King & Wood Mallesons

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ASIC updates UK passport licence exemption

ASIC has made important amendments to the Australian financial services licence passport exemption for UK regulated financial services providers. The amendments are made through Class Order [CO 13/1026] and have been consolidated into Class Order [CO 03/1099].

The amendments update Class Order [CO 03/1099] to cater for reforms to the UK financial services regulatory system that took effect in 2012. The reforms created a new UK prudential regulator known as the Prudential Regulation Authority (PRA). Deposit-takers (such as banks), insurers and major investment companies, known as dual-regulated bodies, are now regulated by both the PRA and the UK Financial Conduct Authority.

Dual-regulated bodies that are currently relying on the passport exemption will need to lodge new or amended documents with ASIC before 31 March 2014 in order to continue to be eligible to rely on the exemption…

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