The Australian Securities and Investments Commission (ASIC) has released its highly anticipated Consultation Paper 315 Foreign financial services providers: Further consultation (CP 315), which includes
Australia generally welcomes foreign investment. The Foreign Investment Review Board (FIRB) screens certain foreign investment proposals on a case-by-case basis to determine whether a particular proposal is contrary to the national interest. This brochure explains some of the rules governing the screening process through FIRB.
Doing business in Australia answers some of the most common questions an overseas investor may ask when establishing a business presence in Australia. It aims to provide an introduction to the laws of Australia for overseas legal practitioners.
As Australian-based private fund managers look to scale their operations having tapped their network of family offices and high net wealth individuals, many are looking to Asia and Europe as a source of capital. European investors, in turn, are interested in the typically higher returns available in the Australian market, particularly in the private debt market.
As we reported back in May 2017, the Treasurer announced measures to assist with housing affordability in the 2017/2018 Federal Budget. Draft legislation has recently been released for consultation, but with a couple of kickers, including the denial of certain tax benefits to investors in trusts that would otherwise qualify as managed investment trusts.
The Commonwealth Treasury’s consultation on the current self-reporting regime for breaches of Australian financial services licences and proposed introduction of a self-reporting regime for breaches of Australian credit licences is due to conclude on 12 May 2017. This update discusses the positions for breach self-reporting proposed in the consultation.
On 23 November 2016, the government introduced the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 (Bill) to raise the professional standards for financial advisers. The Bill was introduced as part of the government’s response to the Financial System Inquiry on 20 October 2015, which identified examples of unethical and inappropriate financial advice.
The government has recently introduced a new bill to establish a regulatory framework for crowd-sourced equity funding. Our corporate advisory team dissect what the new bill will mean to Australian businesses.
ASIC issued announcements affecting foreign financial services providers (FFSPs) that rely on passport class order relief from the requirement to hold an Australian financial services licence (AFSL) in order to provide financial services in Australia to wholesale clients.