On the pulse
ASIC remakes five legislative instruments providing financial reporting relief – see media release.
ASIC remakes disclosure relief instruments for offers of foreign securities and interests.
ASIC outlines approach to breach and complaints data publications – see media release.
ASIC proposes extending stablecoin distribution exemption – see media release.
ASIC reduces complaints reporting frequency for small banks – see media release.
ASIC urges ongoing customer focus following welcome improvements in hardship support – see media release.
ASIC takes court action alleging RACQ sent half a million misleading insurance renewal comparisons – see media release.
ASIC remakes relief instrument for managed investment product consideration – see media release.
ASIC review finds improvements needed in quality of super fund financial reports and audits – see media release.
ASIC reissues regulatory guide for unsolicited credit cards and debit cards – see RG 201.
APRA highlights strategic challenges for some trustees in promoting member outcomes over the long term – see media release.
AUSTRAC InBrief – October 2025 – see newsletter.
Treasury: Inaugural UK-Australia Joint Financial Regulatory Forum – see media release.
Government consulting on laws for an innovative digital asset industry and consumer protections – see consultation.
Treasury Laws Amendment (Payments System Modernisation) Bill 2025 assented – see Bill.
ASIC
ASIC remakes five legislative instruments providing financial reporting relief
ASIC has remade five legislative instruments that provide financial reporting relief following a recent consultation with industry. The legislative instruments were scheduled to sunset on 1 October 2025. The explanatory notes to each instrument state that the particular instrument has been remade substantially in the same form as its predecessor.
The remade legislative instruments are:
ASIC Corporations (Non-Reporting Entities) Instrument 2025/436, which allows non-reporting entities to prepare their financial statements using the concessions and transitional provisions for recognition and measurement in accounting standards that apply to reporting entities.
ASIC Corporations (Post Balance Date Reporting) Instrument 2025/437, which allows entities to disclose a balance sheet showing the financial effect of significant acquisitions or disposals after the balance date in the notes to the financial statements.
ASIC Corporations (Related Scheme Reports) Instrument 2025/438, which enables financial statements for related registered schemes to be presented in a single financial report.
ASIC Corporations (Stapled Group Reports) Instrument 2025/439, which enables financial statements for stapled groups to be presented in a single financial report.
ASIC Corporations (Externally-Administered Bodies) Instrument 2025/584, which provides externally-administered bodies relief from the financial reporting and annual general meeting requirements and financial reporting relief in circumstances where a company, registered scheme, notified foreign passport fund or sub-fund of a retail corporate collective investment vehicle (CCIV) is being wound up.
The remade instruments expire on 1 October 2030.
See ASIC media release.
ASIC remakes disclosure relief instruments for offers of foreign securities and interests
ASIC has remade six legislative instruments providing disclosure relief that were due to sunset in October 2025. The remade legislative instruments are:
ASIC Corporations (Compromises or Arrangements) Instrument 2025/613
ASIC Corporations (Foreign Rights Issues) Instrument 2025/611
ASIC Corporations (Foreign Securities - Incidental Advertising) Instrument 2025/615
ASIC Corporations (Foreign Securities - Publishing Notices) Instrument 2025/616
ASIC Corporations (Foreign Small Scale Offers) Instrument 2025/614.
Taken as a whole, the relief is intended to enable Australian investors to participate in offers that might not otherwise be extended to them. The legislative instruments have been remade in largely the same terms, for a period of five years.
ASIC outlines approach to breach and complaints data publications
In a feedback summary published, ASIC has outlined its approach to publishing two public-facing dashboards containing internal dispute resolution (IDR) and reportable situations (RS) data.
The approach was determined following consideration of 47 submissions received in response to Consultation Paper 383 Reportable situations and internal dispute resolution data publication (CP 383).
ASIC will proceed with plans to publish IDR data at firm-level. However, after careful consideration of feedback received, it has decided not to proceed with its initial proposal to publish firm-level RS data. ASIC will instead publish aggregate-level RS data.
In making this decision about the RS publication, ASIC sought to balance the benefits of firm-level transparency against concerns around the maturity of the RS regime, particularly following recent changes to firms' reporting obligations.
While proceeding with plans to publish firm-level IDR data, ASIC has made key changes to how the data will be presented, including around complainant privacy, data comparisons and explanatory material to support contextualisation.
See ASIC media release.
ASIC proposes extending stablecoin distribution exemption
ASIC is proposing to extend class relief for intermediaries engaging in the secondary distribution of a second stablecoin issued by an Australian financial services (AFS) licensee.
The instrument would amend ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631 (ASIC Instrument 2025/631) to add a second named stablecoin and make some minor consequential and clarification changes.
ASIC Instrument 2025/631 exempts intermediaries from the requirement to hold separate AFS, Australian market or Australian clearing and settlement facility licences when providing services related to stablecoins issued by an AFS licensee.
Submissions close 2 October 2025.
See ASIC media release and consultation.
ASIC reduces complaints reporting frequency for small banks
ASIC has granted a no-action position to immediately reduce the frequency of IDR data reporting for small banks, from every six months to once a year.
ASIC has proactively decided to adopt the no-action position now, ahead of formalising the technical and system changes, expected in 2027.
As detailed in the class no-action letter, small banks will be exempt from the next IDR data submission window.
See ASIC media release and class no-action letter.
ASIC urges ongoing customer focus following welcome improvements in hardship support
Lenders must continue to focus on improving hardship support for customers in financial distress. Despite significant improvements following last year's landmark review, ASIC has ongoing concerns about hardship practices.
ASIC Commissioner Kate O’Rourke welcomed the progress made by lenders in their approach to customer experience and outcomes outlined in ASIC Report 815 Hardship, not so hard to get help (REP 815), released on 25 September 2025, following concerns raised by ASIC in May 2024 and published in ASIC Report 782 Hardship, hard to get help: Findings and actions to support customers in financial hardship (REP 782).
See ASIC media release.
ASIC takes court action alleging RACQ sent half a million misleading insurance renewal comparisons
RACQ Insurance Limited (RACQ) sent more than 570,000 renewal documents to customers containing representations about a ‘last period premium’ amount that ASIC alleges were false or misleading.
See ASIC media release.
ASIC remakes relief instrument for managed investment product consideration
ASIC has registered the following instruments, providing continued relief for responsible entities of managed investment schemes registered before 1 October 2013:
ASIC Corporations (Managed Investment Product Consideration) Instrument 2025/629 (New Instrument)
ASIC Corporations (Amendment and Repeal) Instrument 2025/630 (Amendment and Repeal Instrument).
The release ensures uninterrupted regulatory relief while maintaining operational flexibility for affected entities.
The New Instrument modifies Chapter 5C and Part 7.9 of the Corporations Act 2001 (Cth) (Corporations Act) to permit responsible entities to set issue prices for interests in specified circumstances including placements, rights issues, interest purchase plans, distribution reinvestment plans, negotiated fees, schemes with limited pooling, forfeited interests and stapled securities. It enables responsible entities to exercise discretions in constitutional formulas or methods for determining issue or withdrawal prices, subject to requirements that discretions be exercised consistently with ordinary commercial practice and produce reasonably current values.
The New Instrument requires responsible entities to document discretion exercises through written policies or explanations, maintain records for seven years and include statements in product disclosure statements about document availability. It provides exemptions from equal treatment duties under section 601FC(1)(d) of the Corporations Act where necessary to implement the pricing flexibilities.
The accompanying Amendment and Repeal Instrument repeals ASIC Corporations (Managed Investment Product Consideration) Instrument 2015/847 and makes consequential amendments to ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669 and ASIC Corporations (Equality of Treatment Impacting on the Acquisition of Scheme Interests and CCIV Shares) Instrument 2023/697 to update cross-references.
The New Instrument and Amendment and Repeal Instrument take effect on and from 27 September 2025.
See ASIC media release.
ASIC’s review finds improvements needed in quality of super fund financial reports and audits
ASIC has released ASIC Report 816 Accounting for your super: ASIC's review into the financial reporting and audit of super funds (REP 816), the first in a series of three reports examining financial reporting and audit quality in 2024–2025.
REP 816 reveals the findings from ASIC’s review of financial reports from 60 registrable superannuation entities (RSEs) for the year ended 30 June 2024 and five RSE audit files. ASIC’s review showed inconsistent approaches to disclosing investments, limited disclosure of sponsorship and advertising expenses and insufficient audit evidence obtained in the valuation of some investments.
ASIC will publish a report on auditor independence in early October, followed by its annual financial reporting and audit public report in late October. This expanded program of work in 2025 demonstrates ASIC's commitment to high quality financial reports and audits (see media release).
See ASIC media release and REP 816.
ASIC reissues regulatory guide for unsolicited credit cards and debit cards
ASIC has reissued ASIC Regulatory Guide Unsolicited credit cards and debit cards (RG 201) for card providers who issue credit or debit cards to consumers.
RG 201 sets out ASIC’s position on the prohibition of the unsolicited sending of credit and debit cards under section 12DL of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act), including the scope of exceptions to that prohibition.
Minor changes have been made to:
Update the reference to section 63A of the Trade Practices Act 1974 (Cth) to refer to the current section 39 of the Australian Consumer Law set out in Schedule 2 of the Competition and Consumer Act 2010 (Cth).
Add a further example stating that obtaining a consumer’s verbal request for a card (such as in a call centre context) does not meet the requirement in section 12DL of the ASIC Act for the consumer’s written request.
Provide guidance in the current regulatory guide format.
See RG 201.
APRA
APRA highlights strategic challenges for some trustees in promoting member outcomes over the long term
APRA has published insights into challenges facing some superannuation trustees in operational efficiency, growth and competitive positioning.
In its paper titled ‘Delivering member outcomes into the future’, APRA discusses dynamics shaping the ongoing evolution of Australia’s superannuation system. These include:
Continuing industry consolidation leading to the reduction in the number of funds.
Ongoing growth in the size of the superannuation system, with recent growth concentrated in the largest funds.
Expense ratios trending downwards at an aggregate level, but material difference across funds.
Significant differences across funds in terms of natural cash flows and rollover dynamics.
The paper emphasises the importance of trustees actively considering these challenges as part of their strategic and business planning.
See APRA media release.
APRA – key actions and proceedings
APRA publishes 2024–2025 Annual Report – see APRA report.
APRA releases letter on the revocation of SRS 331.0 Services – see APRA letter.
AUSTRAC
AUSTRAC InBrief – October 2025
AUSTRAC released its October issue of InBrief which includes information about:
AUSTRAC’s national reforms awareness campaign launch: AUSTRAC launched a national campaign to support businesses in preparing for the most significant anti-money laundering and counter-terrorism financing (AML/CTF) reforms in 20 years.
Supporting current and tranche 2 entities through education.
The new AML/CTF rules, upcoming guidance and education products.
Fintel Alliance’s continued expansion – insight into Fintel Alliance’s fight against financial crime.
Consultants and compliance – lessons learned from the Mounties case and the role that consultants can play to support compliance.
How AUSTRAC’s crypto taskforce is cracking down on crypto crime.
How AUSTRAC helps protect children and prevents sexual exploitation – AUSTRAC urges financial services to look out for child exploitation transactions.
The countdown until the new AUSTRAC Online platform is launched.
See AUSTRAC InBrief newsletter.
Other bodies and regulators
Treasury: inaugural UK–Australia Joint Financial Regulatory Forum
The inaugural UK–Australia Joint Financial Regulatory Forum took place on 24 September 2025.
The UK and Australia discussed their respective:
Approaches for enabling market access, including recognising overseas regulatory regimes.
Pensions landscapes, including the use of ‘Member Outcomes Assessments’ in Australia.
Crypto asset and stablecoin regulatory developments, including in the global context, and explored potential similarities between their developing regimes.
See Treasury media release.
Legislation and proposed legislation
Government consulting on laws for an innovative digital asset industry and consumer protections
The government is working to support innovation and make digital assets safer for consumers. Stakeholders support the policy case for government regulating digital asset platforms. The government is now seeking feedback on how to do this in law.
The draft legislation introduces two new financial products within the Corporations Act – digital asset platform and tokenised custody platform. This means the existing consumer protections and licensing rules will generally apply.
Providers of the new financial products will be required to hold an AFS licence – they will be subject to both the existing obligations of the licence and targeted obligations. These obligations include a requirement to provide their services efficiently, honestly and fairly, prohibitions on misleading and deceptive conduct and unfair contract terms, and a requirement to provide greater transparency to the market and consumers. Breaching these obligations will come with significant penalties up to the greater of $16.5 million.
Submissions close 24 October 2025.
See Treasury consultation, media release and also relevant G+T Insight.
Treasury Laws Amendment (Payments System Modernisation) Bill 2025 assented
On 19 September 2025, the Treasury Laws Amendment (Payments System Modernisation) Bill 2025 (Bill) received royal assent. This Bill amends the Payment Systems (Regulation) Act 1998 (Cth):
By broadening the definitions of ‘payment system’ and ‘participant’.
Introducing a new ministerial power that allows the Treasurer to designate payment systems in the national interest, for example where a system presents risks to national security.
Introduce civil penalty provisions and enforceable undertakings and increase maximum penalties for certain criminal offences.
See Bill.
G+T articles
G+T Insight – ASIC announces approach to publishing internal dispute resolution and reportable situations data – provides an overview of how ASIC decided not to proceed with its original proposal – Luke Barrett, Peter Reeves, Silvana Wood and Rachel Walker (1 October 2025).
G+T Insight – ASIC Report 815 Hardship, not as hard to get help: But lenders still need to do more – provides an overview of ASIC’s follow up-report – Rachel Walker, Elouise Casey, Nicholas Buxton and Nicholas Bruzzese (26 September 2025).
G+T Insight – Payments system modernisation reforms – updated overview of the Bill – Peter Reeves, Georgina Wilcock, Vince Battaglia, Emily Shen, Anthony Basa, Amiinah Dulull and Maya Ruber (25 September 2025).
G+T Insight – Digital assets licensing – updated overview of Treasury’s plans – Peter Reeves, Georgina Wilcock, Vince Battaglia, Emily Shen, Anthony Basa, Amiinah Dulull and Maya Ruber (25 September 2025).
Calendar dates
15 October 2025 – Deadline for submissions to ASIC consultation on regulatory simplification.
22 October 2025 – Deadline for submissions to the ASIC consultation on modernising market integrity rules for automated and AI trading systems.
24 October 2025 – Deadline for submissions to Treasury consultation on exposure draft of Treasury Laws Amendment Bill 2025: Digital asset and tokenised custody platforms.
31 March 2026 – Amended AML/CTF obligations commence for existing reporting entities.
31 March 2026 – Tranche two entities may enrol as reporting entities with AUSTRAC.
25 June 2026 – Final report of Senate inquiry into greenwashing due.
1 July 2026 – Mandatory climate-related financial disclosures for Group 2 entities apply in respect of financial years starting on or after this date.
1 July 2026 – Key AML/CTF obligations commence for lawyers under reforms to Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth).
13 July 2026 – Key CDR obligations commence for non-bank lenders.
1 July 2027 – Mandatory climate-related financial disclosures for Group 3 entities apply in respect of financial years starting on or after this date.