The Australian Securities and Investments Commission (ASIC) recently announced that it will further extend the transitional relief for foreign financial service providers (FFSP).。

Regulator extends FFSP's requirement to hold an Australian Financial Services (AFS) licence when providing financial services to Australian wholesale customers for another 12 months。

ASIC Corporation (Amendment) Instrument 2023 / 588 Extends Transitional Relief Period to 31 March 2025。

The current transition arrangements for ASIC full equivalent relief and limited connection relief will expire on March 31, 2024.。

The new relief facility also delayed the launch of ASIC Corporation (Foreign Financial Service Providers - Fund Management Financial Services) facility 2020 / 199 until April 1, 2025.。Under the instrument, ASIC grants licensing relief to certain FFSPs that provide money management financial services to certain specific groups, the category of Australian professional investors.。

During the extended transition period, ASIC will consider new applications for individual temporary licence relief from entities that cannot rely on the transitional relief, or new standards or foreign AFS licence applications.。

FFSPs that have obtained or are in the process of obtaining a foreign AFS licence will be able to continue to operate their financial services business in Australia under a licence issued by ASIC。