Here are some of ASIC «s concerns: many AFS license holders appeared to be based
overseas, while promoting the security of Australian regulation; a number number of smaller licensed companies that were foreign - owned (or controlled by a foreign firm) showed lack of awareness or understanding of Australian regulations; some of the firms holding ASIC licenses had outsourced
key compliance aspects to third parties, some of which were related to the AFS licensees and based
overseas (and were subject to little, if any, regulatory oversight in their home
jurisdiction).