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…
If you are registered and logged in to the site, click on the link below to read the rest of the King & Wood Mallesons briefing. If not, please register or sign in with your details below.
News from King & Wood Mallesons
News from The Lawyer
Briefings from King & Wood Mallesons
Principals and contractors need to be aware that in not registering security interests under the PPSA 2009, they may risk serious consequences.
The New Companies Ordinance (NCO) will come into effect on 3 March 2014. It includes changes that affect the way documents may be executed.
Analysis from The Lawyer
All-encompassing change is now a reality for the UK’s top 200 firms. How are they coping with the unprecedented upheaval? The Lawyer finds out