On the pulse
ASIC proposes updates to guidance for industry codes of conduct – see media release.
ASIC probes debt management and credit repair services – see media release.
ASIC: AI: A blueprint for better banking? – see speech.
ASIC’s appeal against Finder Wallet dismissed – see full judgment and media release.
APRA Chair John Lonsdale - Speech to Australian Banking Association (ABA) Conference 2025 – see speech.
APRA announces update on macroprudential settings – see media release.
Treasury: Consultation open for sustainable investment product labels – see consultation.
AUSTRAC InBrief – July 2025 – see newsletter.
AUSTRAC’s regulatory expectations and priorities for 2025-2026 – see media release.
Crypto ATM providers to meet minimum standards – see media release.
Consultation open for sustainable investment product labels – see consultation and media release.
G+T Insight – EU’s general-purpose AI code.
G+T Insight – Major overhaul of Australian merger laws: what charities and not-for-profits need to know.
G+T Insight – Social sector spotlight – July 2025.
G+T Insight – Global trends in climate change litigation: key themes from 2025 snapshot report.
G+T Insight – APRA’s governance reform proposals: what regulated entities need to know.
G+T Insight – Is Agentic AI good at the art of the deal?
ASIC
ASIC proposes updates to guidance for industry codes of conduct
ASIC is seeking industry feedback on proposed updates to Regulatory Guide 183 Approval of financial services sector codes of conduct (RG 183).
The proposed updates intend to ensure the currency and clarity of guidance on ASIC’s regulatory approach to approving industry codes of conduct by:
Reflecting legislative reform since the guidance was last updated, including changes to the industry codes of conduct regime under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (Cth).
Clarifying ASIC’s role in relation to industry codes, as well as the criteria and process for our approval of a code.
Simplifying the existing guidance where possible.
The consultation will close on 1 September 2025. See ASIC consultation and media release.
ASIC probes debt management and credit repair services
ASIC will launch a review of the debt management and credit repair sector as part of its continued focus on protecting consumers, particularly those experiencing financial hardship. The review will examine how the sector, which includes around 100 licensees, complies with the law, seeking to understand the varying debt management and credit repair business models in operation.
ASIC will review instances where debt management firms may have failed consumers by not meeting the terms of their debt management agreement, charging high fees for minimal or no service, or failing to communicate adequately with clients.
ASIC intends to publish insights from the review in a public report in 2026. The project aligns with ASIC’s key enforcement priorities and aims to strengthen practices across the sector, while addressing the potential for consumer harm.
See ASIC media release.
ASIC: AI: A blueprint for better banking?
On 23 July 2025, ASIC Chair Joe Longo delivered a keynote address at the ABA Banking Conference.
Key takeaways:
ASIC supports customer-centric AI innovation, but not at the expense of consumer outcomes. There is a duty to harness technological advancement for community and customer benefit.
ASIC is not currently rushing to introduce AI regulation but acknowledges more regulation may be needed in future. ASIC notes regulators will need to be bolder and more imaginative with use of our existing powers.
See ASIC Commissioner speech.
ASIC’s appeal against Finder Wallet dismissed
The court found that Finder Wallet’s crypto-asset related product was not a debenture.
This appeal concerned whether a crypto-asset related product (Finder Earn) marketed by Finder Wallet (now Wallet Ventures Pty Ltd) in 2022 met the definition of a “debenture” under section 9 of the Corporations Act 2001 (Cth) (Corporations Act), requiring Finder Wallet to hold an Australian financial services licence.
The court found:
The Finder Earn product did not involve “an undertaking” by the respondent to repay money deposited or lent to it within the meaning of debenture.
TrueAUD, which is the type of cryptocurrency used, remains a species of property but it is not money in the sense used in the definition of debenture.
Section 761B did not apply as the range of customer options available prevented it being seen as a single scheme.
The ruling upheld the original decision of the Federal Court, which found that the Finder Earn product was not a debenture and therefore Finder Wallet had not breached the Corporations Act, as alleged by ASIC.
See full judgment and also ASIC media release.
APRA
APRA Chair John Lonsdale - Speech to ABA Conference 2025
Key takeaways:
Australians face growing risks to financial security, including weak productivity growth, a lack of economic dynamism and innovation, declining GDP per capita and steep cost-of-living pressures. These are compounded by high household debt and increasingly unaffordable housing.
APRA has identified several areas requiring regulatory adjustment to enable more scope for sensible risk-taking. Heightened vigilance is particularly critical in managing cyber risk, operational risk and geopolitical risk.
APRA remains mindful of the impact of regulation on competition and efficiency and is cautious about introducing requirements that may be desirable but are not essential to financial stability.
Cyber risk remains a key concern, especially weaknesses in authentication controls – an issue brought to light by the credential stuffing attacks on several superannuation funds in April. This prompted APRA to intensify its focus on how trustees manage cyber security. However, banks must not become complacent or assume they are immune to similar vulnerabilities.
See APRA Chair speech.
APRA announces update on macroprudential settings
APRA will keep its macroprudential policy settings steady following its latest review of domestic and international financial conditions and risks.
APRA’s macroprudential policy tools are aimed at mitigating financial stability risks at a system-wide level to promote a safe and stable financial system that enables households and businesses to confidently borrow, save and invest for the future.
See APRA’s media release.
AUSTRAC
AUSTRAC InBrief – July 2025
CEO update: Reform progress, intelligence milestones and what’s ahead – see AUSTRAC media release.
Next steps for anti-money laundering and counter-terrorism financing (AML/CTF) reforms – see AUSTRAC media release.
Helping new businesses prepare for AML/CTF reforms – learn about the new upcoming webinars, see AUSTRAC media release.
Updated guidance to assist customers who don’t have standard forms of identification – see AUSTRAC media release.
Missed the AUSTRAC Reporting Entity Forum? Catch up with our webinar recordings – see AUSTRAC media release.
See AUSTRAC InBrief newsletter.
AUSTRAC’s regulatory expectations and priorities for 2025-2026
AUSTRAC’s focus is on preparing current reporting entities and tranche 2 entities for AML/CTF reforms and managing significant money laundering and terrorism financing risks.
See AUSTRAC media release.
Crypto ATM providers to meet minimum standards
AUSTRAC is placing conditions on cryptocurrency ATM providers to help reduce their exposure to money laundering, terrorism financing and other serious financial crimes.
See AUSTRAC media release.
Legislation and proposed legislation
Consultation open for sustainable investment product labels
The government seeks views on possible policy options to underpin a Sustainable Financial Product Labelling framework to give investors more confidence to put more capital to work in sustainable products.
These labels will help investors and consumers identify, compare and make informed decisions about sustainable investment products to understand what ‘sustainable’, ‘green’ or similar words mean when they are applied to financial products.
The Treasury invites feedback on:
policy options for a possible sustainable financial product labelling framework
questions in the consultation paper.
Submissions close 29 August 2025. See Treasury consultation and media release.
G+T articles
G+T Insight – EU’s general-purpose AI code – provides an overview of the European final version of a code of practice for general-purpose artificial intelligence models – Peter Waters (21 July 2025).
G+T Insight – Major overhaul of Australian merger laws: what charities and not-for-profits need to know – Elizabeth Avery, Darren Fittler, Haidee Leung and Elizabeth Lathlean (17 July 2025).
G+T Insight – Social sector spotlight – July 2025 – Darren Fittler, Elizabeth Lathlean, Darrell Bagang and Neha Sharma (17 July 2025).
G+T Insight – Global trends in climate change litigation: key themes from 2025 snapshot report – Ilona Millar, Sharona Coutts, Tom Webb, Shanae Streeter, Lily Morton and Sophia Cheng (17 July 2025).
G+T Insight – APRA’s governance reform proposals: what regulated entities need to know – Silvana Wood and Chris Whittaker (14 July 2025).
G+T Insight – Is Agentic AI good at the art of the deal? – Peter Waters (14 July 2025).