Yorick Ng

May 10, 2024 | lexology.com | Fiona Smedley |Ewan MacDonald |Yorick Ng |Adam Hickey

On 10 May 2024, the Senate Economics Legislation Committee (the Committee) delivered its report on the Treasury Laws Amendment (Better Superannuation Concessions and Other Measures) Bill 2023 (Bill) and the Superannuation (Better Targeted Superannuation Concessions) Imposition Bill (the Report). The Bill includes new exemptions for foreign financial service providers (FFSPs) from the requirement to hold an Australian financial service licence (AFSL).

Oct 30, 2023 | lexology.com | Fiona Smedley |Michael Vrisakis |Charlotte Henry |Andrew Bradley |Andrew Eastwood |Yorick Ng | +2 more

Following months of heightened scrutiny on target market determinations (TMDs) across the financial services sector, we are seeing signs that ASIC has shifted its focus on broader product and distribution governance under the DDO regime. In particular, ASIC has started issuing statutory notices and asking questions as part of a thematic review into how issuers and distributors are complying with their reasonable steps obligations.

Aug 14, 2023 | mondaq.com | Fiona Smedley |Ewan MacDonald |Yorick Ng

On 7 August 2023, Treasury released exposure draft legislation to introduce new exemptions from holding an Australian financial service licence (AFSL) for foreign financial service providers (FFSPs).The exposure draft legislation is available here.

Aug 8, 2023 | herbertsmithfreehills.com | Ewan MacDonald |Yorick Ng

Background The passporting exemptions and limited connection exemption from the need to hold an Australian financial services licence (AFSL) that have been used by foreign financial services providers (FFSPs) since 2003 are due to expire on 31 March 2024 (see our earlier article of 2 August 2022).

Aug 8, 2023 | lexology.com | Fiona Smedley |Ewan MacDonald |Yorick Ng

On 7 August 2023, Treasury has released exposure draft legislation to introduce new exemptions from holding an Australian financial service licence (AFSLFFSPs).The exposure draft legislation is available here. In addition, today the Australian corporate regulator, ASIC, announced an extension of 12 months for the transitional arrangements for the current FFSP exemptions, the passporting exemptions and limited connection exemption, which will now expire on 31 March 2025.