ASIC has issued a new regulatory guide Doing financial services business in Australia (RG 121 pdf).

The new guide explains to foreign financial services providers  Australia’s financial services regime under the Corporations Act by:

• Setting out the statutory regime and describing ASIC’s regulation of the financial services industry.
• Describing the requirement to be licensed if they wish to provide financial services in Australia.
• Summarising the exemptions available from the requirement to hold a licence, including those exemptions designed specifically for foreign financial services providers.
• Introducing some of the obligations that come with being a licensee.
• Describing disclosure obligations that apply if they offer financial products in Australia, even if they do not need a licence.
• Noting some of the other rules and legislation that may apply to someone from overseas that wishes to offer financial services in Australia.