On 1 June ASIC released a consultation paper, Consultation Paper 301 Foreign financial services providers (CP 301) proposing a modified licensing regime for foreign financial service providers carrying on a financial services business in Australia with wholesale clients.

ASIC states that the proposals in CP 301 follow ASIC’s review of the regulatory settings behind its foreign providers relief and that its review identified some supervisory and regulatory concerns about the operation of the relief.

We provide an analysis and commentary on CP 301 in our article.

ASIC invites submissions on CP 301 by 31 July.