Commodity Futures Trading Commission
Office of External Affairs (202) 418-5080
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581

Release: 4969-04
For Release: August 12, 2004

ASIC Grants Licensing Relief to CFTC Regulated
Financial Services Providers

Washington, D.C. – The Commodity Futures Trading Commission (CFTC) today announced that the Australian Securities & Investments Commission (ASIC) Class Order CO 04/829, granting relief from the requirement to hold an Australian financial services license for wholesale foreign financial services providers regulated by the CFTC, became effective as of July 27, 2004. Under this order, FCMs, IBs, CPOs and CTAs registered and in good standing with the CFTC are permitted to provide financial services to wholesale clients in Australia subject to certain notifications and conditions as specified in the order. Additionally, the services must be provided in a manner that, if provided to clients in the United States in like circumstances, would comply with the CFTC regulatory requirements.

Acting Chairman Sharon Brown-Hruska in commenting on this relief said:

“I am pleased that we could facilitate the application for this relief. Working together with our colleagues in the regulatory community to reduce the burden of operating a financial services business in multiple jurisdictions is consistent with our respective regulatory responsibilities. The award of this relief is a milestone in our long history of cooperation with the ASIC, the Australian securities regulator.”

A copy of this order may be found online at:$file/ps176.pdf

For further information, please contact the Commission’s Office of International Affairs, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581, (202) 418-5645.

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Media Contacts
Alan Sobba (202) 418-5080
R. David Gary (202) 418-5085
Office of External Affairs

Staff Contact
Andrea Corcoran
Office of International Affairs
(202) 418-5645