Change To Australian Marketing Exemptions – Finance and Banking


Change To Australian Marketing Exemptions

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In order to market and distribute a fund or manage the assets of
a fund in Australia, fund managers must be authorised or licenced
by the Australian Securities and Investments Commission
(“ASIC”), or must have the benefit of
a particular exemption. The fund manager will typically hold an
Australian financial services license
(“AFSL”) (or a “foreign
AFSL”), or be appointed as an authorised representative of an
AFSL holder (which may be the trustee of the fund).

Traditionally, AFSL exemptions were available, on application,
to regulated entities in a few recognised foreign jurisdictions
which the ASIC regards as having equivalent regulation and
supervision as Australia, e.g. an investment adviser regulated by
the SEC or the FCA would typically be entitled to an exemption upon
application. That exemption process, however, has been replaced by
a foreign Australian financial services licence regime, which
requires these entities to apply for a foreign AFSL.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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