AIMA APAC Webinar: Australia’s New Regulatory Framework for Foreign Financial Service Providers (FFSPs) - The Story Continues
AIMA is hosting a webinar/manager discussion to outline options and seek feedback from members who have an interest in the recently released consultation paper on Relief to Foreign Financial Service Providers (FFSPs).
The government had previously announced it was revisiting the FFSPs relief earlier this year. Broadly, the consultation paper considers various options for establishing legislative frameworks for FFSPs as well as the fast-tracking of FFSP licensing applications.
The suggested legislative frameworks for FFSPs include the reinstatement of the ‘sufficient equivalence’ relief available to regulated FFSPs from recognised equivalent jurisdictions to Australia as well as the reinstatement of the ‘limited connection’ relief available to those who induce persons in Australia to use foreign financial services.
Fast-tracking options for FFSP licensing include amendment to the existing ‘fit and proper persons’ test to provide greater flexibility, a modified licensing regime for regulated FFSPs from IOSCO MOU signatory jurisdictions and an automatic grant of AFSL to properly authorised IOSCO board member regulated FFSPs who provide financial services to wholesale clients only.
For the fuller historical background of this development, please see this earlier AIMA webinar.Final AIMA Webinar _19 July 2021.pdf
A recording is available for replay here.
- Kher Sheng Lee, Managing Director, Co-Head of APAC and Deputy Global Head of Government Affairs, AIMA
- Michael Gallagher, Managing Director, Head of Australia, AIMA
- Nikki Bentley, Partner, Financial Services Law, EY