Commonwealth legislation

ASIC Class Order [CO 03/824]

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This rule lets certain foreign financial service providers operate without an Australian financial services licence when they deal only with wholesale (sophisticated or professional) clients. It applies to overseas banks, brokers and investment firms serving large Australian institutions and professional investors.

It matters because it balances openness to cross‑border financial services with protections for retail consumers by exempting only those providers genuinely operating offshore and not otherwise captured by Australian licensing.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 03/824].

ASIC Class Order [CO 03/824]

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Australian Securities and Investments Commission Corporations Act 2001 — Paragraph 911A(2)(l) — Exemption

1. Under paragraph 911A(2)(l) of the Corporations Act 2001 (the Act), the Australian Securities and Investments Commission exempts a person from the requirement to hold an Australian financial services licence for the provision of a financial service where all of the following apply:

(a) the service is provided to wholesale clients only; and

(b) but for section 911D of the Act, the person would not be carrying on a financial services business in this jurisdiction; and

Commencement

2. This instrument takes effect on gazettal.

Interpretation

3. In this instrument, wholesale client has the meaning given by section 761G of the Act.

Dated this 26th day of September 2003

Signed by Stephen Yen, PSM as a delegate of the Australian Securities and Investments Commission

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.