ASIC Class Order 10/737: Licensing: Foreign Financial Services Providers

ASIC has made Class Order 10/737 under s 911A(2)(l) of the Corporations Act 2001 which provides that a person is exempt from the requirement to hold an Australian financial services (AFS) licence for a financial service they provide if the provision of the service is covered by an exemption specified by ASIC in writing and published in the Gazette.

ASIC has adopted Regulatory Guide 176 entitled Licensing: Discretionary powers -wholesale foreign financial services providers (RG 176) which outlines when ASIC will grant exemptions from the requirement to hold an AFS licence to financial services providers who- provide services in Australia only to wholesale clients; and are regulated by an overseas regulatory authority.

ASIC has granted class order relief under RG 176 to foreign financial services providers (FFSPs) regulated by a number of overseas regulatory authorities 

The purpose of [CO 10/737] is to update a number of the existing RG 176 class orders.

Subscribers to our Corporations Service can get the full details including the explanatory statement for this order online.