The Australian Securities and Investments Commission (ASIC) has given financial services providers in Germany the option of offering wholesale products to the Australian market without having to hold an Australian financial services licence.

ASIC has released a class order relieving certain wholesale foreign financial services providers registered with the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) from the requirement to hold a licence. The relief took effect from October 26.

Director of Regulatory Policy Mark Adams said: “By granting this relief, ASIC recognises that BaFin’s regulatory regime is sufficiently equivalent to our own.”