Foreign FSPs Facing Minimal Barriers in Australia

[kreslik.news]

Financial Services Providers (FSPs) who have foreign registration (i.e. by the Financial Conduct Authority in the UK or Financial Services Provider Register in New Zealand) face minimal barriers to entry when providing financial services to Australian Wholesale clients.

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ASIC encourages Foreign FSPs, which are regulated by certain overseas regulators, to enter the Australian market and provide financial services to Australian wholesale clients by applying for the relief from obtaining an Australian Financial Services Licence (AFSL) which is currently available to them.

Presently, ASIC Regulatory Guide 176 (RG176) provides ... (read more)