Australian Securities & Investments Commission extends transitional relief for foreign financial services providers to 31 March 2027

The Australian Securities & Investments Commission has extended transitional relief for foreign financial services providers (FFSPs) for a further 12 months, continuing to exempt them from the requirement to hold an Australian financial services (AFS) licence when providing financial services to Australian wholesale clients. The extension pushes back the expiry of ASIC’s sufficient equivalence and limited connection relief from 31 March 2026 to 31 March 2027. ASIC Corporations (Foreign Financial Services Providers) Instrument 2025/798 remakes earlier transitional relief and means FFSPs relying on individual relief instruments linked to ASIC Corporations (Repeal and Transitional) Instrument 2016/396 can continue to rely on that relief until 31 March 2027. ASIC Corporations (Amendment) Instrument 2025/799 also extends relief under ASIC Corporations (CSSF-Regulated Financial Services Providers) Instrument 2016/1109 and ASIC Corporations (Foreign Financial Services Providers—Limited Connection) Instrument 2017/182. The Australian Government has introduced legislation for a new licensing exemption regime for FFSPs under the Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Bill 2025, which is due to commence 12 months after Royal Assent. ASIC has set 1 April 2027 as the commencement date for ASIC Corporations (Foreign Financial Services Providers—Funds Management Financial Services) Instrument 2020/199, subject to passage of the Bill.