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

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.