On the pulse
ASIC: Corporate Finance Update: Issue 27 (February 2026) – see update.
ASIC: Enforcement and regulatory update: July to December 2025 – see report.
ASIC: Misconduct reports highlight spike in corporate governance issues – see media release.
ASIC: Financial advice update (February 2026) – see update.
ASIC secures record $350 million in civil penalties and $583 million back to Australians in second half of 2025 – see media release.
ASIC extends short selling relief for market makers in precious metal-backed exchange traded products – see media release.
ASIC: Toward a safer financial system for Australians – see keynote address.
ASIC Market Integrity Update: Issue 174 (February 2026) – see update.
ASIC releases guidance for operators of employee entitlement schemes – see media release.
ASIC commences new review of advice licensees that use lead generation services – see media release.
ASIC reporting and audit update – Issue 3 – see update.
ASIC makes minor changes to reflect the reissue of RG 34 Auditors obligations: Reporting to ASIC – links to impacted regulatory guides below.
Australian Shareholders’ Association (ASA): Transparency, governance and pricing: What ASA members should know – see article.
Treasury: Inflation steady in January – see media release.
Treasury: Strengthening the retirement phase of superannuation – see media release.
RBA: Guidance for the Australian Clearing and Settlement Facility Resolution Regime – see media release.
Governance Institute articles on upcoming changes – links to various articles below.
Consultation: Review of the amended unfair contract terms protections – see consultation.
New regulations: Payday Super Regulations – see media release.
Response to the Senate Committee Economics report: Inquiry into Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 – see government’s response.
G+T Insight – Greenwashing decision: what the ACCR v Santos case means for your climate disclosures – Ilona Millar, Jeremy Jose, Tom Webb and Josephine Le (25 February 2026).
G+T Insight – The ACCC’s 2026-27 priorities: consumer trust and confidence, supermarket trolleys and digital markets in continued focus – Tom Abraham, Amelia McKellar and Louise Klamka (23 February 2026).
G+T Insight – From policy to partnership: Project Vault and Australia’s critical minerals future – Mark McAleer (23 February 2026).
G+T Insight – Competition and Consumer Insights 2026 – Elizabeth Avery, Amelia McKellar, Emily Woolbank and Manus Chauhan (23 February 2026).
G+T Insight – Social sector spotlight – February 2026 – Darren Fittler, Elizabeth Wighton, Neha Sharma and Caroline Conan-Davies (19 February 2026).
G+T Insight – The Competitive Edge Podcast – Moya Dodd and Matt Rubinstein (19 February 2026).
G+T Insight – Federal Court orders NDIS provider to pay $1.1 million – Peter Munro and David Baddeley (18 February 2026).
ASIC
ASIC: Corporate Finance Update: Issue 27 (February 2026)
On 26 February 2026, ASIC published ASIC Corporate Finance Update: Issue 27 (February 2026), which includes articles about:
The upcoming commencement in December 2026 of the enhanced beneficial ownership reforms for listed entities in Schedule 1 of the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025 (Cth). In connection with the commencement of the new regime, ASIC has also announced it will consult publicly on draft instruments, guidance updates and a new consolidated substantial holding notice, with consultation anticipated to commence in March 2026 for a period of six weeks.
ASIC's letter to independent experts to reinforce its expectations for the preparation of independent expert reports and to address fundamental concerns about report clarity, rigour and transparency.
ASIC's grant of relief to facilitate an offer of ESS interests by a body corporate listed on AIM, a sub-market operated by the London Stock Exchange.
ASIC's observation of an increase in disclosure documents referring, in potentially misleading terms, to an entity holding ‘JORC compliant mineral resources’. ASIC reminds entities that the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves regulates public reporting, rather than regulating the manner in which a competent person estimates mineral resources or ore reserves.
ASIC: Enforcement and regulatory update: July to December 2025
On 25 February 2026, ASIC released Report 829: ASIC enforcement and regulatory update: July to December 2025, which provides an overview of ASIC’s work and key matters between 1 July and 31 December 2025. ASIC simultaneously updated its website to include a summary of its enforcement outcomes in the same period (see summary of enforcement outcomes: July to December 2025). The report confirms a continued shift towards litigation-led regulation, with ASIC increasing the volume of investigations, surveillances and court proceedings, and securing record civil penalties of nearly $350 million during the period, the highest six-monthly total in ASIC's history. Other highlights include:
$583 million to be returned to consumers and investors.
23 new civil proceedings filed (a 53% increase compared to the corresponding period in 2024).
17 new criminal convictions (individuals) (a 31% increase compared to the corresponding period in 2024).
11 new criminal litigations commenced.
518 surveillances completed (a 38% increase compared to the corresponding period in 2024).
123 investigations commenced (a 13% increase compared to the corresponding period in 2024).
$137,315 in criminal fines imposed (a 510% increase compared to the corresponding period in 2024).
ASIC: Misconduct reports highlight spike in corporate governance issues
On 25 February 2026, ASIC announced it has released its Reports of misconduct data for the period 1 July 2025 to 31 December 2025, including:
The number and nature of reports of misconduct.
The key themes of misconduct.
A breakdown of reports by subcategory.
Examples of reports of misconduct and tip-offs.
Factors that determine whether ASIC takes action.
Of note, the second highest number of reports of misconduct received by ASIC were in relation to corporations and corporate governance, including fraud allegations, corporate governance issues, registered liquidator conduct, insolvency matters, shareholder issues, reporting issues and failure to provide books and records on company activities and property to registered liquidators.
ASIC: Financial advice update (February 2026)
On 26 February 2026, ASIC published its Financial advice update (February 2026), which is a round-up of regulatory developments and issues affecting financial advice. The update covers:
review of advice licensees using lead generation services
self-managed super fund establishment advice
compliance with internal dispute resolution obligations
reportable situations
offshore outsourcing arrangements
enforcement matters
update from the financial services and credit panel
additional reference material
subscribing to ASIC’s newsroom.
ASIC secures record $350 million in civil penalties and $583 million back to Australians in second half of 2025
On 25 February 2026, ASIC announced it has secured the highest six-monthly civil penalty total in its history and hundreds of millions of dollars in payments which will flow to Australians in connection with ASIC’s work.
New figures reveal ASIC secured a record $349.8 million in court-ordered civil penalties in the second half of 2025 following successful cases against some of Australia’s largest companies and super trustees including ANZ, NAB, Cbus, RAMS and Australian Unity Funds Management.
ASIC’s work will also see a total of $583 million returned to millions of Australians through refunds from excessive bank fees after its ‘Better and Beyond’ review and in payments in connection with investigations into the Shield Master Fund and First Guardian Master Fund.
ASIC extends short selling relief for market makers in precious metal-backed exchange traded products
On 27 February 2026, ASIC announced it has extended conditional short selling relief for appointed market makers to support market liquidity in exchange-traded options listed over Global X Physical Gold Structured and specified structured products referencing precious metals.
ASIC Corporations (Amendment) Instrument 2026/24 amends ASIC Corporations (Short Selling) Instrument 2018/745 to extend the existing market maker short selling relief for similar exchange traded products where settlement failure risk is low.
ASIC: Toward a safer financial system for Australians
On 23 February 2026, ASIC published the keynote address by ASIC Commissioner Alan Kirkland at the Professional Planner Advice Policy Summit in Canberra. Key takeaways from his address include:
Addressing the conduct that led to the collapse of the Shield and First Guardian Master Funds is one of ASIC’s biggest priorities.
ASIC’s enforcement work on these matters complements its ongoing program of surveillance. Last week, ASIC commenced a review of advice licensees that use lead generation services. ASIC is also reviewing trustee practices to understand the steps they have taken to detect and disrupt high-risk super-switching.
As work on reforms to make the system safer for consumers continues, ASIC is increasing its assistance for consumers – including by revitalising and rebuilding its Moneysmart resources.
ASIC Market Integrity Update: Issue 174 (February 2026)
On 20 February 2026, ASIC released its Market Integrity Update: Issue 174 (February 2026), covering regulatory developments and news affecting markets from December 2025 to February 2026. This issue includes information about:
New ASIC Chair appointment – ASIC Chair Joe Longo has welcomed the appointment of Sarah Court as the agency’s incoming Chair.
ASIC Symposium – registration is available.
Key issues outlook for 2026 – ASIC has highlighted areas where risks are most likely to emerge and where ASIC will prioritise its work to safeguard trust, integrity and confidence in Australia’s financial system.
ASIC unveils package of ASX reforms – in December 2025, ASIC obtained commitments from ASX Group on a package of reforms.
Contracts for different sector review delivers industry change and nearly $40 million in investor refunds.
License conditions imposed on a subsidiary of Corpay Inc.
ASIC released a series of updates to improve and simplify its regulatory guidance on complying with technological and operational resilience rules for market participants and market operators.
ASIC finalised new measures to further support innovation and growth in Australia’s digital assets and payment sectors, by granting class relief for intermediaries trading or engaging in the secondary distribution of certain stablecoins and wrapped tokens.
Changes to information available through ASIC website – ASIC has removed residential addresses of company officeholders from company extracts purchased via its website, in response to privacy and safety concerns and to reduce the risk of identity theft and crime.
Enforcement outcomes over the last three months.
ASIC releases guidance for operators of employee entitlement schemes
On 19 February 2026, ASIC announced it has issued a new information sheet for operators of employee entitlement schemes outlining ASIC’s approach to regulation of these schemes under the Corporations Act 2001 (Cth) (Corporations Act), commencing 1 April 2026.
In November 2025, ASIC announced that operators of employee entitlement schemes will be subject to additional transparency and governance requirements and need to apply to ASIC for an Australian financial services (AFS) licence by 1 September 2026.
Information Sheet 295 Employee entitlement schemes explains:
Transitional relief that will be available for operators from 1 April 2026 until an AFS licence is granted by ASIC.
The process for an operator to apply for an AFS licence with the relevant authorisations by 1 September 2026.
Obligations that will apply to operators under the Corporations Act and conditions of ASIC’s ongoing relief.
ASIC commences new review of advice licensees that use lead generation services
On 18 February 2026, ASIC announced it has commenced a new review of advice licensees using lead generation services as part of its ongoing program of work to address practices that inappropriately or unnecessarily encourage consumers to switch their superannuation. ASIC is concerned that certain practices associated with some lead generation services in financial advice and superannuation may expose consumers to a risk of significant losses.
ASIC reporting and audit update – Issue 3
On 20 February 2026, ASIC published its Reporting and audit update: Issue 3, covering regulatory developments in reporting and audit, including sustainability and financial reporting matters.
This update contains the following articles:
ASIC launches educational modules to help smaller companies and report preparers with sustainability reporting requirements.
ASIC updates sustainability reporting and audit relief decisions register.
Entities to lodge sustainability reports online with ASIC using new Form 398.
ASIC issues infringement notices to 12 large proprietary companies for alleged failure to lodge financial reports.
Modified liability settings extended to protected statements in certain other reports under the Corporations Act.
ASIC Regulatory Guide 26 Resignation, removal and replacement of auditors updated to reflect changes to auditor removal and cessation process for AFS licensees.
ASIC makes minor changes to reflect the reissue of RG 34 Auditors obligations: Reporting to ASIC
On 16 February 2026, ASIC made minor consequential changes to the following regulatory guides following the reissue of Regulatory Guide 34 Auditor obligations: Reporting to ASIC (RG 34) (released September 2025).
Regulatory Guide 26 Resignation, removal and replacement of auditors
Regulatory Guide 78 Breach reporting by AFS licensees and credit licensees.
Other bodies and regulators
ASA: Transparency, governance and pricing: What ASA members should know
On 25 February 2026, the Australian Shareholders’ Association (ASA) released a new article as part of its ASA Insight Series exploring Listed Investment Vehicles (LIVs), listed investment companies and trusts, that can provide diversification, professional management and income for individual investors. Key takeaways from the article include:
LIVs, as ASX-listed vehicles, offer engaged shareholders strong transparency through regular reporting and continuous disclosure, with many providing detailed portfolio updates, commentary and educational materials to show how capital is deployed.
LIV pricing on the ASX can diverge from net asset value (NAV), trading at discounts or premiums driven by sentiment, liquidity, performance, fees and expectations about returns or corporate actions.
Buying at a discount may provide margin of safety and upside, while large premiums add downside risk. Assessing NAV, discounts and premiums should form part of due diligence on whether an LIV merits portfolio inclusion at a given time.
Treasury: Inflation steady in January
On 25 February 2026, the Treasury announced that new figures from the Australian Bureau of Statistics show inflation was steady in January but higher than the Treasury would like and for longer than it would like.
Treasury: Strengthening the retirement phase of superannuation
On 23 February 2026, the Treasury announced it has released the Retirement Reporting Framework and best practice principles for superannuation retirement income solutions to deliver on its commitment to uplift the retirement phase of superannuation.
RBA: Guidance for the Australian Clearing and Settlement Facility Resolution Regime
On 18 February 2026, the RBA announced that, following consultation with the industry, it published its Guidance on the Australian Clearing and Settlement (CS) Facility Resolution Regime (the Guidance).
The Guidance is intended to provide further information about when and how the RBA would generally expect to use its resolution powers over Australian CS facilities. It aims to assist CS facility participants and other stakeholders to understand the RBA’s general approach to resolution and the potential impacts on them if the RBA decides to use a resolution power.
Governance Institute articles on upcoming changes
On 17 February 2026, the Governance Institute of Australia (Governance Institute) published several articles, including:
Upcoming enhancements to sector-specific AML and CTF guidance – which explains potential implications as AUSTRAC and industry partners prepare for 1 July launch of updated resources and expectations.
Governance Institute pre-budget submission 2026-2027 – explains the Governance Institute’s Pre-budget submission 2026-2027 to Treasury, which outlines 16 recommendations to improve the efficiency of Australia’s regulatory regime, charting higher productivity growth and an inclusive technology adoption strategy.
The Future of Work: How agentic AI is already transforming the workplace – discusses how AI is no longer a speculative technology or a peripheral productivity booster, and how it is increasingly reshaping how organisations operate, how employees progress and how leaders think about the future of work.
ASX initiatives to boost investor adoption of electronic CHESS statements – discusses how ASX has been working with key industry stakeholders to lift the rate of investor opt-in to electronic communications to realise benefits for investors, issuers and the environment.
Legislation and proposed legislation
Consultation: Review of the Amended Unfair Contract Terms Protections
On 24 February 2026, the Treasury announced it has opened consultation on extending unfair contract terms protections to all franchisees, to help ensure these businesses are not locked into one‑sided contracts.
Submissions for feedback close 17 March 2026.
New regulations: Payday Super Regulations
On 24 February 2026, the Treasury announced it has published the regulations to support the implementation of Payday Super reforms. These reforms mean employees’ super is paid at the same time as their wages, benefitting the retirement income of millions of Australians. The Treasury Laws Amendment Payday Superannuation Regulations 2026 (Cth) mark another milestone in implementing the reforms the Treasury legislated in 2025.
Response to the Senate Committee Economics report: Inquiry into Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024
On 19 February 2026, the Treasury published the government’s response to the Senate Committee Economics (the Committee) inquiry on the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 (the Bill). The government response addresses the recommendations made in the Committee’s final report. Key takeaways include:
The government notes the recommendation that the Treasury conduct a more detailed consultation on delegated legislation that accompanies the Bill.
The government does not support the recommendation that the instant asset write-off threshold be increased to $30,000 and be made permanent, to restore the business investment incentive policy to 2019-2020 levels.
G+T articles
G+T Insight – Greenwashing decision: what the ACCR v Santos case means for your climate disclosures – discusses how the Federal Court has dismissed greenwashing claims brought by the Australasian Centre for Corporate Responsibility against Santos – Ilona Millar, Jeremy Jose, Tom Webb and Josephine Le (25 February 2026).
G+T Insight – The ACCC’s 2026-2027 priorities: consumer trust and confidence, supermarket trolleys and digital markets in continued focus – discusses the ACCC’s compliance and enforcement priorities – Tom Abraham, Amelia McKellar and Louise Klamka (23 February 2026).
G+T Insight – From policy to partnership: Project Vault and Australia’s critical minerals future – discusses the US government’s announcement of ‘Project Vault’, a supply-chain security initiative establishing the US Strategic Critical Minerals Reserve – Mark McAleer (23 February 2026).
G+T Insight – Competition and Consumer Insights 2026 – Elizabeth Avery, Amelia McKellar, Emily Woolbank and Manus Chauhan (23 February 2026).
G+T Insight – Social sector spotlight – February 2026 – Darren Fittler, Elizabeth Wighton, Neha Sharma and Caroline Conan-Davies (19 February 2026).
G+T Insight – The Competitive Edge Podcast – Once Upon a Time in China: Amelia McKellar on merger control, involution-style competition and the accidental sad horse in China – Moya Dodd and Matt Rubinstein (19 February 2026).
G+T Insight – Federal Court orders NDIS provider to pay $1.1 million – discusses the decision in Commissioner of the NDIS Quality and Safeguards Commission v Oak Tasmania – Peter Munro and David Baddeley (18 February 2026).
Calendar dates
31 March 2026 – (1) Amended Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations commence for existing reporting entities; and (2) Tranche two entities may enrol as reporting entities with AUSTRAC.
31 March 2026 – Report of ASIC inquiry into ASX.
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 Consumer Data Right 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.