In July 2019, ASIC released the highly anticipated consultation on foreign financial services providers (FFSPs) licensing relief in Australia and announced that it had requested that exchange market operators not admit any managed funds that do not disclose their portfolio holdings daily and which have internal market makers.
As noted in our earlier update, ASIC has released its updated proposals for the licensing relief available to foreign financial services providers (FFSPs) servicing wholesale clients in Australia, with the release of Consultation Paper 315.
In summary, ASIC has proposed to:
ASIC has today published a media release on Consultation Paper 315 proposing to extend the current licensing relief for foreign financial service providers (FFSP) in Australia, while it further consults on the new licensing relief that will apply to FFSPs.
Main takeaways:
In June 2019 ASIC released its estimates for the Industry Funding levy for the 2018-19 financial year. Further, ASIC and APRA have formally commenced consultation on product intervention powers and product responsibility under the Banking Executive Accountability Regime respectively.
1 July 2019 also marks the commencement date of a variety of new and updated legislation
The May issue of the financial services monthly wrap up is now available.
In this issue we report on:
On 23 May 2018 APRA announced that it would conduct a review of the superannuation prudential framework that was introduced in 2013 as part of the Stronger Super reforms.[1] The consultation is scheduled to take place over a four-month period and involve both formal and informal feedback from stakeholders across the superannuation industry.
The