Where things stand
For almost a decade, the licensing relief regime available to FFSPs has been in a state of flux. Each of the former 'passport' relief, “sufficient equivalence” relief and 'limited connection' relief are expected to be repealed and replaced with a new framework for licensing relief. However, the proposals for replacement have languished and most recently lapsed when Parliament was dissolved ahead of the May 2025 federal election.
The transitional period for sufficient equivalence relief and limited connection relief is due to expire on 31 March 2026 however the draft legislation relating to the replacement regime has still not been re-introduced into Parliament.
What’s next
With just a few sitting days left in August, we are expecting an announcement from ASIC that sufficient equivalence relief and limited connection relief will be further extended beyond 31 March 2026.
We are also expecting the replacement regime to be re-introduced into Parliament before the end of 2025. We expect the bill will pass quickly. Once passed, FFSPs should start working on availing themselves of the replacement regimes.
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