On 28 September, the Australian Securities and Investments Commission (ASIC) released a consultation paper seeking feedback on its proposal to repeal Class Order 03/824 Licensing relief for financial services providers with limited connection to Australia dealing with wholesale clients (Class Order).
The Class Order is due to expire on 1 April 2017. Much like its name, the Class Order exempts foreign financial services providers (with limited connection to Australia and who deal with wholesale clients only) from the requirement to hold an Australian financial services licence.
Baker McKenzie is making a submission in relation to the consultation paper. Submissions are due by 2 December 2016.
If you would like more information regarding how ASIC's proposal to repeal the Class Order will affect your business or if you would like to make a submission, please contact us.