On 10 September, ASIC announced that the 'sufficient equivalence relief' and 'limited connection relief' for Foreign Financial Service Providers (FFSPs) have been extended to 31 March 2020. This means FFSPs relying on sufficient equivalence or limited connection relief can continue to provide certain financial services in Australia to wholesale clients without needing to hold an AFS licence until 31 March 2020.

However, the announcement does not provide any update on ASIC's proposed new foreign AFS licensing regime or AFS licensing exemption for FFSPs. We will keep you up to date with any developments.