The Portfolio Management Association of Canada (PMAC), through its International Committee, is pleased to have the opportunity to respond to the exposure draft legislation: Relief to Foreign Financial Service Providers Consultation Paper (the Consultation) issued by the Australian Treasury. PMAC supports the objective of the Consultation which is to establish a framework for foreign financial service providers (FFSPs) in Australia, with the goal of promoting diversified investment opportunities for Australian investors and attract investment and liquidity to the Australian markets through the adoption of the three proposed exemptions: the professional investor exemption; the comparable regulator exemption; and the fit and proper person test exemption).
PMAC responded in support of the Treasury’s July 30, 2021 consultation. PMAC appreciates the Treasury’s consideration of PMAC’s previous comments and the incorporation of the expanded approach to the sufficient equivalence relief taken in this Consultation.
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