Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Act 2026 (35 of 2026)

Schedule 2   Licensing exemptions for foreign financial services providers

Corporations Act 2001

7   After subsection 913B(2)

Insert:

Fit and proper person test does not apply to certain foreign companies or partnerships

(2A) Paragraph (1)(c) does not apply to an applicant for an Australian financial services licence if:

(a) the applicant is a foreign company or is a partnership formed outside this jurisdiction; and

(b) the licence, if granted, would be restricted to the provision of financial services to wholesale clients; and

(c) the applicant holds any authorisations, registrations or licences (however described) that:

(i) are necessary to legally provide the same or substantially the same financial services in a place outside this jurisdiction; and

(ii) are issued (however described) by a regulator determined under subsection 911W(1).