Document ID: chunk:federal_register_of_legislation:F2017C00589:body:0:p2
Version: federal_register_of_legislation:F2017C00589
Segment Type: other
Provision Reference: 
Character Range: 2637–5191

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 document setting out the views of the licensee's auditor about the documents in paragraph (a) which it reasonably believes were audited in accordance with the requirements for the time being applicable to the licensee in its place of origin.
Note:  Where the licensee is subject to subsection 601CK(1) of the Act, compliance with that subsection will also result in this condition being satisfied.
(3) A foreign licensee that does not comply with the conditions in subsection (2) may not rely on the exemption in subsection (1).

6 Relief from licencing for foreign ADIs
       A foreign ADI does not have to comply with subsection 911A(1) of the Act to the extent it requires the foreign ADI to hold an Australian financial services licence for the provision of a financial service where all of the following apply:
(a) the service consists only of either or both of the following:
(i) dealing in derivatives;
(ii) dealing in foreign exchange contracts;
(b)  the service does not involve the making of a market for derivatives or foreign exchange contracts;
(c)  the dealing is entered into for the purpose of managing a financial risk that arises in the ordinary course of the foreign ADI's banking business;
(d)  the dealing is entered into on the foreign ADI's own behalf;
(e)  the counterparty for the dealing is a person as a wholesale client;
(f)  the foreign ADI does not hold an Australian financial services licence covering the provision of the service.
Note: ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115 provides relief from subsections 911A(1) and 911B(1) of the Act to a person who provides financial services on behalf of a person who does not need an Australian financial services licence because of an exemption made under section 926A of the Act.

Endnotes

Endnote 1—Instrument history

Instrument number  Date of FRL registration     Date of commencement  Application, saving or transitional provisions
2016/186           31/3/2016 (see F2016L00451)  1/4/2016
2017/580           3/7/2017 (see F2017L00871)   4/7/2017              -

Endnote 2—Amendment history
ad. = added or inserted     am. = amended     LA = Legislation Act 2003    rep. = repealed     rs. = repealed and substituted
Provision affected   How affected
Section 2            rep. s48D LA
Section 6 (note)     rs. 2017/580