{"id":"F2020L00238","name":"ASIC Corporations (Foreign Financial Services Providers—Funds Management Financial Services) Instrument 2020/199","slug":"asic-corporations-foreign-financial-services-providers-funds-management-financial-services-instrumen","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":100788,"registerId":"commonwealth-F2020L00238-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Foreign Financial Services Providers—Funds Management Financial Services) Instrument 2020/199","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Foreign Financial Services Providers—Funds Management Financial Services) Instrument 2020/199\n\nAbout this compilation\n\nCompilation No. 5\n\nThis is a compilation of ASIC Corporations (Foreign Financial Services Providers—Funds Management Financial Services) Instrument 2020/199 as in force on 5 December 2025. It includes any commenced amendment affecting the legislative instrument to that date.\n\nThis compilation was prepared by the Australian Securities and Investments Commission.\n\nThe notes at the end of this compilation (the endnotes) include information\n\nabout amending instruments and the amendment history of each amended provision.\n\nContents\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\n2 Commencement\n\n3 Authority\n\n4 Definitions\n\nPart 2—Exemption\n\n5 Licensing\n\n6 Where the exemption applies\n\n7 Condition\n\nEndnotes\n\nEndnote 1—Instrument history\n\nEndnote 2—Amendment history\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Foreign Financial Services Providers—Funds Management Financial Services) Instrument 2020/199.\n\n2 Commencement\n\nThis instrument commences on 1 April 2027.\n\n3 Authority\n\nThis instrument is made under subsection 926A(2) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nAgent for service of a person (first person) means a person:\n\n(a) who is a natural person ordinarily resident in Australia or a company;\n\n(b) whose name and address have been provided to ASIC in writing for the purposes of this instrument; and\n\n(c) who is authorised to accept on the first person’s behalf, service of process from ASIC and, in relation to proceedings relating to a financial services law, from any person referred to in subsection 659B(1) of the Act.\n\neligible Australian user means any of the following persons in this jurisdiction:\n\n(a) a responsible entity of a registered scheme;\n\n(b) a trustee of any of the following:\n\n(i) a superannuation fund;\n\n(ii) an approved deposit fund;\n\n(iii) a pooled superannuation trust;\n\n(iv) a public sector superannuation scheme;\n\nwithin the meaning of the Superannuation Industry (Supervision) Act 1993 where the fund, trust or scheme has net assets of at least $10 million;\n\n(c) a trustee of a wholesale trust who holds an Australian financial services licence or would be required to hold an Australian financial services licence but for ASIC Corporations (Wholesale Equity Scheme Trustees) Instrument 2017/849;\n\n(d) a body regulated by APRA other than a trustee of any of the following (within the meaning of the Superannuation Industry (Supervision) Act 1993):\n\n(i) a superannuation fund;\n\n(ii) an approved deposit fund;\n\n(iii) a pooled superannuation trust;\n\n(iv) a public sector superannuation scheme;\n\n(e) an exempt public authority other than a local Council.\n\nforeign government or legislative body means a government or legislative body of a foreign country or a region, province, territory or state of a foreign Country.\n\nfunds management financial service: a person provides a funds management financial service if they provide any of the following financial services:\n\n(a) any of the following financial services to an eligible Australian user:\n\n    (i) dealing in offshore fund financial products;\n    (ii) providing financial product advice in relation to offshore fund financial products;\n\n(iii) making a market for offshore fund financial products as a result of redeeming or buying back those financial products;\n\nNote: A person will not make a market for offshore fund financial products as a result of redeeming or buying back those financial products if the exception in subsection 766D(2) of the Act applies.\n\n(iv) providing a custodial or depositary service in relation to offshore fund financial products;\n\n(b) any of the following financial services to an eligible Australian user under an agreement or arrangement (portfolio management services mandate) with the eligible Australian user to provide portfolio management services to the eligible Australian user:\n\n    (i) dealing in financial products;\n    (ii) providing financial product advice in relation to financial products;\n    (iii) making a market for financial products in or issued by a managed investment scheme as a result of redeeming or buying back those financial products;\n\nNote: A person will not make a market for financial products as a result of redeeming or buying back those financial products if the exception in subsection 766D(2) of the Act applies.\n\n    (c) a custodial or depositary service to an eligible Australian user under, or in relation to, a portfolio management services mandate.\n    Note: It is possible that different persons may provide the financial services referred to in paragraph (b) and the custodial or depository service referred to in paragraph (c).\n\nhome jurisdiction of a person that provides funds management financial services means:\n\n(a) the jurisdiction which the person has its principal place of business (if any) in relation to the provision of those services; and\n\n(b) otherwise—the jurisdiction in which the person was incorporated Or formed.\n\ninterest in an offshore fund includes an interest in a partnership that is an offshore fund.\n\noffer: a reference to offering securities or interests for issue includes a reference to inviting applications for the issue of the securities or interests.\n\noffshore fund means a managed investment scheme or person in relation to which the following are satisfied:\n\n(a) in the case of a managed investment scheme, the scheme was established outside this jurisdiction and is not operated in this jurisdiction; and\n\n(b) in the case of a person that is not a managed investment scheme, the person:\n\n    (i) is not an Australian financial services licensee; and\n    (ii) carries on a business of investment in securities, interests in land, interests in, or securities issued by, other offshore funds or other investments; and\n    (iii) for the purposes referred to in subparagraph (ii), invests funds (directly or indirectly) following an offer of securities of, or interests in, the person for issue, the terms of which provided for the funds subscribed to be invested for those purposes.\n    offshore fund financial product means:\n    (a) a security of, or interest in, an offshore fund; or\n    (b) a financial product in relation to an offshore fund that is issued by or with the authority of the offshore fund or the operator of the offshore fund.\n    overseas regulator of a person in their home jurisdiction means a foreign regulatory authority which:\n    (a) regulates financial services provided by the person in their home jurisdiction; and\n    (b) is established by or for the purposes of a foreign government or legislative body for the home jurisdiction.\n    wholesale trust means a trust that is operated under a managed investment scheme, where:\n    (a) no interests in the scheme have been issued to a person as a retail client; and\n    (b) the scheme is not registered.\n\nPart 2—Exemption\n\n5 Licensing\n\nA person that is carrying on a financial services business in this jurisdiction only because of the operation of section 911D of the Act in relation to funds management financial services provided by the person does not have to comply with subsection 911A(1) of the Act.\n\n6 Where the exemption applies\n\n(1) The exemption in section 5 only applies to a person that is carrying on a financial services business in this jurisdiction of providing funds management financial services if:\n\n(a) subject to subsection (2), the person has given ASIC written confirmation that:\n\n(i) the person intends to rely on the exemption in section 5 in relation to the provision of funds management financial services; and\n\n(ii) identifies the home jurisdiction of the person and confirms that the person would not contravene any laws of its home jurisdiction relating to the provision of financial services if the person were to provide those funds management financial services in its home jurisdiction; and\n\nNote: If the home jurisdiction of the person changes, the person must provide a new written confirmation in relation to its new home jurisdiction within 30 days: see subsection (2).\n\n(iii) there is an overseas regulator of the person in its home jurisdiction and that the overseas regulator is a signatory to the International Organisation of Securities Commissions’ Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information; and\n\n(iv) on the written request of ASIC or the overseas regulator in its home jurisdiction, the person will give or vary written consent and take all other practicable steps to enable and assist the overseas regulator to disclose to ASIC and ASIC to disclose to the overseas regulator any information or document that the overseas regulator or ASIC has that relates to the person; and\n\n(v) if ASIC gives the person a written notice directing the person to give to ASIC, within the time specified in the notice, a written statement containing specific information in relation to the financial services business carried on by the person in this jurisdiction, the person will comply with the notice; and\n\n(vi) the person will give such assistance to ASIC, or a person authorised by ASIC, as ASIC or the authorised person reasonably requests in relation to whether the person is complying with the financial services laws, and in relation to the performance of ASIC’s other functions; and\n\n(vii) the person has an agent for service appointed and that includes the name and address of the agent for service that is current as at the day the written confirmation is given; and\n\n(b) the person does not have a place of business in this jurisdiction.\n\n(2) If a person has given a written confirmation under subsection (1) and their home jurisdiction changes, the requirement to give a new written confirmation under subsection (1) in relation to their new home jurisdiction only applies on and from 30 days after the day the home jurisdiction of the person changes.\n\n7 Condition\n\nA person that relies on the exemption in section 5 must:\n\n(a) not fail to have an agent for service for any consecutive period of 10 business days; and\n\n(b) provide ASIC with written details of:\n\n(i) a natural person ceasing or commencing to be its agent for service; and\n\n(ii) any change to the name or address of its agent for service;\n\nwithin 10 business days of the natural person so ceasing or commencing or of the change to the name or address.\n\n  \n\nEndnotes\n\nEndnote 1—Instrument history\n\n| Instrument number | Date of FRL registration    | Date of commencement | Application, saving or transitional provisions |\n| ----------------- | --------------------------- | -------------------- | ---------------------------------------------- |\n| 2020/199          | 10/3/2020 (see F2020L00238) | 1/4/2023             |                                                |\n| 2021/510          | 15/6/2021 (see F2021L00732) | 15/6/2021            | -                                              |\n| 2022/623          | 29/7/2022 (see F2022L01022) | 2/8/2022             | -                                              |\n| 2023/588          | 7/8/2023 (see F2023L01065)  | 15/8/2023            | -                                              |\n| 2024/497          | 31/7/2024 (see F2024L00941) | 6/8/2024             | -                                              |\n| 2025/799          | 4/12/2025 (see F2025L01495) | 5/12/2025            | -                                              |\n\nEndnote 2—Amendment history\n\n> Note: ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted\n\n| Provision affected | How affected                                            |\n| ------------------ | ------------------------------------------------------- |\n| Section 2          | am. 2021/510; 2022/623; 2023/588; 2024/497 and 2025/799 |","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":5,"scope_assessment":{"changed":false,"description":"The legislation appears to maintain its original scope as a targeted exemption for foreign fund managers serving institutional clients. The amendment history shows only changes to the commencement date (section 2 amended five times) rather than substantive expansion of the exemption's coverage or conditions. The core framework — limiting services to eligible Australian users, requiring home jurisdiction regulation, and imposing agent for service requirements — remains consistent with the original 2020 instrument's intent."},"complexity_factors":["Multiple defined terms (12 defined terms in section 4) with nested definitions, including complex definitions like 'eligible Australian user' which itself contains sub-definitions and monetary thresholds ($10 million net assets)","Cross-references to external legislation including the Corporations Act 2001, Superannuation Industry (Supervision) Act 1993, and specific ASIC instruments (ASIC Corporations (Wholesale Equity Scheme Trustees) Instrument 2017/849)","Conditional logic with multiple cumulative requirements in section 6(1) — seven separate conditions (a)(i) through (a)(vii) plus an additional condition in paragraph (b), with a temporal exception in subsection (2) for home jurisdiction changes","Definition of 'funds management financial service' spans three paragraphs with multiple sub-paragraphs and includes notes referencing exceptions in the parent Act (subsection 766D(2))","Definition of 'offshore fund' contains alternative conditions for managed investment schemes versus other persons, with the latter requiring satisfaction of three cumulative sub-conditions","Ongoing compliance obligations in section 7 with specific timeframes (10 business days) and triggering events","Reference to international regulatory frameworks (IOSCO Multilateral Memorandum of Understanding) creating external dependency"],"plain_english_summary":"This instrument creates a targeted licence exemption allowing regulated foreign fund managers to provide funds‑management services to sophisticated Australian institutional investors without an AFSL, subject to conditions such as home‑jurisdiction regulation, no Australian place of business, ASIC notification/cooperation, and a local agent for service. \n\nIt aims to streamline cross‑border investment, letting Australian super funds and other institutional investors access offshore managers and expertise more efficiently. Commencement: 1 April 2027."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The compilation and endnotes show the instrument has been amended repeatedly (see Endnote 1 and Endnote 2). Section 2 (commencement/related matters) was amended multiple times across 2021–2025, and other updates affect definitions and timing. Those amendments indicate the instrument’s operational timing and some definitional details have changed since the original 2020/199 version, altering how and when the exemption applies."},"complexity_factors":["Narrow, targeted exemption reduces broad regulatory scope but depends on multiple defined terms (eg. \"funds management financial service\", \"offshore fund\", \"eligible Australian user\").","Cross‑references to the Corporations Act (eg. ss 911A(1), 911D, 659B, 766D) create legal‑interpretation dependency on primary legislation.","Operational conditions requiring an overseas regulator that is an IOSCO MMoU signatory add an international‑cooperation threshold.","Administrative timelines and duties (agent for service; 10 business‑day and 30‑day notification windows) create concrete compliance steps.","Obligations to assist ASIC and respond to written notices introduce discretionary enforcement and information‑sharing interactions.","Eligibility tests include a quantitative threshold (eg. $10 million net assets for some superannuation-related entities), adding factual verification.","Definitions of \"home jurisdiction\" and \"offshore fund\" involve facts about place of business, incorporation and operation that may require evidentiary proof."],"plain_english_summary":"This instrument allows certain foreign funds managers who operate in Australia only because of `s911D` to be exempt from the Australian financial services (AFS) licensing obligation in `s911A(1)`. Affected providers must give written confirmation to ASIC, confirm an overseas regulator that is an IOSCO MMoU signatory, appoint an Australian agent for service, and comply with ASIC information and notification requests — avoiding AFS licensing but taking on specified compliance and disclosure obligations."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-foreign-financial-services-providers-funds-management-financial-services-instrumen","history":"/api/acts/asic-corporations-foreign-financial-services-providers-funds-management-financial-services-instrumen/history","analysis":"/api/acts/asic-corporations-foreign-financial-services-providers-funds-management-financial-services-instrumen/analysis","conflicts":"/api/acts/asic-corporations-foreign-financial-services-providers-funds-management-financial-services-instrumen/conflicts","importantCases":"/api/acts/asic-corporations-foreign-financial-services-providers-funds-management-financial-services-instrumen/important-cases","documents":"/api/acts/asic-corporations-foreign-financial-services-providers-funds-management-financial-services-instrumen/documents"}}