The Australian Securities and Investments Commission has released a consultation paper in respect of potential reforms of the law applying to Foreign Financial Service Providers (FFSP), broadly foreign licensees who deal with Australian institutional clients.
The proposals represent a significant change to the existing regime, including a new licensing regime, which will replace the existing “passporting” regime currently allowing FFSPs to provide services to Australian clients by complying with the laws in their home jurisdiction.
Please see full publication below for more information.