On the pulse
- ASIC consults on remaking financial market relief instruments – see media release
- ASIC issues simplified legislative instrument for platform operators – see media release
- ASIC publishes Sarah Court’s opening remarks at the Parliamentary Joint Committee on Corporations and Financial Services, Ethics and Accountability (KPMG hearing) – see media release
- ASIC secures a record $830 million in civil penalties orders and $644 million back to Australians in 2025–26 – see media release
- APRA publishes updated guidelines on Recognition of an External Credit Assessment Institution – see media release
- APRA publishes guidance on reporting points of presence collection – see media release
- APRA consults on amendments to superannuation data collections and reporting standards – see media release
- APRA consults on additional minor updates to the prudential and reporting framework – see media release
- Treasury releases Statements of Expectations for APRA and ASIC to focus more on growth – see media release
- ACCC announces non-bank lenders join Consumer Data Right as next stage commences – see media release
- Attorney-General interviewed on data centres and AI – see media release
- AUSTRAC releases CEO speech at the AFIA Risk Summit – see media release
- AUSTRAC releases support for the AML/CTF journey – see media release
ASIC
ASIC consults on remaking financial market relief instruments
On 6 July 2026, ASIC announced it was seeking feedback on a proposal to remake three legislative instruments providing relief for financial market operations.
The proposed legislative instruments, which are due to sunset on 1 October 2026, are:
- ASIC Corporations (Dematerialised Securities: Austraclear) Instrument 2016/841
- ASIC Corporations (Disclosure of Directors' Interests) Instrument 2016/881
- ASIC Corporations (Records: Dealings on Foreign Markets) Instrument 2016/889
The remade instruments will largely have the same effect.
Submissions for feedback close 31 July 2026.
ASIC issues simplified legislative instrument for platform operators
On 7 July 2026, ASIC announced 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 provided by:
- ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668, and
- ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
ASIC plans to update Regulatory Guide 148 Platforms that are managed investment schemes and nominee and custody services in the coming months to reflect the new instrument.
ASIC publishes Sarah Court’s opening remarks at the Parliamentary Joint Committee on Corporations and Financial Services, Ethics and Accountability (KPMG hearing)
On 9 July 2026, ASIC published Chair Sarah Court’s opening remarks delivered to the Parliamentary Joint Committee on Corporations and Financial Services on 19 June 2026. Key points include:
- auditor independence depends on maintaining trust between auditors and the companies they audit
- ASIC considers there are gaps in the current regulatory framework. It can investigate only individual registered company auditors within a partnership, and only in relation to their conduct of an audit. ASIC has again called for reform in this area
- ASIC considers the current whistleblower protections inadequate
- ASIC's current investigations involving KPMG include the potential misuse of Lendlease confidential information and the misuse, or alleged misuse, of Optus confidential information. Ms Court said legal professional privilege remains a significant challenge for regulators. While ASIC regularly challenges privilege claims, doing so is resource-intensive, diverts resources from other work and can significantly delay investigations.
ASIC secures record $830 million in civil penalties orders and $644 million back to Australians in 2025–26
On 20 July 2026, ASIC announced one of its strongest enforcement periods on record for the first half of 2026. From January to June 2026, ASIC secured court orders totalling $480 million in civil penalties against major banks, super trustees, market participants and financial services firms, including Union Standard, HSBC, Westpac, Macquarie Securities and Mercer Super.
Together with the $350 million ordered in the first half of the financial year, ASIC’s civil penalties orders now total $830 million for the 2025-2026 financial year. ASIC’s work also resulted in $644 million being returned to Australians.
APRA
APRA publishes updated guidelines on Recognition of an External Credit Assessment Institution
On 8 July 2026, APRA announced it had completed its review of the guidelines on Recognition of an External Credit Assessment Institution (ECAI) (the guidelines) and published an updated version.
The guidelines were temporarily withdrawn in May 2026 to allow for the review.
The updated guidelines clarify the pathways for recognition as an ECAI and include minor stylistic and drafting changes. They also make explicit reference to insurers, in addition to banks, given insurers may also use the credit ratings of ECAIs.
APRA publishes guidance on reporting points of presence collection
On 7 July 2026, APRA announced it had 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. The guidance is available on the APRA website:
- Guidance on points of presence reporting for co-located face-to-face service channels
- Authorised deposit taking institutions points of presence - frequently asked questions
APRA consults on amendments to superannuation data collections and reporting standards
On 7 July 2026, APRA announced it had released a consultation package on the transition of superannuation data collections from Direct to APRA (D2A) to APRA Connect. APRA proposes to update the reporting standards to ensure consistency with other collections in APRA Connect.
On 8 July 2026, APRA opened consultation on proposals to support the migration from APRA's legacy data collection system, D2A, to APRA Connect, including:
- amending Reporting Standard SRS 533.0 Asset Allocation (SRS 533.0), Reporting Standard SRS 610.2 Membership Profile
- updating associated definitions in Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections.
Submissions for feedback close 21 August 2026.
APRA consults on additional minor updates to the prudential and reporting framework
On 10 July 2026, APRA announced it had opened a consultation on minor updates to the prudential and reporting framework for authorised deposit-taking institutions, general, life and private health insurers and registrable superannuation entity licensees. The consultation forms part of APRA's regular framework update process, which enables technical and clarifying changes to be made in a timely manner. The proposed amendments are primarily technical clarifications and do not involve any material policy changes.
Submissions for feedback close 21 August 2026.
Other bodies and regulators
Treasury releases Statements of Expectations for APRA and ASIC to focus more on growth
On 16 July 2026, the Treasury announced it had released new Statements of Expectations for APRA and ASIC, placing greater emphasis on economic growth. The statements aim to support productivity, encourage investment and economic growth, while preserving financial stability, market integrity and consumer protection.
See APRA’s media release and ASIC’s media release.
ACCC announces non-bank lenders join Consumer Data Right as next stage commences
On 13 July 2026, the ACCC announced the commencement of new obligations requiring non-bank lenders to begin sharing product data including interest rates, fees, charges and eligibility criteria through the Consumer Data Right (CDR). The CDR, which underpins Australia’s open banking regime, commenced in 2020 when the major banks began sharing data. Since then, the scheme has expanded in stages across the banking and energy sectors, and now includes non-bank lenders sector.
Attorney-General interviewed on data centres and AI
On 16 July 2026, the Attorney-General’s portfolio published the transcript of an ABC News Breakfast interview discussing AI obligations, copyright protections and the mandatory standards for new data centres.
AUSTRAC releases CEO speech at the AFIA Risk Summit
On 6 July 2026, AUSTRAC published its CEO’s speech, covering:
- the progress made by the non-bank lending sector
- rising levels of illicit money in the Australian economy
- AI's role in increasing the scale and speed of financial crime
- AUSTRAC's use of AI and large language models to improve enforcement and financial institutions' use of AI to identify scams and detect behavioural anomalies.
AUSTRAC releases support for the AML/CTF journey
On 14 July 2026, AUSTRAC published resources to help reporting entities understand AML/CTF obligations and associated risk controls.
G+T articles
International Comparative Legal Guide – Fintech 2026 (Australia) – Peter Reeves, Emily Shen and Billy Elsum (9 July 2026)
Bill introduces critical changes to Australia’s merger control regime – Elizabeth Avery, Jeremy Jose, Haidee Leung and Jessica Haddad (7 July 2026)
Why Australia's biggest energy risk isn't electricity – it’s fuel – Jamie Guthrie, Christopher Flynn and Clare Pope (2 July 2026)
Gilbert + Tobin advises IGO on proposed sale of Nova Nickel Operation to Global Lithium – Callum Fleming and Shay Kiriakidis (20 July 2026)
Insider threat controls after AMEX: one control problem across privacy, SOCI and APRA – Ross Phillipson and Iris Vayzer (17 July 2026)
Australian Government announces mandatory AI standards for large-scale data centres and new Office of AI – Kate Harrison, Tom Brett, Rebecca Dunn, Christopher Flynn, Stuart Cormack, Ben Fuller, Simon Burns and Jen Bradley (17 July 2026)
Merging for impact: structuring charity and not-for-profit mergers and acquisitions – Darren Fittler, Elizabeth Wighton, Neha Sharma and Caroline Conan-Davies (16 July 2026)
ESG representations and compliance: key tips for wholesale fund operators – Aparna Nanayakkara, Judy Hsu, Richard Harris, Nathan Cahill, Deborah Johns, Adam Laura, Antonia Garling, Philippa Hofbrucker, Holly Sara, Daniel Moloney, Janet Whiting, Peter Munro, Colleen Platford, Rebecca Spigelman, Christiana McCudden, Alexandra Whitby, Daniel McPherson, Crispian Lynch and Catherine Kelso (15 July 2026)
Building and scaling an Australian data centre platform: from market entry to platform scale – Stuart Cormack, Ben Cosentino, Jamie Guthrie, Nirangjan Nagarajah, Brian Murphy, Judy Hsu, Ilona Millar, Deborah Johns, Simon Burns, Andrew Hii, Melissa Fai, Ben Fuller, Nick Lazarou, Amanda Hempel, Kon Nakousis, Christopher Flynn, Adam D’Andreti, Peter Cook and Julian Cheng (15 July 2026)
ASX's inaugural Listed Entity Supervision Report: what listed companies and their advisers need to know – Sarah Turner, Callum Fleming and Vanessa Nevjestic (14 July 2026)
Calendar dates
- 29 July 2026 – Submissions to Treasury consultation on Australia's tax and corporate whistleblowing laws close
- 29 July 2026 – AUSTRAC enrolment deadline for newly regulated tranche two businesses
- 29 July 2026 – AML/CTF compliance officer notification deadline for newly regulated entities
- 31 July 2026 – Submissions to ASIC consultation on increasing net tangible assets requirement for responsible entities due
- 2 November 2026 – Final report of Senate inquiry into greenwashing due
- 4 December 2026 – Amendments to the Corporations Act to expand substantial holding disclosure to commence
- 1 July 2027 – Mandatory climate-related financial disclosures for Group 3 entities apply in respect of financial years starting on or after this date