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IR 04-55 ASIC issues licensing relief for wholesale foreign financial services providers regulated by the German BaFin

Wednesday 27 October 2004


The Australian Securities and Investments Commission (ASIC) has released a class order relieving certain wholesale foreign financial services providers, registered with the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), from the requirement to hold an Australian financial services licence.

The relief, provided under Class Order [CO 04/1313]: German BaFin regulated financial services providers, applies to bodies holding a German Banking Licence.

The relief took effect from 26 October 2004.

‘By granting this relief, ASIC recognises that BaFin’s regulatory regime is sufficiently equivalent to our own. This relief means ASIC now recognises financial regulators in the USA, UK, Singapore, Hong Kong and now Germany. These regulators are recognised under ASIC Policy Statement 176: Licensing: Discretionary Powers – wholesale foreign financial services providers (PS 176)’, ASIC’s Director of Regulatory Policy, Mr Mark Adams said.

This class order is substantially similar to the relief announced on 23 December 2003 for certain foreign financial services providers regulated by ASIC recognised foreign regulators. For details of this relief and conditions see ASIC Information Release 03/41: ASIC issues licensing relief for certain wholesale foreign financial services providers (IR 03/41).

German banks registered with BaFin may rely on this class order to provide financial services to wholesale clients in Australia if, as far as possible, they comply with the regulatory requirements that would apply to these services in their home jurisdiction and if they comply with the conditions of the relief. These conditions are the same as those described in IR 03/41.

A copy of CO 04/1313, PS 176, and IR 03/41 can be obtained from the ASIC website at www.asic.gov.au, by calling ASIC’s Infoline on 1300 300 630 or emailing infoline@asic.gov.au.

End of release

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