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ASIC passporting relief notices due this month

If you are regulated by the UK FSA, the US SEC, Federal Reserve, OCC or CFTC, the Monetary Authority of Singapore, the HK SFC or the German BaFin and have been granted Australian licensing relief then this month you must lodge a notice with the Australian Securities and Investments Commission (ASIC) to continue providing financial services to wholesale clients in Australia.

ASIC requires foreign financial service providers relying on passporting relief in Australia to lodge notices with ASIC on an ongoing basis. Entities must notify ASIC as soon as practicable of any significant change to their authorisation in the foreign jurisdiction relevant to the financial services it provides or intends to provide in Australia.

Entities must also notify ASIC by 30 September and 31 March of each year:

  • of each significant change to the regulatory requirements relating to the financial services it provides in its home jurisdiction,
  • of each disciplinary or enforcement action taken by any overseas regulatory authority which regulates financial services, and
  • where there has been no such notifiable change or action, that there has been no notifiable regulatory change or action.

These compulsory six monthly notifications are monitored strictly by ASIC. Failure to comply with them can lead to loss of passporting relief.

This publication is only a general outline. It is not legal advice. You should seek professional advice before taking any action based on its contents.

Who does this affect?
Banks, fund managers and sponsors, broker dealers, investment advisers and other financial service providers who rely on passporting relief from holding an Australian financial services licence.
What do you need to do?
Lodge a notice with the Australian Securities and Investments Commission in March.

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