The Australian Securities and Investments Commission (ASIC) made a statement. It will extend a temporary relief for all foreign companies for 12 months to 31 March 2023. It will allow them to work in this region without having an Australian document.
It is a part of the Federal Budget published this May. The financial authorities said it had paused applications for licenses lodged by FFSPs pending the announcement of the reforms unless requested by a firm. It will examine this situation assembled by providing a fast-track licensing procedure for FFSPs who plan to have more transactions in this country.