Tag: Middle East

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Australia: FFSP Regime Finally Announced – Good News for Offshore Managers
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Australia: A Proxy Advice Regulation Rollercoaster

Australia: FFSP Regime Finally Announced – Good News for Offshore Managers

By: Jim Bulling and Felix Charlesworth

FFSP regime finally announced – good news for offshore managers

On 17 February 2022, the Government introduced the final version of the Foreign Financial Service Provider (FFSP) regulatory regime into Parliament.

The new laws outline three ways in which FFSPs will either be exempt from the requirement to hold an Australian Financial Services Licence (AFSL), or be able to fast track the licencing process. These exemptions will commence on 1 April 2023, to coincide with the expiry of the transitional relief.

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Australia: A Proxy Advice Regulation Rollercoaster

By: Jim Bulling and Phoebe Naylor

Controversial regulations seeking to govern the provision of proxy advice services were introduced by the Government in late December 2021. The Treasury Laws Amendment (Greater Transparency of Proxy Advice) Regulations 2021 (the Regulations) introduced a definition of “proxy advice” and prescribed it as a financial service. In summary, proxy advice was defined as an offer of voting recommendations to specified entities, in relation to the exercise of their voting rights attached to securities or interests.

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