Foreign Financial Service Providers in Australia - Part 1 [PODCAST]
What Fund Managers and Investors Need to Know
On 10 March 2020, following extensive consultation with industry, the Australian Securities and Investments Commission (ASIC) released its new regulatory framework for foreign financial services providers (FFSPs). These new rules are critically important for foreign firms (including asset managers and funds, brokers, foreign banks and other offshore institutions) undertaking wholesale financial services business into Australia.
In the first of our two-part podcast, Proskauer financial services and regulatory partner Kirsten Lapham is joined by Adam Laura, Head of the Investment Funds practice at Australian firm Gilbert + Tobin to discuss what has changed for fund managers seeking to market to Australian investors and what they will need to consider going forward.
Podcast discussion includes:
- ASIC motivation for reform
- Recent changes
- Transitional arrangements
- Sufficient equivalence relief v foreign AFS licence
- Limited connection relief v funds management relief
- “Wholesale clients”
- “Eligible Australian users”