Foreign financial services providers get class order clarity
Key advisers to foreign financial services providers have received clarification on what documents they should provide to the corporate regulator to get a class order exemption to do business in Australia.
The Australian Securities and Investments Commission (ASIC) said all foreign financial services providers must provide an original dated letter of intention to offer financial services in Australia, a certified copy or original with solid proof of registration, authorization or permission from the overseas regulator, and an original signed deed of reliance.
They must also provide an original and signed letter to ASIC which allows for mutual disclosure between ASIC and the overseas regulator.
Those who have not registered with ASIC as a foreign company should supply a certified copy or original evidence of their local agent appointment, along with its contact details.
They should give a certified copy or original with evidence of registration as a body corporate or forming in a partnership in their country of formation.
Brokers or dealers registered with the US Securities and Exchange Commission who want Class Order US SEC regulated financial service providers should have a certified copy or original evidence of membership with Securities Investor Protection Corporation.
"A delay in the provision of these documents or an incomplete application that does not contain all these documents can delay the granting of the exemption," ASIC said in a statement.
Class orders have an expiry date, and ASIC will decide whether a new class order should be issued and what the conditions should be.
AUTHOR
Malavika Santhebennur
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
