On the pulse
Treasury introduces new digital asset laws to unlock innovation and safeguard investment – see media release.
Treasury consults on Scams Prevention Framework – Draft law package and position paper – see consultation.
Treasury introduces legislation to amend law relating to taxation and superannuation – see Bill.
Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill assents – see Act.
Treasury consults on class exemptions from the deferred sales model – see consultation.
Treasury consults on Miscellaneous Amendments to Treasury Portfolio Laws 2025 – see consultation.
ASIC extends disclosure and reporting relief for super trustees – see media release.
ASIC: Balancing consumer protections and demands in the world of payments – see keynote address.
ASIC proposes to remake relief for fundraising and mergers and acquisitions – see media release.
ASIC proposes updates to guidance on advertising financial products and services – see media release.
ASIC Corporate Finance Update: Issue 26: November 2025 – see update.
ASIC Market integrity Update: Issue 173: November 2025 – see update.
ASIC calls for feedback on stamp duty and portfolio holdings disclosure requirements for super funds – see media release.
ASIC urges super trustees to accelerate progress on retirement support for members – see media release.
ASIC announces approach to regulation of employee redundancy funds – see media release.
ASIC expands email lodgements: Simplification update – see media release.
ASIC InFocus: Volume 32 Issue 11: December 2025 – see update.
ASIC issues updated guidance for industry codes of conduct – see media release.
ASIC updates guidance on Product Disclosure Statements – see media release.
ASIC issues updated guidance on digital disclosures – see media release.
ASIC extends transitional relief for foreign financial services providers – see media release.
ASIC publishes updated IDR data reporting handbook – see media release.
ASIC issues final warning for urgent action from financial advice industry – see media release.
ASIC Market Liaison Meeting: December 2025 – see summary.
ASIC: Supplementary Budget Estimates Senate Economics Legislation Committee – see opening statement.
ASIC: Minimising the risk of investor harm is a shared responsibility – see speech.
ASIC proposes to remake instruments for technical relief and prescribed credit disclosure – see media release.
ASIC proposes to remake relief instruments for AFS licensees and overseas banks – see media release.
ASIC releases November 2025 financial adviser exam results – see media release.
ASIC makes minor consequential updates to financial advice-related legislative instrument – see media release.
ASIC replaces ASIC Market Integrity Rules (Securities Markets) Determination 2025/609.
AUSTRAC: FATF updates on global ML/TF risk – October 2025 – see media release.
APRA publishes new report on financial system risks – see media release.
APRA consults on proposed changes to approval requirements for owning or controlling an RSE licensee – see media release.
APRA releases response to minor framework updates for ADIs, insurers and RSE licensees – see media release.
APRA imposes additional licence conditions on Australian Ethical Superannuation – see media release.
APRA to limit high debt-to-income home loans to constrain riskier lending – see media release.
APRA consults on formalising a three-tiered approach to proportionality in banking prudential framework – see media release.
APRA finalises changes to phase out Additional Tier 1 capital instruments – see media release.
APRA Opening Statement to Senate Economics Legislation Committee – see statement.
RBA: Payments System Board Update: November 2025 Meeting – see media release.
ASIC
ASIC extends disclosure and reporting relief for super trustees
On 20 November 2025, ASIC announced a three-year extension to the relief provided for superannuation trustees under ASIC Superannuation (Disclosure and Reporting Consistency Obligations) Instrument 2023/941.
This extension, delivered through the ASIC Superannuation (Amendment) Instrument 2025/449, ensures trustees remain exempt from requirements under subsection 29QC(1) of the Superannuation Industry (Supervision) Act 1993 until 1 January 2029. ASIC’s decision follows a targeted consultation with superannuation industry representatives.
ASIC: Balancing consumer protections and consumer demands in the fast-moving world of payments
On 20 November 2025, ASIC published the keynote address by ASIC Commissioner Kate O’Rourke at the Women in Payments Gala Evening in Sydney on 19 November 2025. Key insights include:
The significant structural changes taking place across the payments landscape are being supercharged by technology – while also responding to consumer demand.
The level of trust consumers place in payment products and providers, underscoring the need for regulatory settings that are up to the task – and that they’re able to evolve as the sector evolves.
The payments licencing reforms are designed to bring different participants in the value chain under appropriate degrees of regulation – according to how much risk their activities present to consumers and the payments system more generally.
ASIC proposes to remake relief for fundraising and mergers and acquisitions
[Summary from Practical Law Corporate]
On 24 November 2025, ASIC announced that it is seeking feedback on its proposal to remake 18 sunsetting legislative instruments that provide miscellaneous relief from Chapters 6, 6C, 6D and Part 7.9 of the Corporations Act 2001 that are due to sunset on 1 April 2026. ASIC intends to remake the relief on largely the same terms for a period of five years, with proposed changes including to:
Add simplified outlines to explain the legislative instrument in simple terms.
Update the instruments for changes to the Corporations Act 2001, including the recent change in terminology from prescribed financial market to declared financial market.
Reframe the class of persons to whom the Part 7.9 relief applies.
Remove references to outdated class orders (where no longer relevant).
ASIC proposes updates to guidance on advertising financial products and services
On 27 November 2025, ASIC announced that it is seeking stakeholder feedback on updates to Regulatory Guide 234 Advertising financial products and services (including credit): Good practice guidance (RG 234).
The proposed updates are intended to ensure the currency and clarity on ASIC’s regulatory approach to advertising financial products and services by:
Providing guidance reflecting ASIC enforcement and regulatory action relevant to advertising conduct undertaken since the publication of RG 234 in 2012.
Incorporating guidance from Regulatory Guide 53 The use of past performance in promotional material to ensure all of ASIC’s advertising guidance is in one location.
Simplifying and streamlining the existing guidance.
Submissions for feedback close 22 January 2026.
See ASIC consultation.
ASIC Corporate Finance Update: Issue 26: November 2025
[Summary from Practical Law Corporate]
On 25 November 2025, ASIC published Corporate Finance Update: Issue 26 (November 2025), which includes articles about:
ASIC's change of process to engage earlier with members' scheme of arrangement proponents to facilitate greater commercial and regulatory certainty.
ASIC's proposal to remake 18 sunsetting legislative instruments that provide fundraising and mergers and acquisitions relief.
The lodgement of prospectuses and other documents during ASIC's holiday close-down period (25 December 2025 to 1 January 2026 (inclusive)) through the ASIC Regulatory Portal.
ASIC's call for better disclosure in floating rate note offerings.
ASIC calls for feedback on stamp duty and portfolio holdings disclosure requirements for super funds
On 28 November 2025, ASIC announced that is inviting the superannuation and investment management sectors to have their say on changes to stamp duty and portfolio holdings disclosure requirements.
ASIC is proposing:
Stamp duty disclosure changes: ASIC is proposing stamp duty be disclosed as an average amount over seven years, rather than an annual sum, in fees and costs summaries. The proposal would require a change to ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070.
Private debt transparency: Class order relief for superannuation trustees, aligning portfolio holdings disclosure obligations for internally-managed private debt with externally-managed private debt.
This follows a targeted review of superannuation investment disclosure requirements announced in August 2025.
ASIC urges super trustees to accelerate progress on retirement support for members
On 26 November 2025, ASIC announced that it had jointly released the 2025 Retirement Income Covenant (RIC) Pulse Check report with APRA, which assessed the progress trustees have made in developing retirement income strategies for Australians approaching or in retirement.
The report highlighted that despite RIC obligations being introduced over three years ago on 1 July 2022, the gap is widening between trustees actively promoting better retirement outcomes for their members and those that are not.
While some trustees have shown leadership by investing significant effort to meet the needs of their members transitioning to and in retirement, with some innovating and driving best practice, far too many have been content with making only incremental improvements.
ASIC and APRA have called on industry to lift its focus on improving retirement outcomes for their members. All trustees should take steps to meet better practices as outlined in the report. ASIC and APRA will continue to engage with Treasury in relation to Government’s retirement phase initiatives, including the proposed Best Practice Principles for Retirement Income Solutions and the Retirement Reporting Framework.
In addition, APRA has committed to including retirement products in 2026 Comprehensive Product Performance Package.
See also APRA media release.
ASIC announces approach to regulation of employee redundancy funds
On 26 November 2025, ASIC outlined its approach to the regulation of employee redundancy funds under the Corporations Act, once the current relief expires on 1 April 2026.
Operators of employee redundancy funds and long service leave funds (now referred to as employee entitlement schemes) will be required to apply for an Australian financial services (AFS) licence and comply with some managed investment provisions of the Corporations Act 2001.
Following ASIC’s Consultation Paper 384 Employee redundancy funds (CP 384), this proposed approach (Option 2(b)) received the most support from stakeholders.
ASIC’s approach will be subject to transitional arrangements. To assist fund operators, in early 2026, ASIC will release further information on the transitional arrangements, the licence application process and requirements that will apply once a licence is granted.
ASIC expands email lodgements: Simplification update
On 4 December 2025, ASIC announced that it has introduced email lodgement for 35 paper forms to help streamline interactions and reduce administrative burden for those needing to comply with their obligations. Selected based on stakeholder feedback, the forms relate to:
share capital notifications
changes to responsible entities
managed investment schemes
auditor changes
company structure updates
other regulatory lodgements.
ASIC’s website has a complete list of forms that can be lodged by email.
ASIC issues updated guidance for industry codes of conduct
On 2 December 2025, ASIC announced that it has released updated regulatory guidance on industry codes of conduct in the financial services and credit sectors.
The updates to Regulatory Guide 183 Codes of conduct for the financial services and credit sectors (RG 183):
Reflect legislative reform since the guidance was last updated in 2013.
Clarify ASIC’s role in relation to industry codes, and the criteria and process for code approval.
Simplify and streamline the guidance.
These updates follow consultation with stakeholders through Proposed update to RG 183. Stakeholders were broadly supportive of the proposed updates.
ASIC updates guidance on Product Disclosure Statements
On 3 December 2025, ASIC announced that it has published updated Regulatory Guide 168 Product Disclosure Statements: Disclosure and other obligations (RG 168) following consultation with industry.
The updates are aimed at providing clarity and improving industry’s ability to prepare Product Disclosure Statements (PDSs).
ASIC considered industry submissions to Consultation 22 Proposed update to ASIC’s guidance on Product Disclosure Statements and welcomes the support to simplify the guidance.
The following guidance has been withdrawn and guidance incorporated in the updated RG 168:
Information Sheet 94 Notification requirements for Product Disclosure Statements
Information Sheet 155 Shorter PDSs–Complying with requirements for superannuation products, simple managed investment schemes and simple sub-fund products
Regulatory Guide 65 Section 1013DA disclosure guidelines
Regulatory Guide 66 Transaction-specific disclosure for PDSs
Regulatory Guide 197 Warrants: Out-of-use notices
Regulatory Guide 219 Non-standard margin lending facilities: Disclosure to investors
See also ASIC Information Sheet 291 FAQs: FSGs and website disclosure information.
ASIC issues updated guidance on digital disclosures
On 3 December 2025, ASIC announced that it has updated Regulatory Guide 221 Facilitating digital financial services disclosures following a consultation with industry.
ASIC considered industry submissions in response to Consultation 23 Proposals to continue to facilitate digital disclosure and welcomes the general support to update the guidance.
The updates amend outdated references and clearly set out ASIC’s expectations in relation to digital disclosures.
ASIC extends transitional relief for foreign financial services providers
On 5 December 2025, ASIC announced that it has extended the transitional relief for foreign financial services providers (FFSPs) by an additional 12 months. This relief exempts FFSPs from the requirement to hold an Australian financial services (AFS) licence when providing financial services to Australian wholesale clients. Under the current arrangements, ASIC’s sufficient equivalence relief and limited connection relief were due to expire on 31 March 2026. With this extension, the transitional relief will remain in place until 31 March 2027.
On 26 November 2025, the Australian Government introduced legislation for a new licensing exemption regime for FFSPs under the Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Bill 2025 (the Bill). The new regime is due to commence 12 months after the Bill receives Royal Assent.
FFSPs that have been granted a foreign AFS licence will be able to continue to operate their financial services business in Australia under the licence issued by ASIC.
ASIC publishes updated IDR data reporting handbook
On 1 December 2025, ASIC announced that it has released an update to the Internal dispute resolution data reporting handbook to reflect:
Recent legislative and regulatory changes in the buy now, pay later and digital asset sectors.
A new product category for mutual risk products, enhancing accuracy for firms reporting complaints about these products.
Firms will first report complaints using the updated handbook in the July to August 2026 submission window, which covers complaints open or received between 1 January and 30 June 2026.
To give legal effect to the updated handbook, ASIC will amend ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205 prior to the commencement of the July to August 2026 submission window.
ASIC: Supplementary Budget Estimates Senate Economics Legislation Committee
On 3 December 2025, ASIC published the transcript from the opening statement by ASIC Chair Joe Longo at the Senate Economics Legislation Committee. Key takeaways include:
Enforcement outcomes and priorities for 2026: Subject to upcoming Court decisions, ASIC will likely see more civil penalties imposed in 2025 than ever before. The new enforcement priorities include poor private credit practices, financial misconduct including failure to lodge financial reports, claims and complaint handling failures by insurers and continuing ASIC’s work to hold those responsible to account for the collapse of the Shield and First Guardian Master Funds.
High risk superannuation: High risk super switching is a great concern to ASIC and continues to be a key area of focus for the agency.
Public and private markets: ASIC sees enormous opportunity for public and private markets to thrive and grow together, especially as they embrace new technology and innovation. Through ASIC’s regulatory simplification work announced in November 2024, ASIC has been a leader in the national drive for productivity.
ASIC: Minimising the risk of investor harm is a shared responsibility
On 2 December 2025, ASIC published the transcript of the keynote address by ASIC Commissioner Alan Kirkland at the Professional Planner Researcher Forum on 2 December 2025. Key takeaways include:
Australian investors rely on the expertise and integrity of everyone in the investment chain to secure their financial future.
ASIC’s key focus is minimising the risk of harm for Australian investors and consumers.
To ensure better outcomes for investors, ASIC has prioritised tackling poor practices in private credit and holding those responsible for Shield and First Guardian to account.
ASIC proposes to remake instruments for technical relief and prescribed credit disclosure
On 4 December 2025, ASIC announced that it is seeking feedback on a proposal to remake two legislative instruments. The instruments provide technical relief relating to Australian financial services (AFS) licensees (and persons providing financial services on their behalf) and make minor updates to certain prescribed credit disclosures.
ASIC proposes to remake the relief provided under:
ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115, without substantial change other than amendments to ensure the instrument is up to date.
Paragraph 5(a) of ASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200, but not paragraphs 5(b) and (c), as Schedules 7 and 9 of the National Consumer Credit Protection Regulations 2010 (Credit Regulations), to which those paragraphs relate, have been repealed.
ASIC has assessed that the instruments are operating effectively and continue to form a necessary part of the legislative framework. Submissions for feedback close 23 January 2026.
See ASIC consultation.
ASIC proposes to remake relief instruments for AFS licensees and overseas banks
On 4 December 2025, ASIC announced that it is seeking feedback on a proposal to remake relief instruments for Australian financial services (AFS) licensees and foreign authorised deposit-taking institutions (ADIs). Remaining largely unchanged, ASIC proposes to remake the relief provided under:
ASIC Corporations (Foreign Licensees and ADIs) Instrument 2016/186, apart from amending a relief condition, and clarification of a note under Section 5(2).
ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229.
ASIC has assessed that the instruments are operating effectively and continue to form a necessary part of the legislative framework. Submissions for feedback close 23 January 2026.
AUSTRAC
FATF updates on global ML/TF risk – October 2025
On 24 November 2025, AUSTRAC announced that the Financial Action Task Force (FATF), the global group that sets international anti-money laundering, counter-terrorism financing and counter-proliferation financing (AML/CTF/CPF) standards, had published two recent updates relating to international money laundering, terrorism financing and proliferation financing risks. The updates included:
High-Risk Jurisdictions subject to a Call for Action – 24 October 2025: which notes calls for action in relation to the Democratic People’s Republic of Korea, Iran and Myanmar, which have been identified as high-risk jurisdictions with significant strategic deficiencies in their AML/CTF/CPF regimes.
Jurisdictions under Increased Monitoring – 24 October 2025: which lists jurisdictions that have strategic deficiencies in their AML/CTF/CPF regimes and are actively working with the FATF to address them.
APRA
APRA publishes new report on financial system risks
On 20 November 2025, APRA announced that it has launched a new report on APRA’s assessment of risks and vulnerabilities facing the Australian financial system. The new System Risk Outlook report, which will be published twice a year, increases transparency around what APRA is seeing in the domestic and international risk environments to inform its regulatory priorities. Key insights include:
Risks to the Australian financial system from overseas are heightened, and the geopolitical environment is expected to remain volatile for some time. While the system is well-placed to absorb potential shocks from overseas, this resilience could be eroded if institutions are not prepared for a wide range of scenarios.
APRA is closely monitoring any build-up of domestic vulnerabilities, particularly in the housing market, including high household debt.
The increasing interconnectedness of the financial system has elevated the potential for shocks in one sector to have a system-wide impact.
The key findings from Phase 1 of APRA’s inaugural system risk stress test, which suggest that the structural features of super funds mean that the industry acts as an important stabiliser for the system during stress but, in some cases, their actions can also amplify the negative effect of the shock on members and the system.
APRA consults on proposed changes to approval requirements for owning or controlling an RSE licensee
On 18 November 2025, APRA released a draft instrument to exempt a specified class of persons from the change of ownership and control provisions of the Superannuation Industry (Supervision) Act 1993.
The proposed exemption would remove the requirement for management employees and company secretaries with a direct controlling interest in an RSE licensee of less than 2% to apply to APRA before acquiring a controlling stake.
APRA welcomes feedback on the proposed class exemption, including any risks associated with the proposal and other circumstances APRA should consider when finalising the exemption. Submissions for feedback close 16 December 2025.
See APRA media release.
APRA releases response to minor framework updates for ADIs, insurers and RSE licensees
On 21 November 2025, APRA released a response to consultation on proposed minor amendments to the prudential and reporting framework for authorised deposit-taking institutions (ADIs), insurers and registrable superannuation entity (RSE) licensees.
The response letter follows the release of the proposed update for consultation in September 2025. These minor updates help APRA keep the prudential framework up to date between comprehensive reviews.
APRA to limit high debt-to-income home loans to constrain riskier lending
On 27 November 2025, APRA announced that it will limit high debt-to-income (DTI) home lending to pre-emptively contain a build-up of housing-related vulnerabilities in the financial system.
While overall bank lending standards remain sound, APRA has observed a pick-up in riskier forms of lending over recent months as interest rates have fallen, housing credit growth has picked up to above its longer-term average and housing prices have risen further. In particular, high DTI lending has started to pick up, albeit from a low base, driven by high DTI loans to investors. This is expected to increase further in this part of the cycle and already high household indebtedness could increase further.
Given these dynamics, APRA is acting now to contain the potential build-up of housing-related risks from high DTI lending by activating a DTI lending limit, with support from the Council of Financial Regulators.
From 1 February 2026, the limit on home loans will allow ADIs to lend up to 20% of their new mortgage lending at debt of six times income or more. The limit will apply separately to ADIs’ owner-occupier and investor lending.
APRA consults on formalising a three-tiered approach to proportionality in banking prudential framework
On 5 December 2025, APRA announced that it had begun consulting on adding a third tier to its prudential framework for banking to embed additional proportionality and drive competition in the industry. As part of the Council of Financial Regulators’ Review into Small and Medium-sized Banks, APRA committed to formalise a three-tiered approach to proportionality in the prudential framework for banking to better support competition from small and medium banks.
Under the existing framework, banks are classified as either significant or non-significant financial institutions. Significant Financial Institutions (SFIs) face additional or heightened requirements in some areas relative to non-SFIs.
In its discussion paper, APRA has proposed creating a new tier of Most Significant Financial Institutions (MSFIs) for banks with more than $300 billion in assets. This would currently comprise the four major banks and Macquarie Bank. The second tier would cover all other banks that are SFIs, with the SFI threshold raised from $20 billion to $30 billion. The third tier, being non-SFIs, would include all remaining banks.
Non-SFIs would be given additional time to comply with new or revised requirements, where appropriate, compared to banks in the other tiers. APRA also recognises that banks move between tiers from time-to-time whether through growth or merger and acquisition. APRA therefore proposes to provide all banks a transition period of at least 12 months to comply with higher prudential settings should they move to a higher tier.
APRA finalises changes to phase out Additional Tier 1 capital instruments
On 4 December 2025, APRA announced that it had finalised consequential amendments to its bank prudential framework to phase out Additional Tier 1 (AT1) capital instruments – also known as hybrid bonds – as eligible regulatory capital.
APRA confirmed in December last year its decision to phase out AT1, enabling the benefits of:
Improved stabilisation in a crisis and reduced contagion risk. International experience has shown that AT1 capital does not fulfil a stabilising function in a crisis due to the complexities of using it and the risk of causing contagion.
Enhanced proportionality by lowering the cost of capital for smaller banks relative to larger banks.
Reduced compliance costs for banks by simplifying the framework and removing a capital instrument that can impose additional design, marketing and issuance costs, particularly for small banks.
APRA will allow banks to replace AT1 predominantly with cheaper and more reliable forms of capital that would absorb losses more effectively in times of stress, leading to lower costs for smaller banks. Existing AT1 will be phased out gradually. APRA expects all AT1 issued by banks to be phased out by 2032.
The main change from the initial proposal is that APRA will set the leverage ratio at 3.25% , rather than 3.5% , of Common Equity Tier 1 capital, maintaining the current calibration of the leverage ratio, incorporating industry feedback.
APRA also published a letter to banks that responded to submissions to its consultation on proposed changes to its prudential standards, prudential practice guides and reporting standards to facilitate the phase-out of AT1.
APRA Opening Statement to Senate Economics Legislation Committee
On 3 December 2025, APRA published the transcript of Chair John Lonsdale’s opening statement to Senate Economics Legislation Committee. Key takeaways include:
APRA launched the System Risk Outlook report, which describes the main risks and vulnerabilities facing the Australian financial system:
Geopolitical risk, which has potential to transmit through the financial system via many channels. APRA and the Council of Financial Regulators are strengthening the system’s resilience through a dedicated geopolitical risk work program.
Housing risks, with high household debt identified as a key financial system vulnerability. APRA has announced its plans to activate limits on high debt-to-income home lending from next February.
Interconnectivity and the growing systemic importance of superannuation, where findings from Phase 1 of APRA’s inaugural system risk stress test indicated that superannuation can act as a stabilising force for the financial system. APRA will soon embark on the second phase of the system risk stress test, which will test APRA’s initial findings and deliver further insights.
APRA has been undertaking a review to ensure it is getting the balance right between financial safety and considerations such as competition, efficiency and productivity.
Last month, APRA delivered an update on its eight proposed measures to modernise the prudential framework on governance. APRA wrote to industry advising it will modify three of those proposals to ensure they don’t impose undue regulatory constraint on boards, including extending a tenure limit for non-executive directors from 10 to 12 years and scrapping a proposed requirement for significant financial institutions to engage early with APRA on responsible person appointments and succession planning.
In banking, APRA has commenced consultation on a more accessible pathway for banks to use the internal ratings-based (IRB) approach to calculating credit risk-weighted assets; and in coming days APRA will begin formal consultation on creating a third tier to its prudential framework for banking to embed additional proportionality and drive competition in the industry.
APRA has proposed updates to the reinsurance framework for general insurers to facilitate easier access to different forms of reinsurance. And in life insurance, APRA is consulting on changes to the capital framework for longevity products, such as annuities, to increase the availability of retirement products.
Legislation and proposed legislation
Treasury introduces new digital asset laws to unlock innovation and safeguard investment
On 26 November 2025, the government introduced new legislation to the Parliament to help unlock innovation and protect Australians investing in digital assets. The Treasury outlines that:
Millions of Australians are using or investing in digital assets every year and this is about making that as safe and secure as possible, while also encouraging innovation.
They take Australia’s crypto industry seriously and know that blockchain and digital assets present big opportunities for the Australian economy, its financial sector and businesses.
The Corporations Amendment (Digital Assets Framework) Bill 2025 introduces clear, enforceable rules for businesses that hold digital assets on behalf of consumers, ensuring they meet the same standards of transparency, integrity and consumer protection that apply across the financial system.
The Bill introduces two new types of financial products – digital asset platforms and tokenised custody platforms. These platforms will now need to hold an AFSL, ensuring they are subject to core obligations including:
The requirement to act efficiently, honestly and fairly.
Prohibitions on misleading and deceptive conduct and unfair contract terms.
A requirement to give customers clear information about how assets are held and what their rights are.
Maintaining strong governance and risk controls.
Providing accessible dispute resolution and compensation if things go wrong.
While digital asset platforms and tokenised custody platforms will be regulated under the existing AFSL framework, their obligations will be tailored to reflect the unique structure and risk profile of these types of platforms.
Treasury consults on Scams Prevention Framework – Draft law package and position paper
On 28 November 2025, the government announced that it is seeking feedback on draft instruments to implement the Scams Prevention Framework (SPF).
The consultation package includes:
A draft instrument to designate banks, telecommunication providers and certain digital platforms under the SPF.
A draft instrument to authorise the Australian Financial Complaints Authority to be the SPF’s external dispute resolution scheme.
Explanatory statements for the draft instruments.
Targeted questions for the draft instruments.
A position paper that outlines early thinking on the sector codes and rules.
Submissions for feedback close 5 January 2026.
Treasury introduces legislation to amend law relating to taxation and superannuation
On 26 November 2025, the Treasury introduced Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Bill 2025, proposing amendments to the law relating to taxation and superannuation, and for related purposes.
Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act assents
On 4 December 2025, the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025 received Royal Assent. Commencement information:
Sections 1 to 3 and anything in the Act not elsewhere covered by this list – 4 December 2025.
Schedule 1 (beneficial ownership changes) – 4 December 2026.
Schedules 2 and 3 – 5 December 2025.
Schedule 4, Part 1 – 5 December 2025.
Schedule 4, Part 2 – 1 January 2026.
Schedule 4, Part 3 – 1 January 2026.
Schedule 5, Part 1 – 5 December 2025.
Schedule 5, Part 2 – 1 July 2024.
Schedules 6 and 7 – 5 December 2025.
Other key assents
Strengthening Oversight of the National Intelligence Community Bill 2025 – assented on 4 December 2025.
Environment Protection Reform Bill 2025 – assented on 1 December 2025 (part of a pack of 7 bills).
Treasury consults on class exemptions from the deferred sales model
On 3 December 2025, Treasury opened a consultation on class exemptions from the deferred sales model regime for add-on insurance.
The Australian Securities and Investments Commission Regulations 2001 currently exempt certain classes of add-on insurance from the regime. The exemptions started on 5 October 2021. They will expire on 5 October 2026.
Treasury seeks feedback on whether it should:
continue these exemptions
exempt other classes of add-on insurance in the future.
Submissions for feedback close 30 January 2025.
G+T articles
G+T Insight – Merging with a charity in financial distress: a practical guide for directors – provides some practical tips and outlines key legal risks – Darren Fittler, Elizabeth Wighton (Lathlean), Mikhail Glavac, Neha Sharma and Jing Zhang (19 November 2025)
G+T Insight – Consolidation and capital flows: how private capital is reshaping Australia’s renewables market – provides an overview of some key takeaways from the recent market – Christopher Flynn (17 November 2025)
G+T Insight – Exemptions for FFSPs – provides an overview of the Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Bill 2025 – Peter Reeves, Georgina Wilcock, Vince Battaglia, Emily Shen, Anthony Basa, Amiinah Dulull and Maya Ruber (27 November 2025)
G+T Insight – The Competitive Edge Podcast – Maya Dodd and Matt Rubinstein (24 November 2025)
G+T Insight – Have large language models hit a wall? – Peter Waters (1 December 2025)
G+T Insight – Whatever happened to the Metaverse? – Peter Waters (17 November 2025)
G+T Insight – Draft MNES Standard outlines new requirements for projects affecting protected matters – Ben Fuller, Illona Millar, Tom Webb, Alexander Kingsbury and Sophia Cheng (27 November 2025)
G+T Insight – Agentic commerce: can the law of contract adapt? – Andrew Low and Peter Waters (24 November 2025)
G+T Insight – Addressing the existential risks of AI – Peter Waters (4 December 2025)
G+T Insight – WA’s state development bill: faster pathways, higher stakes – Claire Boyd, Christopher Marchesi and Joshua Cohenca (4 December 2025)
G+T Insight – Paradigm shift: how geopolitics and state strategy are reshaping critical minerals – Mark McAleer and Sam Harlick (4 December 2025)
Calendar dates
12 December 2025 – Deadline for submissions to Treasury consultation on reform and streamlining of Australia’s foreign investment regime
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
1 July 2026 – Key AML/CTF obligations commence for lawyers under reforms to Anti-Money Laundering and Counter-Terrorism Financing Act 2006
13 July 2026 – Key CDR obligations commence for non-bank lenders