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ASIC Corporations (Foreign Licensees and ADIs) Instrument 2016/186

About this compilation

Compilation No. 1

This is a compilation of ASIC Corporations (Foreign Licensees and ADIs) Instrument 2016/186 as in force on 4 July 2017. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary
1 Name of legislative instrument
3 Authority
4 Definitions
Part 2—Exemption
5 Relief from financial reports and record keeping for foreign licensees
6 Relief from licencing for foreign ADIs
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Foreign Licensees and ADIs) Instrument 2016/186.

3 Authority
This instrument is made under paragraphs 926A(2)(a) and 992B(1)(a) of Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
foreign ADI has the meaning given by section 5 of the Banking Act 1959.

Part 2—Exemption

5 Relief from financial reports and record keeping for foreign licensees
(1) A foreign company (the foreign licensee) which holds an Australian financial services licence does not have to comply with any of the following:
(a) paragraph 988A(1)(b) of the Act to the extent that it requires the foreign licensee to keep financial records in accordance with any of the following:
(i)            section 988B of the Act;
(ii)         paragraph 988D(a) of the Act;
(iii)       any regulations made for the purposes of section 988F of the Act;
(b)  Subdivisions C and D of Division 6 of Part 7.8 of the Act;
(c) if the foreign licensee is a foreign ADI—section 988E of the Act.

              Note: The foreign licensee does not have to comply with regulations made for the purposes of sections 989B and 989C because of the exemptions from those provisions.

Conditions of exemption
(2) A foreign licensee that relies on this exemption must do all of the following:
(a)  the foreign licensee must lodge with ASIC at least once in every calendar year and at intervals of not more than 15 months, a certified copy of:
(i) its balance sheet made up to the end of its last financial year;
(ii) its cash flow statement for its last financial year;
(iii) its profit and loss statement for its last financial year
           in such form and containing such particulars which it reasonably believes is required to be prepared by the law for the time being applicable to that foreign licensee in its place of origin.
(b) the documents referred to in paragraph (a) must be accompanied by a certified copy of a