On the pulse
ASIC issues new regulatory guide for exchange-traded product issuers – see media release.
ASIC proposes to remake ‘sunsetting’ legislative instrument about generic financial calculators – see media release.
ASIC review raises fresh concerns over risks to retirement savings from poor SMSF advice – see media release.
ASIC Chair Joe Longo – National Press Club Q&A – see transcript.
ASIC Commissioner Alan Kirkland – Financial capability and consumer protection – see transcript.
ASIC announces 2026 enforcement priorities – see media release.
ASIC updates on key licensing and professional registration activities – see media release.
ASIC Annual Forum 2025: Opening remarks – see remarks.
ASIC: The power and purpose of enforcement – see speech.
ASIC drives car finance providers to improve consumer outcomes – see media release.
APRA releases notes for ICA CEO roundtable on striking the right regulatory balance – October 2025 – see media release.
APRA publishes Carmen Beverley-Smith’s remarks to the ASFA Conference 2025 – see remarks.
APRA publishes letter on capital treatment of trail commission for ADIs using standardised approach to credit risk – see letter.
The new AUSTRAC Online is here – see AUSTRAC Online.
New legislation passes to ensure super is paid on time – see media release.
G+T Insight – Australian M&A: signs of a turning tide for the year ahead? – Karen Evans-Cullen (6 November 2025).
G+T Insight – A pivotal moment for climate action: what to expect at COP30 in Belém – Ilona Millar and Tom Webb (6 November 2025).
G+T Insight – Significant changes to Australia’s environmental laws – key implications for business – Ben Fuller, Sophia Cheng, Alexander Kingsbury and Nina Pearse (3 November 2025).
G+T Insight – Payments system modernisation reforms – Peter Reeves, Georgina Wilcock, Vince Battaglia, Emily Shen, Anthony Basa, Amiinah Dulull and Maya Ruber (3 November 2025).
ASIC
ASIC issues new regulatory guide for exchange-traded product issuers
On 7 November 2025 ASIC published a new regulatory guide, ASIC Regulatory Guide 282 Exchange traded products (RG 282) with consolidated information about the treatment of exchange-traded products (ETPs), including exchange-traded funds (ETFs).
RG 282 reflects up to date information about ETPs and market practices and consolidates:
Information Sheet 230 Exchange traded products: Admission guidelines, which has been withdrawn.
Report 583 Review of exchange traded products.
Report 282 Regulation of exchange traded funds.
See ASIC media release.
ASIC proposes to remake ‘sunsetting’ legislative instrument about generic financial calculators
On 3 November 2025, ASIC announced that it was inviting feedback on its proposal to remake ASIC Corporations (Generic Calculators) Instrument 2016/207, which gives relief to providers of generic financial calculators from certain licensing requirements in the Corporations Act 2001 (Cth). The legislative instrument is scheduled to sunset on 1 April 2026.
ASIC considers the instrument to be operating effectively and efficiently, proposing minor amendments.
Submissions for feedback close 1 December 2025.
See ASIC consultation.
ASIC review raises fresh concerns over risks to retirement savings from poor SMSF advice
On 6 November 2025, ASIC published Report 824 Review of SMSF establishment advice, a review of the quality of personal advice provided by financial advisers to retail clients about establishing a self-managed superannuation fund (SMSF).
ASIC’s risk-based review of 100 financial advice files relating to the establishment of SMSFs has identified concerns that 62 files failed to demonstrate compliance with the best interests duty, with over a quarter raising significant concerns about client detriment relating to recommendations to set up an SMSF. Barely a third of advice files demonstrated compliance with the longstanding obligation for advisers to act in clients’ best interests.
See ASIC media release.
ASIC Chair Joe Longo – National Press Club Q&A
ASIC has published the Q&A with ASIC Chair Joe Longo at the National Press Club on 5 November 2025. Key takeaways include:
ASIC supports innovation where the public sector and regulation is being adjusted and developed in a way that makes innovation welcome.
Mr Longo discusses the risk of Australia facing a ‘Minsky moment’ with a market collapse if ASIC does not have the data and transparency needed to head it off. ASIC has identified poorer and better practices in the private credit sector and has been reminding this sector of the laws it must comply with.
CEBO’s proposed sale will require ASIC approval, with ASIC indicating a facilitative but public‑interest approach as to whether to approve whoever CEBO decides to sell to.
ASIC Commissioner Alan Kirkland – Financial capability and consumer protection
On 7 November 2025, ASIC published the keynote address by ASIC Commissioner Alan Kirkland at the Ecstra Financial Wellbeing Summit in Sydney on 6 November 2025. Key takeaways include:
Growing the financial literacy of Australians is central to ASIC’s role in promoting confident and informed participation in the financial system.
Consumers are often vulnerable to exploitation in the financial system because for many of the decisions they make, they are equipped with less knowledge than the person or firm on the other side of the transaction.
Through its Moneysmart program, ASIC provides financial information and guidance to enable consumers to make decisions that support their financial future.
ASIC announces 2026 enforcement priorities
On 13 November 2025, ASIC released its 2026 enforcement priorities. In 2026, ASIC’s new enforcement priorities reflect emerging risks like those in private credit, as well as the challenges Australians face while contending with higher living costs. They are:
Misleading pricing practices impacting cost of living for Australians.
Poor private credit practices.
Financial reporting misconduct including failure to lodge financial reports.
Claims and complaint handling failures by insurers.
Continuing ASIC’s work to hold those responsible to account for the collapse of the Shield and First Guardian Master Funds.
Continuing enforcement priorities are:
Strengthening investigation and prosecution of insider trading conduct.
Misconduct exploiting consumers facing financial difficulty including predatory credit practices.
Unlawful practices seeking to evade small business creditors.
Holding super trustees to account for member services failures.
Auditor misconduct.
See ASIC media release.
ASIC updates on key licensing and professional registration activities
On 10 November 2025, ASIC announced the release of its latest report to update Australian financial services (AFS) and credit licensees and prospective applicants on the current licensing regime and upcoming reforms.
Report 825 Licensing and professional registration activities: 2025 update (REP 825) highlights new licensing application systems and processes that support simpler and better regulation and provides information on licensing and registration applications and activities from the 2024-2025 financial year.
REP 825 also includes current and emerging licensing issues in relation to the regulation of digital (crypto) assets and the various proposed reforms to the AFS licensing regime.
ASIC Annual Forum 2025: Opening remarks
On 12 November 2025, ASIC published the opening remarks by ASIC Chair Joe Longo at the ASIC Annual Forum in Melbourne. Key takeaways include:
Australia is a highly attractive place to invest, with a sophisticated economy and strong institutions supported by an effective regulatory and governance framework.
We are entering a very different economic era from the one we have known, and Australia is not immune to global developments and disruption.
If we want our economic prosperity to continue, we need to be ambitious and collaborative. Australia has a choice; innovate or stagnate.
ASIC: The power and purpose of enforcement
On 13 November 2025, ASIC Deputy Chair Sarah Court provided the opening speech at the ASIC Annual Forum. Key takeaways include:
ASIC’s enforcement momentum has continued to accelerate, with more investigations, more actions and stronger outcomes.
Subject to upcoming court decisions, we will likely see more civil penalties imposed in 2025 than ever before; together with the longest term of imprisonment imposed following an ASIC investigation.
Private credit practices, financial reporting misconduct, insurance complaints and claims handling, and misleading pricing are among a range of new enforcement priorities ASIC has unveiled for 2026.
ASIC drives car finance providers to improve consumer outcomes
On 11 November 2025, ASIC announced that its current review of Australia’s motor vehicle finance sector has exposed cracks in some lenders’ oversight of car finance distributors, revealing problematic sales tactics, and a lack of regular audits and checks by lenders. ASIC’s review follows a spike in complaints about motor vehicle finance to the regulator, as well as reports from consumer advocates about excessive establishment and interest costs as part of various car finance arrangements. ASIC will continue its probe to understand why such considerable cost differences exist and separately why many customers cannot keep up with repayments in the first year of their loan term. Detailed findings from ASIC’s review will be released in 2026 and will include information on how lenders have responded to ASIC’s recommendations.
ASIC key actions and proceedings
ASIC successfully defends special leave application to the High Court by Cigno Australia director Mark Swanepoel and BSF Solutions director Brenton Harrison – Mr Swanepoel and Mr Harrison sought special leave to appeal a decision that they were involved in contraventions by Cigno Australia and BSF Solutions concerning unlicensed credit activity and charging consumers prohibited fees – see ASIC media release.
HESTA pays ASIC infringement notices alleging misleading statements about carbon emissions – ASIC alleged HESTA made misleading statements in paid advertisements about its commitment to removing carbon emissions investment – see ASIC media release.
ASIC sues Interprac over alleged Shield and First Guardian licensee failures – ASIC alleges in the Federal Court that thousands of Australians were exposed to poor financial advice and significant risks from the Shield Master Fund and First Guardian Master Fund through critical oversight and compliance failures by Interprac Financial Planning Pty Ltd – see ASIC media release.
ASIC sues SQM Research alleging misleading reports related to Shield – ASIC alleges in the Federal Court that SQM Research prepared reports containing misleading representations and its processes fell short of expected standards when it published “Favourable” ratings for the Shield Master Fund – see ASIC media release.
ASIC takes action against MWL Financial Services, former director Nicholas Maikousis and Imperial Capital Group Australia over alleged Shield advice failures – ASIC will seek to allege that MWL operated a business model, involving its former director Mr Maikousis and lead generator Imperial Capital Group, that provided inappropriate financial advice to clients to invest their superannuation into the Shield Master Fund – see ASIC media release.
APRA
APRA releases notes for ICA CEO roundtable on striking the right regulatory balance - October 2025
On 13 November 2025, APRA released the notes from Chair John Lonsdale’s opening remarks at the Insurance Council of Australia (ICA) CEO roundtable on striking the right regulatory balance which was held on 30 October 2025. Mr Lonsdale welcomed views from executives from the general insurance industry and was joined by APRA colleagues and senior representatives from ASIC.
See APRA media release.
APRA publishes Carmen Beverley-Smith’s remarks to the ASFA Conference 2025
On 12 November 2025, APRA published the remarks by APRA Executive Director Carmen Beverley-Smith to the ASFA Conference 2025. In her speech “Building trust”, Ms Beverley-Smith discusses the importance of trust and confidence in the superannuation system. Her remarks include:
“After a year marked by cyberattacks, multiple operational incidents and the high-profile collapse of two managed investment schemes offered through trustee-provided platforms, public trust and confidence in superannuation is certainly being put to the test.”
“Given the non-discretionary nature of superannuation contributions, Australians have an expectation that those who manage their superannuation savings are doing so well. Whether stated or implied, they rightly expect that funds have capable people, effective processes, sound data management processes and modern systems commensurate with their funds’ requirements.”
APRA publishes letter on capital treatment of trail commission for ADIs using standardised approach to credit risk
On 13 November 2025, APRA released a letter on capital treatment of trail commissions for authorised deposit-taking institutions (ADIs) using the Prudential Standard APS 112 Capital Adequacy: Standardised Approach to Credit Risk. APRA noted that the aim is to ensure consistency in the capital treatment of trail commissions across ADIs, regardless of the accounting approach adopted.
See APRA letter.
AUSTRAC
The new AUSTRAC Online is here
On 17 November 2025, AUSTRAC launched a modernised AUSTRAC Online reporting platform for the businesses it regulates. The updated platform provides improved security with more flexible options, a more responsive, user-friendly interface that offers a seamless experience across all devices and enhanced self-service options and clearer guidance to assist with new features.
Legislation and proposed legislation
New legislation passes to ensure super is paid on time
On 4 November 2025, the Treasury Laws Amendment (Payday Superannuation) Bill 2025 passed both Houses. The new law will:
Require employers to ensure super contributions are received by the employee’s fund within seven business days of payday, or they will be liable for the superannuation guarantee charge.
Help the ATO enforce the law and more quickly identify employers not making contributions.
Redesign the superannuation guarantee charge to be fit for purpose and make Payday Super work.
See Treasury media release.
G+T articles
G+T Insight – Australian M&A: signs of a turning tide for the year ahead? – provides an overview of how conditions are aligning for a strong cycle through late 2025-2026 – Karen Evans-Cullen (6 November 2025).
G+T Insight – A pivotal moment for climate action: what to expect at COP30 in Belém – provides an overview of this year’s anticipated UN Climate Change Conference – Ilona Millar and Tom Webb (6 November 2025).
G+T Insight – Significant changes to Australia’s environmental laws – key implications for business – provides an overview of the tables reforms – Ben Fuller, Sophia Cheng, Alexander Kingsbury and Nina Pearse (3 November 2025).
G+T Insight – Payments system modernisation reforms – provides an overview of the government’s new draft regulations – Peter Reeves, Georgina Wilcock, Vince Battaglia, Emily Shen, Anthony Basa, Amiinah Dulull and Maya Ruber (3 November 2025)..
Calendar dates
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 – 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.
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.