On the pulse
ASIC proposes to remake deposit product disclosure relief instrument – see media release.
ASIC issues updated guidance for managed investment schemes – see media release.
APRA’s new prudential standard on operational risk management comes into force – see media release.
ASIC consults on proposals to facilitate digital disclosure – see media release.
ASIC proposes updates to Product Disclosure Statements regulatory guide – see media release.
APRA consults on amendments to phase out AT1 Capital – see media release.
ASIC
ASIC proposes to remake deposit product disclosure relief instrument
ASIC is inviting feedback on its proposal to remake a legislative instrument that provides relief from certain disclosure requirements that apply to deposit products.
ASIC Corporations (Deposit Product Disclosure) Instrument 2015/683 exempts deposit products from the obligations to disclose:
interest rates in a Product Disclosure Statement (PDS)
termination values in periodic statements.
Submissions close Thursday 24 July 2025.
See ASIC media release and consultation.
ASIC issues updated guidance for managed investment schemes
ASIC has updated two regulatory guides relevant to managed investment schemes:
Regulatory Guide 132 Funds management: Compliance and oversight (RG 132).
Regulatory Guide 136 Funds management: Discretionary powers (RG 136).
RG 132 and RG 136 were amended in minor and technical respects only and do not change legal requirements or impose additional regulatory burdens. The changes are focused on reflecting consequential changes to the law and legislative relief granted by ASIC since this guidance was last updated.
ASIC did not consult externally on the changes as they are consequential and administrative in nature.
See ASIC media release.
ASIC Market Integrity Update – June 2025
ASIC launches inquiry into ASX – ASIC’s inquiry focuses on governance, capability and risk management frameworks and practices across the group – see inquiry’s terms of reference.
ASIC's fast-track IPO trial – ASIC provides information on what entities need to know in relation to this trial – see ASIC media release.
The future of Australia’s public and private markets – ASIC has released industry feedback received in relation to ASIC's February 2025 discussion paper on the evolving dynamics between public and private markets – see ASIC media release.
EOFY ‘window dressing’: Look out for unusual trading – ASIC is reminding market participants to be on the lookout for any unusual trading that may affect the price of shares or other assets and EOFY performance figures (known as ‘window dressing’).
Protect your business and clients against share sale fraud – ASIC has updated guidance regarding share sale fraud.
Global crack down on unlawful finfluencers – ASIC is cracking down on influencers unlawfully promoting high risk financial products and providing unlicensed financial advice – see ASIC media release.
See ASIC update.
ASIC proposes to remake disclosure relief for offers of foreign securities and interests to Australian investors
ASIC is seeking feedback on its proposal to remake six sunsetting legislative instruments that provide disclosure relief.
The relief enables Australian investors to participate in offers that might not otherwise be extended to them. This is due to the time and expense involved in complying with the regulatory requirements in multiple jurisdictions where:
a foreign offeror has complied with a disclosure regime offering similar levels of investor protection to the Australian disclosure requirements, or
very few offers are made to Australian investors.
Submissions close 15 August 2025.
See ASIC media release and consultation.
ASIC consults on proposals to facilitate digital disclosure
ASIC is consulting on proposals to remake two legislative instruments on digital disclosure due to sunset and update Regulatory Guide 221 Facilitating digital financial services disclosures (RG 221).
The electronic disclosure instruments scheduled to sunset on 1 October 2025 are:
RG 221 explains how Parts 7.7 and 7.9 of the Corporations Act 2001, relevant regulations and legislative instruments apply to the digital delivery of financial services disclosures. It also details the relief given in the electronic disclosure instruments and sets out guidance for digital disclosures.
Submissions close 6 August 2025.
See ASIC media release and consultation.
ASIC proposes updates to Product Disclosure Statements regulatory guide
ASIC is inviting industry feedback on proposed updates to Regulatory Guide 168 Disclosure: Product Disclosure Statements (and other disclosure obligations) (RG 168). RG 168 gives policy guidance on preparing a PDS that complies with the requirements in the Corporations Act 2001. It sets out good disclosure principles and explains how ASIC will monitor the use of PDSs and enforce the requirements.
The proposed updates include:
Incorporating guidance on PDS disclosure, lodgement and notification obligations from other RGs and information sheets into RG 168.
Withdrawing information sheets and regulatory guides containing other PDS disclosure, lodgement and notification guidance proposed to be incorporated into the updated RG 168.
Removing guidance in RG 168 relating to Financial Services Guides and Statements of Advice.
Reframing the existing guidance on misleading and deceptive conduct in RG 168 to highlight examples of general disclosure concerns with PDSs.
Clarifying the legislative basis for the Good Disclosure Principles in RG 168.
Submissions close 6 August 2025.
See ASIC media release and consultation.
ASIC Corporate Finance Update – July edition
ASIC clears path for faster IPOs – Entities listing on the ASX via the fast-track process will now have access to a shorter initial public offering IPO timetable.
Industry feedback from public and private markets discussion paper released – ASIC has published more than 60 non-confidential submissions in response to its discussion paper.
Disclosure of non-IFRS financial information in fundraising documents – ASIC reminds issuers that they must meet accounting standards by clearly explaining and defining each selected metric and related ratio.
Share buy-backs with significant effects on control – ASIC recently intervened in a proposed buy-back that would significantly increase the voting power of the company’s CEO from 27% to 70%, assuming full shareholder participation.
Independent experts in section 444GA transactions – ASIC reminds external administrators and advisors that an independent expert report provided to shareholders in connection with a share transfer under section 444GA of the Corporations Act 2001 should generally be authored by an expert who holds an Australian financial services licence.
Inside ASIC: Series 2 podcast launches – The second series of ASIC’s podcast, Inside ASIC, has been released. The latest episode concerns ASIC’s work to combat scams.
See ASIC update.
APRA
APRA’s new prudential standard on operational risk management takes effect
Banks, insurers and superannuation funds will need to meet higher standards of operational risk management from today as new requirements from APRA come into force.
Prudential Standard CPS 230 Operational Risk Management requires APRA-regulated entities to be well-prepared to ensure continuity of critical services to the community and respond to business disruptions by:
Identifying important business services and determining the extent to which these services can continue during severe disruptions.
Testing their business continuity planning to identify vulnerabilities to ensure they are positioned to overcome severe disruptions.
Enhancing third-party risk management by ensuring risks from material service providers are identified and appropriately managed.
See APRA media release.
APRA consults on amendments to phase out AT1 Capital
On 8 July, APRA released a consultation paper on implementing APRA’s decision to phase out AT1 capital instruments. The paper also proposes consequential amendments to APRA’s prudential and reporting frameworks.
On 9 December 2024, APRA released a letter to industry providing an update on APRA’s consultation on a more effective capital framework for a crisis (see APRA media release). This confirmed that APRA is proceeding with its proposal to replace AT1 Capital in the bank prudential framework with more reliable and effective forms of capital.
APRA is seeking feedback on proposed amendments that give effect to the phase out of AT1 capital instruments. The consultation paper, draft prudential standards, draft reporting standards and draft prudential practice guides are available here.
See APRA media release.
G+T articles
G+T Insight – Financial Services: Regulatory Recap week commencing 30 June 2025 – Luke Barrett, Peter Reeves, Rachel Walker and Silvana Wood (3 July 2025).
G+T Insight – International Comparative Legal Guide – Fintech 2025 – provides an exploration of the evolving Australian fintech landscape with the International Comparative Legal Guide – Peter Reeves, Emily Shen and Meg Dalco (3 July 2025).
G+T Insight – Accelerating green capital: what Australia’s first sustainable finance taxonomy means for business – provides key takeaways from the AFSI and Treasury’s Version 1 of the Taxonomy – Ilona Millar and Lily Morton (2 July 2025).
G+T Insight – Fast lane to the ASX: ASIC unveils two-year listing trial – provides an overview of and observations on, ASIC’s two-year pilot program – Adam D’Andreti and Lucy Hall (2 July 2025).
G+T Insight – Merger tariffs? The final filing fees and notification thresholds for the new merger regime – provides an overview of the Competition and Consumer (Notification of Acquisitions) Determination 2025 – Elizabeth Avery and Haidee Leung (1 July 2025).
G+T Insight – What you need to know about the ACCC’s analytical framework and the process for the new merger regime – provides an overview of notification forms, new acquisitions register, assessment guidelines, process guidelines and next steps – Elizabeth Avery and Haidee Leung (7 July 2025).
Calendar dates
31 March 2026 – Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 – Parliament of Australia.
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 – Anti-Money Laundering and Counter-Terrorism Financing Act 2006 - Federal Register of Legislation.
13 July 2026 – Competition and Consumer (Consumer Data Right) Amendment (2025 Measures No. 1) Rules 2025 - Federal Register of Legislation.
1 July 2027 – Mandatory climate-related financial disclosures for Group 3 entities apply in respect of financial years starting on or after this date.