The Australian Securities & Investments Commission has extended its class no-action position on the requirement to hold an Australian financial services licence under section 911A(1) of the Corporations Act 2001 for providers of second party opinions that amount to general financial product advice to wholesale clients only. The extension means ASIC does not intend to take action in these cases until the end of 15 June 2028, unless the position is amended or revoked. ASIC said the extra time will allow consideration of how phased mandatory climate reporting under the Corporations Act and regulatory changes in other jurisdictions may affect these services. The no-action position remains conditional. The second party opinion must be made available in connection with an offer for issue or sale of financial products available only to wholesale clients, the provider must have adequate conflict management arrangements, and the opinion must be accompanied by certain disclosures. ASIC first issued the two-year class no-action position in June 2024 and, consistent with Regulatory Guide 108 on no-action letters, has reserved the right to withdraw or revise the letter at any time.
Australian Securities & Investments Commission2026-06-16
Australian Securities & Investments Commission extends no-action relief on AFS licensing for wholesale-client second party opinions to 15 June 2028
The Australian Securities & Investments Commission has extended its no-action position on Australian financial services licensing for second party opinion providers giving general financial product advice to wholesale clients only. The position now runs until the end of 15 June 2028, subject to conditions on wholesale-only offers, conflict management and disclosures. ASIC said the extension allows time to assess the effect of phased mandatory climate reporting and regulatory changes in other jurisdictions on these services.