James Morris (AU)

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Financial services monthly wrap-up: June-July 2023

The months of June and July have seen a flurry of regulatory developments. Treasury has committed to adopting the bulk of the Quality of Advice Review Recommendations, published its second consultation paper on climate disclosure and has announced its intention to uplift Superannuation Performance Testing. As expected with the close of the financial year, disclosure … Continue Reading

Treasury releases consultation for FFSP licensing regime

This article was co-authored with Abhi Ravishankar and Joel McKay In a much anticipated development, Treasury has released for consultation its exposure draft on Australian financial service (AFS) license exemptions for foreign financial services providers (FFSPs) (the exposure draft Bill and explanatory memorandum can be found here). This consultation comes off the back of the previous … Continue Reading

Maintaining the status quo: FFSP transitional relief to continue into March 2025

The Australian Securities and Investments Commission (ASIC) has published a media release to confirm that the current transitional licensing relief for foreign financial services providers (FFSPs) providing financial services to Australian wholesale clients has been extended for a further 12 months to 31 March 2025. FFSPs who held the benefit of “sufficient equivalence relief” under certain ASIC class … Continue Reading

APRA’s proposed new securitisation rules: some wins for the industry

APRA’s discussion paper and proposed new APS 120 provide some welcome clarification and concessions for Australian market participants.  Released on Thursday 26 November 2015, the proposals will be open for comment until 1 March 2016.  The proposed effective date for these rules in 1 January 2018. Amongst the more important proposals are: De-facto master trust … Continue Reading