Commonwealth legislation

ASIC Class Order [CO 03/825]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 instrument grants a limited exemption from needing an Australian financial services licence so foreign banks, insurers and similar institutions can continue servicing financial products they issued offshore to customers who have since moved to Australia.

It applies only where specific conditions are met (product bought offshore, service relates to that product, and no existing AFSL covers it), avoiding the need to obtain a full Australian licence or cease servicing relocated clients.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 03/825].

ASIC Class Order [CO 03/825]

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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 (the foreign financial institution) from the requirement to hold an Australian financial services licence for the provision of a financial service where all of the following apply:

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

(b) another person (the local person) holds a financial product (the foreign financial product) issued by the foreign financial institution or a related body corporate; and

(d) the financial service relates to the foreign financial product; and

(e) the foreign financial institution does not hold an Australian financial services licence covering the provision of the service.

Commencement

2. This instrument takes effect on gazettal.

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.