Regulatory Recap | Week commencing 17 August

On the pulse

• ASIC proposes to remake financial reporting relief for wholly-owned companies – see media release
• ASIC proposes improved pre-IPO advertising flexibility – see media release
• ASIC InFocus August newsletter – see media release
• ASIC launches small business strategy and new digital resources – see media release
• ASIC protects consumers by removing high-risk financial sector participants – see announcement
• ASIC seeks feedback on proposed extension of financial services, credit and markets legislative instruments – see media release
• ASIC Market Integrity Update Issue 178 (August 2026) – see media release
• RBA A2A Payments Roundtable releases vision for account-to-account payments – see media release
• ASD and AICD: guidance for boards on frontier AI cyber threat – see guidance
• Governing AI in the agentic era: AICD resource update – see media release

ASIC

ASIC proposes to remake financial reporting relief for wholly-owned companies

On 3 August 2026, ASIC announced that it has released Simple Consultation 61: Proposed remake of ASIC Corporations (Wholly-owned Companies) Instrument 2016/785, pursuant to which it proposes to remake, for five years, the relief in ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 (Instrument 2016/785), which provides financial reporting relief to wholly-owned companies if the holding entity lodges a consolidated financial report. Under ASIC's proposal:

• the relief provided in Instrument 2016/785 will continue to apply for financial years ending before 1 January 2027
• the proposed new instrument will apply to financial years ending on or after this date and ensure that entities have continued financial reporting relief under their existing arrangements.

ASIC proposes improved pre-IPO advertising flexibility

On 4 August 2026, ASIC announced that it has released Consultation Paper 390: Proposed reform to the pre-lodgement advertising and publicity regime (CP 390). CP 390 contains ASIC's proposal to extend its existing relief from restrictions in the Corporations Act 2001 (Corporations Act)around the pre-lodgement advertising framework for initial public offerings (IPOs), allowing companies greater advertising and publicity opportunities before lodging a prospectus. Broadly, ASIC proposes to issue a legislative instrument (see Draft ASIC Corporations (Pre-Prospectus Advertising and Publicity) Instrument 2026/XX) that will modify section 724(5) of the Corporations Act to allow companies to advertise unquoted securities at any stage prior to the lodgement of a disclosure document, provided they:

• identify the issuer and the seller of the security
• ensure a prospectus is made available by the time a security is listed
• make it clear where and when a prospectus will be made available
• direct investors to the disclosure document as the key source of information before making an investment decision.

Submissions for feedback close 11 September 2026.

ASIC InFocus August newsletter

On 5 August 2026, ASIC published its latest InFocus newsletter – Volume 36 Issue 7 (August 2026), which includes information on:

• ASIC has launched a new Small Business Director Essentials Hub, providing practical tools, guidance and resources to help directors understand and meet their obligations
• the Cost Recovery Implementation Statement for the 2025–26 financial year has been released. Regulated entities are required to submit their business activity metrics for the 2025-26 financial year through the ASIC Regulatory Portal between 23 July and 24 September 2026
• as ASIC begins to receive lodgements for Form 398 Copy of sustainability report and auditor’s report, reporting entities are reminded that this form is completed and lodged separately from Form 388 Copy of financial statements and reports, which is used to lodge the annual financial report
• ASIC registered agents are authorised by Australian companies to lodge documents on their behalf. You may receive notifications for your clients and provide other administrative services
• protecting your ASIC online services access starts with a few simple steps. Stay secure. Keep your details current. Protect your Registry access
• ai.gov.au is the government’s front door for AI, bringing together trusted, practical guidance to help organisations understand AI, plan for its use and adopt it responsibly.

ASIC launches small business strategy and new digital resources

On 5 August 2026, ASIC announced that it has launched a refreshed Small Business Strategy, setting out how it will better support and protect small businesses through practical education, simpler interactions, stronger engagement and targeted enforcement.

As part of the refreshed strategy, ASIC has also launched a new Small Business Director Essentials hub – a new digital resource to help small business directors understand and meet their obligations.

See ASIC media release.

ASIC protects consumers by removing high-risk financial sector participants

On 10 August 2026, ASIC announced it strengthened consumer protection in 2025-26, delivering 150 administrative enforcement outcomes targeting misconduct across Australia’s financial, credit and corporate sectors.

Between 1 July 2025 and 30 June 2026, ASIC:

• removed or restricted 87 individuals and businesses from providing financial services
• removed or restricted 27 individuals and businesses from providing credit services
• disqualified 36 individuals from managing corporations.

ASIC seeks feedback on proposed extension of financial services, credit and markets legislative instruments

On 11 August 2026, ASIC released Simple consultation 62: Proposed extensions of self-repealing legislative instruments (CS 62). CS 62 contains ASIC's proposal to extend the operation of eight financial services, credit and markets legislative instruments that will expire in 2027, including ASIC Corporations (Employee Share Schemes) Instrument 2022/1021, which provides relief in relation to provisions facilitating employee share schemes (ESS) in Division 1A of Part 7.12 of the Corporations Act. The other instruments are:

• ASIC Market Integrity Rules (Futures Markets) Class Waiver 2018/313
• ASIC Corporations (Notification of Authorised Representatives) Instrument 2022/301
• ASIC Corporations (Cash Settlement Fact Sheet and Confirming Transactions) Instrument 2022/809
• ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705
• ASIC Corporations (In-use Notices for Employer-sponsored Superannuation and Superannuation Dashboards) Instrument 2022/496O
• ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497
• ASIC Corporations (Financial Services Guides) Instrument 2022/910.

ASIC Market Integrity Update Issue 178 (August 2026)

ASIC has published ASIC Market Integrity Update Issue 178 (August 2026), which includes articles about:

• ASIC's recent surveillance of nine Australian financial services licensees offering retail clients access to short-dated exchange traded options, futures and fractional share trading products, highlighting the need for licensees offering high-risk or complex products to retail clients to adhere to strict design and distribution obligations regime and to maintain effective product governance arrangements
• ASIC's call on market participants to strengthen their operational resilience and ensure they are prepared for disruption following recent advice from the Australian Signals Directorate (ASD) warning of cyber activity linked to Russian state-sponsored actors
• ASIC Chair Sarah Court's upcoming address at a Committee for Economic Development of Australia event in Sydney on 26 August 2026
• ASIC's proposals to allow companies listing on Australia’s public market to have greater flexibility to publicise upcoming IPOs
• key themes and areas of focus from ASIC’s Financial Markets and Innovation roundtable on 30 June 2026, and ASIC's publication of Report 825 Innovation in Financial Markets and Financial Market Infrastructure – A Landscape Review
• ASIC's simplification of sell-side research guidance to support capital raising activity in its proposed changes to Regulatory Guide 264 Sell-Side Research (RG 264)
• ASIC's recent moves to simplify compliance with new enhanced beneficial ownership reforms that will improve transparency about who ultimately owns, controls or has significant economic exposure to listed entities in Australia.

ASIC enforcement outcomes over the last two months.

Other bodies and regulators

RBAA2A Payments Roundtable releases vision for account-to-account payments

On 8 July 2026, the RBA announced that the Account-to-Account (A2A) Payments Roundtable released its A2A payments vision, incorporating feedback from a public consultation and ongoing engagements with a broad range of end-users and other stakeholders on Australia’s A2A payments system.

ASD and AICD: guidance for boards on frontier AI cyber threat

On 5 August 2026, the ASD and the Australian Institute of Company Directors (AICD) published Frontier AI cyber threat considerations for boards of directors, which gives practical guidance for boards on understanding frontier AI cyber threats and strengthening cyber resilience. The publication:

• details threshold questions that boards can ask to understand their organisation’s resilience to frontier AI cyber threats
• outlines key areas for board engagement with management
• sets out practical actions that boards can take to prevent, detect, respond to, and recover from AI-related cyber security incidents in an increasingly AI-driven threat environment.

Governing AI in the agentic era: AICD resource update

On 10 August 2026, to help boards cut through the volume of AI-related issues, the AICD published an updated guide which organises governance into four areas: (1) strategy, (2) structures, (3) policies and practices, and (4) enablers, covering everything from investment decisions and risk appetite through to accountability structures, vendor oversight and building genuine AI literacy at board level.

G+T articles

ASIC proposes to ease restrictions on pre-IPO advertising – Adam D’Andreti, Sarah Turner and Francis Burfitt (6 August 2026)

The Competitive Edge Podcast – Moya Dodd and Matt Rubinstein (4 August 2026)

Towards solutions, pressing issues in charity law – Darren Fittler, Elizabeth Wighton and Kaushayla Mataraaratchi (4 August 2026)

The Diggers & Dealers Mining Forum 2026 – Sarah Turner, Tim O’Leary, Claire Rowe, Trish Chapman, Simon Rear, Mark McAleer, Michael Van Der Ende, Ariane Moir, Jason Duryea, Meng-Yeow Lim (4 August 2026)

Electricity Services Entry Mechanism (ESEM) contract co-design – will financiers actually bank it? – James Guthrie (12 August 2026)

Calendar dates

• 20 August 2026 – Submissions to ASIC consultation on remaking the low-volume financial markets relief (ASIC Corporations (Low Volume Financial Markets) Instrument 2016/888) close
• 21 August 2026 – Submissions to ASIC consultation on simplifying RG 264  
• 11 September 2026 – ASIC consultation on extension of relief on pre-prospectus advertising closes 
• 2 November 2026 – Final report of Senate inquiry into greenwashing due
• 9 April 2027 – New digital asset licensing under the Corporations Amendment (Digital Assets Framework) Bill 2025 commences
• 9 April 2027 – New exemption regime for foreign financial services providers commences
• 1 July 2027 – New NTA requirements 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