The Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Axt 2025 has been passed to amend the Corporations Act 2001 to provide new licensing exemptions for foreign financial services providers, among other things.
The amendments establish three exemptions from the requirement to hold an AFS licence: the professional investor exemption, the comparable regulator exemption and the market maker exemption.
The Act also fast-tracks the process for foreign financial services providers that apply for an AFS licence by exempting them from the fit and proper person test if they are authorised to provide financial services in a comparable overseas regulatory regime.
The exemptions will commence on 9 April 2027.
In the meantime ASIC Corporations (Foreign Licensees and ADIs) Instrument 2026/121 exempts foreign companies that hold an Australian financial services licence from certain financial reporting and record
keeping obligations, as well as the requirement to lodge financial statements and have them audited, under Division 6 of Part 7.8 of the Corporations Act 2001 (Act), subject to meeting certain conditions.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
