ASIC Corporations (Foreign Financial Services Providers—Funds Management Financial Services) Instrument 2020/199 (Cth)

ASIC Corporations (Foreign Financial Services Providers—Funds Management Financial Services) Instrument 2020/199

About this compilation

Compilation No. 4

This is a compilation of ASIC Corporations (Foreign Financial Services Providers—Funds Management Financial Services) Instrument 2020/199 as in force on 6 August 2024. 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 2 Commencement 3 Authority 4 Definitions Part 2—Exemption 5 Licensing 6 Where the exemption applies 7 Condition Endnotes Endnote 1—Instrument history Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument This is the ASIC Corporations (Foreign Financial Services Providers—Funds Management Financial Services) Instrument 2020/199.

2 Commencement This instrument commences on 1 April 2026. Note: The register may be accessed at www.legislation.gov.au.

3 Authority This instrument is made under subsection 926A(2) of the Corporations Act 2001.

4 Definitions In this instrument: Act means the Corporations Act 2001. Agent for service of a person (first person) means a person: (a) who is a natural person ordinarily resident in Australia or a company; (b) whose name and address have been provided to ASIC in writing for the purposes of this instrument; and (c) who is authorised to accept on the first person's behalf, service of process from ASIC and, in relation to proceedings relating to a financial services law, from any person referred to in subsection 659B(1) of the Act. eligible Australian user means any of the following persons in this jurisdiction: (a) a responsible entity of a registered scheme; (b) a trustee of any of the following: (i) a superannuation fund; (ii) an approved deposit fund; (iii) a pooled superannuation trust; (iv) a public sector superannuation scheme; within the meaning of the Superannuation Industry (Supervision) Act 1993 where the fund, trust or scheme has net assets of at least $10 million; (c) a trustee of a wholesale trust who holds an Australian financial services licence or would be required to hold an Australian financial services licence but for ASIC Corporations (Wholesale Equity Scheme Trustees) Instrument 2017/849; (d) a body regulated by APRA other than a trustee of any of the following (within the meaning of the Superannuation Industry (Supervision) Act 1993): (i) a superannuation fund; (ii) an approved deposit fund; (iii) a pooled superannuation trust; (iv) a public sector superannuation scheme; (e) an exempt public authority other than a local Council. foreign government or legislative body means a government or legislative body of a foreign country or a region, province, territory or state of a foreign Country. funds management financial service: a person provides a funds management financial service if they provide any of the following financial services: (a) any of the following financial services to an eligible Australian user: (i) dealing in offshore fund financial products; (ii) providing financial product advice in relation to offshore fund financial products; (iii) making a market for offshore fund financial products as a result of redeeming or buying back those financial products; Note: A person will not make a market for offshore fund financial products as a result of redeeming or buying back those financial products if the exception in subsection 766D(2) of the Act applies. (iv) providing a custodial or depositary service in relation to offshore fund financial products; (b) any of the following financial services to an eligible Australian user under an agreement or arrangement (portfolio management services mandate) with the eligible Australian user to provide portfolio management services to the eligible Australian user: (i) dealing in financial products; (ii) providing financial product advice in relation to financial products; (iii) making a market for financial products in or issued by a managed investment scheme as a result of redeeming or buying back those financial products; Note: A person will not make a market for financial products as a result of redeeming or buying back those financial products if the exception in subsection 766D(2) of the Act applies. (c) a custodial or depositary service to an eligible Australian user under, or in relation to, a portfolio management services mandate. Note: It is possible that different persons may provide the financial services referred to in paragraph (b) and the custodial or depository service referred to in paragraph (c). home jurisdiction of a person that provides funds management financial services means: (a) the jurisdiction which the person has its principal place of business (if any) in relation to the provision of those services; and