article was co-authored with Ella Crowley-Burrows.
More of the same?
The Australian Securities and Investments Commission (ASIC) has announced that the current transitional licensing relief for foreign financial services providers (FFSPs) providing financial services to Australian wholesale clients has been extended for a further 12 months to 31 March 2026.
FFSPs who held the benefit of “sufficient equivalence relief” under certain ASIC class order instruments on 31 March 2020 (see ASIC page for further details) as well as “limited connection relief” will continue to be able to benefit from these transitional arrangements.
The extension of the transitional relief, which was due to expire on 31 March 2025, was brought into effect by ASIC Corporations (Amendment) Instrument 2024/497.
A potential way forward?
The Federal Government has introduced the Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 (the Bill) to create a new licensing exemption regime for FFSPs.
The timing of this new regime remains subject to the passing of the Bill, but it is due to commence on 1 April 2025. FFSPs wishing to rely on this new licensing exemption regime will be required to notify ASIC before or after 31 March 2026, subject to the enactment of the Bill.
Similarly, ASIC has delayed the commencement of the funds management relief until 1 April 2026 (ASIC Corporations (Foreign Financial Services Providers—Funds Management Financial Services) Instrument 2020/199). This funds management relief is intended to grant licensing relief to certain FFSPs that provide funds management financial services to specified categories of Australian professional investors. The precise timing of its commencement will depend on the passing of the Bill.
Foreign entities intending to provide financial services to Australian wholesale clients should carefully consider whether they are required to obtain an Australian Financial Services Licence (AFS Licence) or whether relief is available to them.
Feel free to reach out to our team below for advice about any relief available or to learn more about the application for an AFS Licence.
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