ASIC
Key points
- ASIC has reissued Regulatory Guide 121 Doing financial services business in Australia (RG 121) to reflect changes to the law and legislative relief granted by ASIC.
- Reissued RG 121 includes amendments to descriptions of Australian financial services (AFS) licensing exemptions and relief and updates ASIC’s guidance on the Courts’ interpretation of ‘carrying on a business in Australia’.
ASIC has reissued to provide the latest guidance to individuals and companies from outside Australia that wish to conduct a financial services business in Australia. This version replaces guidance issued in June 2013.
RG 121 has been reissued to:
- remove references to expired or repealed AFS licencing relief, including class relief granted by ASIC to foreign financial services providers (FFSPs) and foreign collective investment schemes
- amend descriptions of AFS licensing exemptions and relief to reflect those currently available
- update the description of the Courts’ interpretation of ‘carrying on a business in Australia’, such as the general indicators of carrying on a business, other relevant factors and when a one-off transaction may amount to the carrying on of a business, and
- update descriptions of, or references to, financial products and services, obligations of AFS licensees, legislation administered by ASIC, other applicable rules and legislation, and ASIC’s regulatory documents to reflect the current legal and regulatory framework.
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