The Australian federal election was held on 21 May 2022 and has resulted in a change of government.
The previous government had introduced a bill into Parliament to implement the foreign financial service provider (FFSP) exemptions to the requirement to hold an Australian financial services licence (AFSL) and that bill had lapsed on the dissolution of Parliament following the calling of the federal election.
- If the previous government had been returned, we would have expected the bill to be reintroduced.
- Given the change of government, it is unclear whether the bill will be reintroduced. We will need time to understand what the new government intends to do in relation to FFSP exemptions.
We are also engaging with ASIC in relation to whether the 31 March 2023 termination date for the limited connection exemption and the passporting (or sufficient equivalence) exemptions may be extended.
In the meantime, the options available to FFSPs are detailed in our earlier articles of 11 April 2022 and 11 March 2020.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.