Financial Services in Focus – Issue 111

ASIC moves to simplify sell-side research guidance to support capital raising activity

On 23 July, ASIC announced that regulatory guidance for Australia’s sell-side research will be reduced from 42 pages to just eight under its new principles-based proposal to facilitate greater investment in the local market.

The proposed revamp of Regulatory Guide 264 Sell-Side Research(RG 264) responds to industry feedback received through ASIC’s discussion paper on public and private markets seeking clearer and less prescriptive guidance to encourage more research to support capital raising activity. 

ASIC is also seeking feedback on the changes by 5pm (AEST) on 21 August 2026.

Non-bank lenders join Consumer Data Right as next stage commences

On 13 July, ACCC welcomed the commencement of new obligations requiring non-bank lenders to begin sharing product data such as interest rates, fees, charges and eligibility criteria through the Consumer Data Right (CDR).

Consumer data sharing for non-bank lenders will be phased in from 9 November 2026, depending on the size of the provider.

Further information about CDR is available on the CDR website.

ASIC releases estimated industry funding levies for 2025-26

On 13 July, ASIC published that it had issued its 2025-26 Cost Recovery Implementation Statement (CRIS), which outlines how ASIC will recover regulatory costs from industry under the industry funding model. 

ASIC seeks feedback on pre-hedging guidance

On 15 June, ASIC invited feedback on a proposed new pre-hedging regulatory guide, including whether the final regulatory guide should include examples of observed better practices to support implementation. The guidance is relevant to market participants (AFS licensees and other entities) that undertake pre-hedging in anticipation of client transactions. 

The guide aligns Australia’s regulatory approach with international standards developed by the International Organisation of Securities Commission’s (IOSCO’s) Final Report on Pre-Hedging. 

Released earlier that day, Consultation Paper 389 Proposed regulatory guide on pre‑hedging (CP 389) contains draft guidance outlining ASIC’s expectations for market participants engaging in pre-hedging and how existing legal obligations apply to the practice.

The draft regulatory guide aims to:

• clarify how existing obligations apply to pre-hedging activities;
• help market participants assess when pre-hedging is appropriate; and
• highlight practices that help manage conduct risk and maintain market integrity.

Submissions for feedback closed on 27 July 2026. 

ASIC updates guidance on advertising financial products and services

On 9 June, ASIC updated its guidance on the advertising of financial products and services to assist the industry with the compliance of legal obligations and avoidance of misleading consumers. 

To address the updates on financial products and services, ASIC has:

• updated Regulatory Guide 234 Advertising financial products and services (including credit)by adding new guidance to explain ASIC’s enforcement and regulatory approach to the advertising conduct; 
• consolidated guidance from Regulatory Guide 53 The use of past performance in promotional material; and 
• simplified and streamlined existing content. 

The updates follow consultation from 27 November 2025 through to 22 January 2026 with stakeholders who indicated support of the proposed updates. 

ASIC proposes to withdraw financial reporting relief for uncontactable members

On 5 June, ASIC announced it is seeking feedback on its proposal to withdraw financial reporting relief for uncontactable members before it expires on 1 October 2026. 

ASIC assessed that ASIC Corporations (Uncontactable Members) Instrument 2016/187 is no longer used due to changes to sections 110JA and 110F (4A) of the Corporations Act which provide similar relief relating to uncontactable members. 

If ASIC chooses to proceed with the proposal to withdraw the instrument, entities that are not covered by the requirements may need to apply to ASIC for individual relief aligned with Regulatory Guide 43: Financial reporting and audit relief. 

Submissions for feedback closed on 17 July 2026.

APRA finalises amendments to general insurance reinsurance framework

On 7 July, APRA finalised amendments to the general insurance reinsurance framework to improve access to alternative reinsurance arrangements while protecting policyholder interests. The key changes to the framework include:

• targeted adjustments to improve access to alternative reinsurance arrangements;
• an expanded role for the appointed actuary in determining the capital treatment of certain reinsurance arrangements, reducing the need to refer matters to APRA; and
• technical refinements to improve clarity, consistency and transparency across the general insurance framework.

The final prudential standards, reporting standards and guidance will come into effect on 1 January 2027.

AFCA publishes two EDR Response Guides for complaints about the Insurance Contracts Act

On 3 July, AFCA published two new External Dispute Resolution Response Guides about sections 29(6) and 29(7) of the Insurance Contracts Act 1984 (Cth). These sections legislate how insurers and superannuation trustees must approach varying a life insurance contract due to misrepresentation. 

The guides set out what AFCA requires from financial firms when a complaint is received against them. This often includes evidence that at least two other insurers or trustees would vary contracts in a similar way, and the underwriting guidelines from the period the contract was initially agreed. 

The guides are designed to help financial firms make more thorough submissions, reducing delays and improving timeliness.

APRA publishes findings of inaugural System Risk Stress Test

On 30 June, APRA published the findings of its inaugural System Risk Stress Test, which focused on links between the banking and superannuation systems. Conducted in 2025 with the four major banks and six large superannuation funds, this exercise examined how a hypothetical ‘severe but plausible’ shock might impact the financial system. 

Participating institutions were asked to model a scenario involving liquidity pressures exceeding any experienced by large Australian banks over the past 50 years. The test applied to superannuation funds was similarly severe, with member withdrawals and switching significantly surpassing levels observed during COVID-19. Adding additional complexity, the scenario incorporated an operational disruption at a material service provider.

The findings highlighted the resilience of Australia’s financial system to liquidity and market shocks, with all participating institutions able to withstand the shock and rebuild liquidity over the test period. Other key findings included:

• system vulnerabilities that could amplify stress events, such as concentration risks, mismatched behavioural assumptions and common dependencies on major service providers;
• the response of superannuation funds to stress events can materially affect their members, banks and financial markets. For example, when an individual bank is under liquidity pressure, superannuation funds’ withdrawal of funding can amplify the liquidity stress. However, in a broader downturn and solvency stress, superannuation funds’ willingness to provide equity capital to banks illustrates their ability to dampen risk and support financial stability; 
• some vulnerabilities in the system are likely to increase as the superannuation system grows and matures. Decisions by a small number of large funds could have outsized and more consequential effects across the system. As more members move into retirement, this will increase demands on liquidity and funds’ response capabilities to meet pension payments and member withdrawals; and 
• better entity preparedness for stress events across industries will make the financial system stronger. The test found superannuation funds need to uplift their capabilities to test severe stress commensurate with the sector’s greater systemic footprint. It also highlighted areas where banks – which have more experience with liquidity stress testing – can uplift their capabilities.

The full findings of the System Risk Stress Test are available on the APRA website.

APRA commences next phase of push to strengthen and streamline governance requirements

On 16 June, APRA released eight proposals to strengthen its prudential governance framework for banks, insurers and superannuation trustees and commenced the final phase of its governance review by setting out updated requirements designed to strengthen governance across banking, superannuation and insurance. 

APRA began consulting on proposals to modernise its governance requirements in March last year before refining some of its proposals last October. On 16 June, APRA published a response to industry feedback as well as an updated draft of Prudential Standard CPS 510: Governance (CPS 510) for further consultation. The new CPS 510 is designed to reflect contemporary best practice, establish clear benchmarks and address existing areas of poor practice by:

• strengthening requirements for board governance, conflicts management and the fitness and propriety of directors and executives;
• removing duplicative fit and proper reporting now that Financial Accountability Regime reporting is in place;
• improving flexibility by enabling boards to delegate APRA’s board requirements in other prudential standards, and by aligning governance requirements with other codes and regimes where appropriate; and
• harmonising requirements by combining five existing prudential standards into one and setting consistent governance minimums for all APRA-regulated entities.

APRA will consult until the end of August and is inviting feedback on the draft CPS 510, the proposed removal of routine fit and proper reporting, and related definitional changes in Prudential Standard CPS 001 Defined terms. 

The consultation package is available on APRA's website.

APRA finalises longevity capital reporting template following consultation

On 12 June 2026, APRA announced it will implement the reporting template accompanying the response paper on finalising amendments to the capital treatment for longevity products. APRA did not receive any industry submissions during the consultation process, which closed on 12 May 2026. As a result, the draft reporting template will be implemented without any further changes.

Life companies that elect to use the Advanced Illiquidity Premium from 1 July 2026 should contact their APRA supervisor in advance.

The response paper and accompanying reporting template can be viewed on APRA's website.

Treasury opens consultation on the ban of the use of adverse genetic tests in life insurance

On 5 June, Treasury opened public consultation on the ban of the use of adverse genetic test results in life insurance. 

The ban was passed on 1 April 2026 and stops insurers requesting or using the results when underwriting life insurance policies with exceptions, including the policyholder (or their authorised agent or medical practitioner) volunteering the test or using it to improve the policyholder’s or beneficiary’s outcomes. The ban comes into effect on 8 October 2026.

The draft regulations:

• clarify how the ban applies to certain genetic predispositions; and 
• make the strict liability offence and civil penalty provisions subject to the infringement notice scheme under the Insurance Contracts Act 1984 (Cth). 

Submissions for feedback closed on 26 June 2026. 

AFCA opens consultation on Rules change for genetic testing in life insurance

On 2 June, AFCA opened public consultation on proposed amendments following changes to genetic testing protections in life insurance.

AFCA is proposing changes to enable it to consider complaints specifically about the use of adverse genetic testing results. The consultation ran from 1 June 2026 to 26 June 2026 following recent legislative change which introduced a ban on life insurers soliciting or using protected genetic information when offering life insurance. 

ASIC issues update on compliance with the financial adviser qualifications standard

On 2 July, ASIC announced the outcome of a review of records relating to financial advisers who did not have any qualifications or training courses marked as going toward meeting the qualifications standard on the Financial Advisers Register (FAR) which took effect on 1 January 2026. 

In the review, it was noted that most AFS licensees updated the FAR to meet the qualifications standard prior to 1 January 2026.

ASIC may undertake a further review of the details of the qualifications and training courses AFS licensees have marked on the FAR as going toward meeting the qualifications standard for their relevant providers.

To assist AFS licensees and relevant providers, ASIC has made a temporary dataset which contains information regarding qualifications and training courses that have been marked as going toward meeting the qualifications standard. 

ASIC extends class no-action positions to second party opinion providers

On 16 June, ASIC announced it has extended the current class no-action position for a contravention of the requirement to hold an AFS licence in section 911A(1) of the Corporations Act in relation to providing a second party opinion (SPO) that involves general financial product advice to wholesale clients only. 

The extension ends on 15 June 2028 unless amended or revoked and serves to provide time for consideration on how the phased implementation of mandatory climate reporting requirements under the Corporations Act and upcoming regulatory changes in other jurisdictions will impact these services. 

ASIC’s no-action position is conditional and includes:

• the SPO is made available in connection with an offer for issue or sale of financial products made available only to wholesale clients;
• there are adequate conflict management arrangements in place; and 
• the SPO is accompanied by certain disclosures. 

ASIC seeks feedback on remaking low-volume financial market relief

On 23 July, ASIC announced that it is inviting industry feedback on its proposal to remake a legislative instrument which exempts low-volume financial markets from the requirement to hold an Australian market licence. 

The only substantive change proposed is an increase to the transaction value threshold for low-volume financial markets from $1.5 million to $2.5 million. Consultation closeson 20 August 2026.

ASX consults on updated and simplified next edition of Corporate Governance Principles and Recommendations

On 21 July, ASX announced that it would begin public consultation on the 5^th edition of its Corporate Governance Principles and Recommendations. 

ASX and its Advisory Group are seeking feedback on the Corporate Governance Principles and Recommendations and will be hosting a national roadshow in August to hear directly from stakeholders. If you are interested in attending, you can register here, with consultation closing on 14 September 2026.

The Draft 5^th edition consultation paper can be viewed on the ASX Website. 

ASIC releases key themes and areas of focus from its Financial Markets and Innovation roundtable

On 17 July, ASIC published that on 30 June 2026, ASIC convened a Financial Markets and Innovation roundtable with 32 industry, academic and public sector participants. The discussion focused on how to keep Australia’s capital markets efficient, resilient and globally competitive while supporting innovation with appropriate investor protections. The roundtable formed part of ASIC’s broader work to advance Australia’s evolving capital markets and coincided with the publication of Report 835 Innovation in Financial Markets and Financial Market Infrastructure. 

Treasury announces Government response to Senate report on the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024

On 13 July, Treasury announced that the government has responded to the 3 May 2024 Senate Economics Legislation Committee handing down its report on the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 [Provisions]. 

The Australian Government tabled its formal response to the Senate Committee’s inquiry on 25 June 2026.The government response addresses the recommendations raised in the report, and is available on the Treasury Website.

ASIC seeks feedback on remaking financial market relief instruments

On 6 July, ASIC announced that it is seeking feedback on its proposal to remake three legislative instruments that provide relief related to financial market operations. The proposed legislative instruments, which are due to sunset on 1 October this year, are:

• ASIC Corporations (Dematerialised Securities: Austraclear) Instrument 2016/841;
• ASIC Corporations (Disclosure of Directors' Interests) Instrument 2016/881; and
• ASIC Corporations (Records: Dealings on Foreign Markets) Instrument 2016/889.

The announcement explains the purpose of each of the instruments. Consultation closed on 31 July 2026.

ASX releases supervision report relating to market integrity and disclosure practices

On 26 June, ASX released the ASX Listed Entity Supervision Report 2026 to provide new transparency on ASX’s supervisory work and outlines focus areas for the year ahead. The report highlights ASX’s shift to a proactive and risk-based supervision with focus on key market integrity risks.

Over the next 12 months, ASX will focus on the following:

• repeated conduct intended to ‘ramp’ a company’s share price through inappropriate use of the market announcements platform; 
• disclosures from mining companies; and 
• disclosure about private credit investments by newly admitted entities and key shareholder approval rules. 

ASX has also been expanding its market education program, reinstating regular briefing sessions and updates for company secretaries to improve understanding of listing rule issues and supervisory expectations. 

AUSTRAC develops list of practical resources to support AML/CTF compliance

On 14 July, AUSTRAC released a list of practical resources, tools and guides to support businesses at every stage of their AML/CTF compliance journey. These include resources that help businesses:

• understand their AML/CTF obligations;
• build their AML/CTF program;
• implement risk controls in their AML/CTF program; and
• maintain their AML/CTF program.

More information can be found on AUSTRAC’s website.

AUSTRAC announces that AML/CTF laws cover thousands of more businesses

On 1 July, AUSTRAC announced the official commencement of the new AML/CTF laws. The laws are a major expansion and step forward in the fight against financial crime.

Now, from 1 July 2026, tens of thousands more businesses are now covered by Australia’s AML/CTF laws, including real estate agents, lawyers, conveyancers, accountants, and dealers in precious metals and stones. This means businesses providing designated services must already have an AML/CTF program and AML compliance officer in place, be training staff and ready to report, but they had until 29 July 2026 to enrol with AUSTRAC.

AUSTRAC announces new online reporting forms are coming 

On 30 June, AUSTRAC published that they were introducing new threshold transaction report (TTR) and suspicious matter report (SMR) forms, which have been designed to make reporting simpler, while continuing to support AUSTRAC and their law enforcement partners in detecting and disrupting financial crime. 

To help companies prepare, AUSTRAC has published guidance and support materials on their website. These resources explain what’s changing, how the forms work and what support is available before the new forms go live.

The forms have been released on AUSTRAC Online for companies to explore.

ACCC announces that more low-income Australians to benefit from low or no-fee bank accounts

On 27 July, the ACCC issued a final determination to authorise Australian banks that are members of the Australian Banking Association to continue working together under the Banking Code of Practice to help more low-income Australians access low-fee and no-fee bank accounts, and to assist farmers during droughts and natural disasters.

The ABA has applied for re-authorisation of the conduct, which the ACCC has granted with new conditions designed to broaden access to these lower-fee accounts.

The conditions imposed by the ACCC require banks to offer eligible new customers basic, low or no-fee accounts. They also require banks to proactively identify existing customers who may be eligible for lower-fee accounts and move them unless they choose to opt out.

The ACCC has imposed conditions requiring Australian Banking Association (ABA) member banks to:

• offer and provide information to eligible new customers about basic, low or no-fee accounts;
• migrate eligible existing customers to these accounts, with customers given the choice to opt out;
• at least once annually, take reasonable steps to identify and directly contact existing customers who may be eligible but are not already using these accounts; and
• not charge interest on informal overdrafts on basic, low or no fee accounts, or refund any interest charged.

The ACCC has granted authorisation with these conditions for five years. The ABA is required to report annually to the ACCC.

APRA updates exemption to use restricted terms under the Banking Act

On 23 July, APRA updated a class exemption that allows foreign entities to use restricted terms, such as the word ‘bank’, when issuing debt securities in wholesale capital markets. The exemption now captures a broader set of foreign entities that commonly seek APRA’s consent, reducing administrative burden for these entities. 

APRA proposes minor updates to prudential and reporting framework

On 10 July, APRA proposed minor updates to 10 prudential standards, 15 reporting standards and two prudential practice guides, including:

• clarifications to improve interpretation and application of existing requirements;
• minor amendments to prudential standards to correct drafting issues and outdated references, incorporate previously announced measures, and ensure consistency across the framework; and
• targeted updates to reporting standards to improve data quality and usability.

The changes do not introduce new policy requirements or materially alter existing obligations. Rather, they are intended to improve the operation of the existing framework. 

APRA seeks feedback on the proposed changes by 21 August 2026. 

RBA conducts Review of Payments System Regulation

On 25 June, the RBA released an Issues Paper inviting stakeholder views and evidence on which payments policy issues should be prioritised by the RBA. This followed amendments to the Payment Systems (Regulation) Act 1998 to expand the coverage of the legislation to additional payment systems and their participants. 

The Issues Paper sets out potential questions about:

• merchant choice of payment methods and providers;
• account-to-account payments and competition with card payments;
• mobile wallets, non-designated card networks and buy now pay later services; and
• cryptography and fraud prevention.

Stakeholders can provide written submissions by 7 August 2026. The RBA intends to publish a list of regulatory priorities by the end of 2026 and commence further consultation on prioritised issues by mid-2027.

ASIC updates mandatory credit reporting relief

On 10 June, ASIC amended the mandatory credit reporting relief for credit providers by introducing an additional category of account that is exempted from reporting. 

ASIC assessed the relief under ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541 and amended it (ASIC Credit (Amendment) Instrument 2026/64). The relief will sunset on 1 October 2031. 

APRA finalises new internal ratings-based accreditation pathway for banks

On 4 June, APRA finalised a new, more accessible pathway for banks to become accredited to use the internal ratings-based (IRB) approach to calculate credit risk-weighted assets.

This new pathway has the potential to boost competition while still supporting financial safety by incentivising banks to invest in advanced risk management capabilities and will allow banks to better match capital to their actual risk, which can reduce their capital requirements and enable more competitive pricing.

This is one of two approaches banks can use to calculate risk-weighted assets, which determines the amount of regulatory capital they need to hold for credit risk. While the majority of banks use the standardised approach, APRA has approved six of the largest banks to use the IRB approach.

APRA consults on amendments to superannuation data collections

On 8 July, APRA released a consultation package on the transition of superannuation data collections from Direct to APRA to APRA Connect. 

The consultation package and the letter to industry can be viewed on APRA's website Transition of Superannuation D2A data collections to APRA Connect.

Written submissions are due by 21 August 2026. 

APRA seeks feedback on proposed updates to superannuation reporting standards

On 8 July, APRA sought feedback on the following proposals:

• amending Reporting Standard SRS 533.0 Asset Allocation (SRS 533.0), Reporting Standard SRS 610.2 Membership Profile (SRS 610.2);
• updating associated definitions in Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections (SRS 101.0);
• revoking Reporting Standard SRS 001.0 Profile and Structure (Baseline) (SRS 001.0); and
• determining that all the data to be collected under revised SRS 533.0 and SRS 610.2 to be non-confidential under section 57 of the Australian Prudential Regulation Authority Act 1998.

APRA invites written feedback on the proposed changes to the reporting standards and APRA’s confidentiality proposal. 

Written submissions should be sent to dataconsultations@apra.gov.au by 21 August 2026.

ASIC calls platform trustees to account over persistent failures to safeguard super savings

On 29 June, ASIC warned superannuation trustees to address failures to protect retirement savings, including gaps in the monitoring of harmful advice fee deductions, unusual fees and investment patterns, and high-risk superannuation switching activity. 

ASIC Report 833 Safeguarding super: How well are platform trustees monitoring risks to retirement savings? (REP 833) finds, from a review of six platform trustees entrusted with over $300 billion in retirement savings, that three quarters of total funds are managed by platform trustees. 

ASIC calls for immediate attention to the following areas:

• gaps in advice fee controls, including a fee proposal beyond the caps identified in ASIC Report 781 Review of superannuation trustee practices: Protecting members from harmful advice charges (REP 781); 
• limited checks of advice documents, with half of the trustees reporting they did not conduct any checks for at least one of the months in ASIC’s review period; 
• insufficient focus on understanding the advice licensees’ business models; and 
• inadequate monitoring of key risk indicators, including member churning, patterns in fees, holding limits and unusual fund flows. 

FSC releases new research showing active choices lead to better retirement outcomes

On 25 June, FSC released new research indicating that empowering consumers to exercise choice over their superannuation, with the support of personal financial advice, could improve retirement outcomes to a significant degree. 

The new research was commissioned by the FSC and conducted by NMG Consulting and found that making simple choices at the right time can materially improve outcomes. 

Key findings include:

• an individual who switches early to reduce investment fees could be as much as $1.2 million better off at retirement; 
• an individual who switches early from their default fund to a high growth simple choice product could be $690,000 better off at retirement; and 
• remaining in a MySuper product means typically being underweighted to growth assets by 14 per cent, meaning more than seven million Australians under 50 may be structurally underexposed to growth assets, potentially leaving them $540,000 worse off at retirement. 

ASIC bans advertising super funds during employee onboarding

On 9 June, ASIC confirmed a transitional approach to the enforcement of a new ban on any advertising of superannuation funds occurring during the employee onboarding following the changes to the Corporations Act implemented by the provisions under Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Act 2026. 

The ban aims to protect employees from being influenced to make uninformed decisions, which may include inappropriate products or unintentionally creating duplicate superannuation accounts. 

Products that are exempt from the ban include:

• MySuper products that meet the legislated criteria;
• employer default funds; and 
• an employee’s stapled fund. 

ATO released its corporate plan for 2026-27

On 15 July, ATO released its corporate plan for 2026-27. It outlines the ATO’s key activities, capabilities, partners and enterprise risks that underpin their work. It also provides details as to the measures against which the ATO assesses and reports on their performance.

Treasurer announces consultation on discretionary trusts reform implementation

On 8 July, Treasurer Jim Chalmers announced that the Government has released a consultation paper on the implementation of the minimum tax on discretionary trusts. At this stage, from 1 July 2028, trustees will pay a minimum tax of 30 per cent on the taxable income of discretionary trusts. 

Small businesses operating through discretionary trust structures will be eligible for generous rollover relief if they want to restructure. Other types of trusts will be exempt, including fixed trusts, widely held trusts, complying superannuation funds, special disability trusts, testamentary trusts, deceased estates and charitable trusts. 

The paper is available on the Treasury consultation website.

APRA releases response to consultation on remaking Level 3 conglomerate standards

On 27 July, APRA released the submission it received during its consultation to remake three Level 3 conglomerate prudential standards. The three standards are:

• Prudential Standard 3PS 310 Audit and Related Matters;
• Prudential Standard 3PS 221 Aggregate Risk Exposures; and
• Prudential Standard 3PS 222 Intra-group Transactions and Exposures.

APRA received one submission during the consultation. The respondent noted that while the remaking of the standards is largely administrative, it provides an opportunity to reinforce governance, accountability and supervisory clarity across complex organisational groups. APRA acknowledges this feedback, noting the standards remain fit for purpose and no further changes are proposed.

APRA will remake the three standards with the administrative updates before the sunsetting date of 1 October 2026.

APRA announces End of Alternate Submission Process for ADIs and RFCs

On 27 July, APRA announced the first reporting periods for which the APRA Connect submission is mandatory. The Alternate Submission Process will not be available for those collections after the respective date. From the reference periods below, entities must submit the relevant reporting collections through APRA Connect:

• 31 July 2026 for liquidity 210.5 monthly return;
• 31 August 2026 for Economic and Financial Statistics; and
• 30 September 2026 for all other ADI reporting collections that have migrated to APRA Connect.

Entities should review their internal processes and ensure relevant staff and service providers are prepared to submit the affected collections through APRA Connect from the applicable reporting period.

Treasury starts review of ineffective conditions

On 16 July 2026, FIRB announced Treasury started its review of conditions on existing foreign investment approvals on 1 July 2026. Treasury will review conditions to make sure they are effective and enforceable in reducing national interest and national security risks. The review may:

• remove conditions that are ineffective;
• remove conditions that duplicate other obligations under other regulatory regimes; and
• update conditions to better manage risk.

The review will first focus on tax conditions, with other conditions to be considered following consultation. Treasury expects to start public consultation through the Treasury Consultation Hub in August 2026.

ASIC proposes to remake qualified accountant legislative instrument

On 15 July 2026, ASIC published that it is seeking feedback on its proposal to remake a legislative instrument relating to ‘qualified accountants’. ASIC has assessed that the ASIC Corporations (Qualified Accountant) Instrument 2016/786, which is due to expire on 1 October 2026, continues to form a necessary and useful part of the legislative framework. 

ASIC Instrument 2016/786 sets out which professional bodies have members that can be recognised as ‘qualified accountants’ under the Corporations Act. A qualified accountant is someone who belongs to a professional body ASIC has approved under section 88B(2) of the Corporations Act. ASIC is inviting feedback on this proposal from industry and interested stakeholders. 

Submissions should be sent to rri.consultation@asic.gov.au by 5 pm AEST 12 August 2026.

APRA publishes guidance on reporting points of presence collection

On 8 July, APRA published additional guidance on reporting points of presence collection. The guidance clarifies how ADIs should report co‑located service channels to support consistent and comparable data across the industry. 

ASIC issues simplified legislative instrument for platform operators

On 7 July 2026, ASIC announced it has made a new legislative instrument for operators of investor directed portfolio services (IDPS) and IDPS-like schemes. ASIC Corporations (Platforms—IDPSs and IDPS-like Schemes) Instrument 2026/395 replaces the relief under:

• ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668 (ASIC Instrument 2023/668), and
• ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (ASIC Instrument 2023/669).

ASIC has announced it will update its guidance in Regulatory Guide 148 Platforms that are managed investment schemes and nominee and custody services to reflect the new instrument in the coming months.

ASIC launches refreshed companies search service

On 2 July, ASIC launched a new companies search service so that registry users can now access a public beta release of ASIC’s companies and organisations register search service, offering a simpler and more intuitive online search experience. 

FIRB announces Foreign Investment Portal update – 4 July 2026

On 1 July, FIRB announced that the Foreign Investment Portal will add new features to make submissions and compliance reports easier to lodge by 4 July 2026.

The Foreign Investment Portal update fact sheet provides more detailed information.

ASX agrees to revised transformation plan with ASIC and RBA

On 1 July, ASX announced they will be delivering a strategic package of actions, including resetting the Accelerate Program in response to ASIC Inquiry’s Interim Report last December. 

On 30 June, ASX received confirmation from ASIC and the RBA that they have agreed to reset the Accelerate Program. The revised plan will include a redesign of workstreams, delivery approaches and target outcomes by incorporating an enterprise-wide approach. 

The reset consolidates workstreams from five core enterprise priorities, including:

• Culture and Leadership;
• Risk Transformation; 
• Operational Resilience; 
• Resource Sufficiency; and 
• Governance. 

ASIC releases guidance on its powers to appoint a reviewing liquidator

On 18 June, ASIC published a new information sheet on its discretionary power to appoint a reviewing liquidator to a company in external administration. The new guidance is intended to provide greater clarity to liquidators and potential applicants about the process for applying to ASIC for appointment of a reviewing liquidator, and the factors ASIC takes into account when assessing applications. 

Information Sheet 296: ASIC’s power to appoint a reviewing liquidator (INFO 296) outlines circumstances when ASIC is less likely to appoint a reviewing liquidator, matters that can be reviewed, and expectations of external administrators. The sheet also explains:

• how to apply;
• what factors ASIC considers when deciding on the application;
• next steps if ASIC appoints a reviewing liquidator; and
• what ASIC expects of the external administrator.

ASIC helps strengthen the fight against imposter scams in financial services

On 17 June, ASIC announced it is making it easier to check if a website of an AFS licensee is legitimate. 

To combat criminals copying the names, licence numbers and websites of AFS licensees to create fake websites and publish investment scam advertisements, ASIC is collecting and publishing website addresses of AFS licensees on its Professional Registers Search (PRS). 

If a website claiming to belong to an AFS licensee is not listed on the PRS, consumers and businesses should be cautious and contact the AFS licensee using details from their principal website on the PRS or conduct further research. 

APRA sets out minimum expectations to strengthen industry readiness for geopolitical shocks

On 17 June, APRA released a publication concerning strengthening readiness for geopolitical shocks. APRA has grown increasingly concerned over recent years about the potential for adverse impacts on the financial system stemming from geopolitical shocks, such as trade restrictions, sanctions and armed conflicts. In response, APRA wrote to banks, insurers and superannuation funds setting out its minimum expectations in relation to their readiness for geopolitical shocks.

APRA has written to all its regulated industries setting out minimum expectations for geopolitical risk readiness in six key areas, including enhancing preparation for non-financial and non-traditional risks such as foreign interference, insider threats or cyber-attacks connected to geopolitical developments. Key areas also include preparation for traditional financial impacts through capital and liquidity planning, as well as investment stress testing for potential scenarios such as market closure, sanctions and funding stress.

ASIC and APRA announce FAR changes to reduce administrative burden

On 16 June, ASIC and APRA announced they will streamline aspects of the Financial Accountability Regime (FAR) to reduce regulatory burden without lowering accountability standards. Proposed changes include:

• ASIC and APRA will remove key functions requirements from the FAR regulator rules; 
• raise the materiality threshold for notifying ASIC and APRA of changes in accountability; and
• no longer require information on accountable persons’ direct reports in accountability maps.

APRA is to commence consultation on removing all reporting requirements under its fit and proper regime. ASIC will also streamline responsible manager AFS licensing requirements for FAR entities by reducing requirements to submit evidence of competence from October 2026. The change will benefit approximately 2000 current AFS licensees. 

The measures are part of ASIC and APRA’s contribution to the Government’s Better Regulation reforms, announced in the 2026-27 Budget. The reforms propose changes to the FAR legislation, so entities need only provide accountability statements and maps on request and have more time to register their accountable persons. 

AFCA becomes authorised as External Dispute Resolution service for Scams Prevention Framework

On 9 June, AFCA announced it will be the single, centralised External Dispute Resolution scheme for scam complaints under the Scams Prevention Framework (SPF). The SPF expands AFCA’s jurisdiction to consider the role of banks, telcos, and digital platforms in scam complaints. 

Designated banks, telcos and digital platforms will be required to be AFCA members from 1 September 2026, giving consumers access to an independent external dispute resolution pathway for complaints under the Scam Prevention Framework. 

AFCA will be able to deal with scam complaints under the new framework from 31 March 2027. 

ASIC updates financial complaints data dashboard

On 3 June, ASIC announced it is updating its Internal Dispute Resolution data dashboard to include complaints open, received or closed between 1 July and 31 December 2025. The updates are designed to strengthen accountability and drive improved complaint handling by introducing a new complainant demographics page and a downloadable data file, enabling users to extract and analyse the selected complaint metrics for reporting and research.

Treasury drafts Scams Prevention Framework codes and rules exposure draft

On 28 May, Treasury released draft codes and rules under the Scams Prevention Framework (SPF) for feedback. 

The consultation package includes:

• three draft instruments setting out the following:
  • the common code obligations for all sectors;
  • specific obligations for banks and digital platforms; 
  • code obligations for the telecommunications sector; and 
  • rules under the SPF; 
• explanatory materials for the draft codes and rules;
• guide to support the review of codes and rules; 
• consultation paper on proposed settings for internal dispute resolution. 

Submissions for feedback closed on 25 June 2026.