ob体育 is extending for a further 12 months the transitional relief for foreign financial services providers (FFSPs) from the requirement to hold an Australian financial services (AFS) licence when providing financial services to Australian wholesale clients.
The extension of the transitional relief to 31 March 2025 is made by
The current transitional arrangements for ob体育鈥檚 sufficient equivalence relief and limited connection relief were due to expire on 31 March 2024.
The new relief instrument also delays the commencement of the until 1 April 2025. Under that instrument ob体育 gives licensing relief to some FFSPs that provide funds management financial services to certain categories of Australian professional investors.
During this extended transitional period, ob体育 will consider new applications for individual temporary licensing relief, or new standard or foreign AFS licence applications, from entities that cannot rely on the transitional relief.
FFSPs that have been, or are granted a foreign AFS licence, will be able to continue to operate their financial services business in Australia under the licence issued by ob体育.
Background
The transitional relief in ob体育 Corporations (Amendment) Instrument 2023/588 extends the relief contained in the following instruments:
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