June 18, 2021
Markets

Government jump-starts financial services changes

 

The government has established it is looking towards a number of reforms to boost the efficiency and competition of financial markets. It has an aim to roll out the red carpet for global talent and investment into Australia.

The government is set to consult on licensing relief for foreign financial services providers. Companies that are licensed in jurisdictions with comparable financial service rules and obligations or have limited connection to Australia, could be relieved from needing to hold an Australian Financial Services License (AFSL). 

The measure, limited to providers that deal with wholesale clients and professional investors, is aiming to cut down on duplicate regulatory requirements. 

The government has also signalled it consult on options to create a fast-track licensing process for financial services providers that wish to establish more…

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