Legal Updates

 Asset Management and Investment FundsJanuary 28, 2021

Change to Australian Marketing Exemptions

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For further information on any of the issues discussed in this publication please contact the related contact(s) on this page.

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 That exemption process, however, has been replaced by a foreign Australian financial services licence regime, which requires these entities to apply for a foreign AFSL.

If you would like to obtain a foreign AFSL under a streamlined pathway, please reach out to a member of the Fund Registrations Team who will be happy to assist.

DISCLAIMER: This document is for information purposes only and does not purport to represent legal advice. If you have any queries or would like further information relating to any of the above matters, please refer to the contacts above or your usual contact in Dillon Eustace.

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