大象视频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 2024 is made by .

The current transitional arrangements for ASIC鈥檚 sufficient equivalence relief and limited connection relief were due to expire on 31 March 2023.聽

The new relief instrument also delays the commencement of the 大象视频Corporations (Foreign Financial Services Providers鈥擣unds Management Financial Services) Instrument 2020/199 until 1 April 2024. Under that instrument 大象视频gives licensing relief to some FFSPs that provide funds management financial services to certain categories of Australian professional investors.

During this extended transitional period, 大象视频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 ASIC.

Background

The transitional relief in 大象视频Corporations (Amendment) Instrument 2022/623 extends the relief contained in the following instruments:

• ;
• ; and
• .