October 28, 2020

Volume X, Number 302


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October 26, 2020

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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”

© 2020 Proskauer Rose LLP. National Law Review, Volume X, Number 268



About this Author

Kirsten Lapham FInancial Services Attorney Proskauer Rose Law Firm, United Kingdom

Kirsten Lapham is a partner specialising in financial services regulation. She advises a broad range of both institutional and individual clients on a variety of financial services regulatory and compliance issues. Her practice has a specific emphasis on the regulatory issues arising under the AIFMD, and MiFID II for a range of EU and indirectly impacted firms outside of the EU.

Experience in this area includes advising multiple clients on the EU marketing and registration regimes and overlaying local regulatory considerations, such as the U.K. retail distribution...