conquest does not log making a new connection so the log does not show what happens. I will add this to the buglist.
If you watch it on RSAPACS I guess ForwardAssociationLevel = STUDY does not work for an importconverter. Can you test for me if it does work for an export converter? If so it is a confirmed bug. I can test it at home tonight.
Edit: can you try the dgate64.exe (just replace it) from 1.5.0beta just to make sure it behaves the same.