On the pulse
ASIC gives further relief for licensees under the reportable situations regime – see media release.
ASIC: FAQs for AFS licence applications – see FAQs.
ASIC warns industry and consumers of share sale fraud – see media release.
ASIC: Regulatory priorities in financial advice – see speech.
ASIC reissues AFS licence application regulatory guidance – see regulatory guide.
ASIC: Improving protection for people who use credit – see speech.
ASIC Chair Joe Longo spoke to Business News Senior Editor Mark Pownall at the Business News Success and Leadership event – see media release.
APRA releases CPS 230 notification forms – see media release.
APRA consults on proposals for instruments relating to section 66 of the Banking Act – see media release.
APRA publishes Executive Director Chris Gower’s speech on operational resilience – see speech.
ASIC
ASIC gives further relief for licensees under the reportable situations regime
In response to feedback from the industry, ASIC has provided Australian financial services (AFS) and credit licensees additional targeted relief under the reportable situations regime.
The new relief:
Exempts industry from reporting certain breaches of the misleading and deceptive conduct provisions and certain contraventions of civil penalties.
Extends the length of investigations that are reportable to ASIC from 30 to 60 days.
Clarifies that a report is taken to be lodged with ASIC if a licensee has submitted a breach report to APRA that contains all the information APRA has requested.
The relief reduces some of the reporting burden on industry while upholding the objectives of the regime. More substantial changes to the legislative framework are a matter for government.
See ASIC media release and also ASIC Corporations and Credit (Amendment) Instrument 2025/289.
ASIC: FAQs for AFS licence applications
ASIC has published Information Sheet 294 FAQs: AFS licence applications, which provides answers to frequently asked questions about the process of applying for an AFS licence. From 16 June 2025, applications for an AFS licence or a variation to an existing AFS licence must be made online through the ASIC Regulatory Portal.
ASIC warns industry and consumers of share sale fraud
ASIC has updated guidance for AFS licensees about how they can reduce share sale fraud risks to their clients and business following a spike in reports of stolen shares due to identity theft and an industry review.
The updated Information Sheet 237: Protecting against share sale fraud includes observations on share sale fraud methods by bad actors and better practices for licensee prevention and detection.
See ASIC media release.
ASIC speech: Regulatory priorities in financial advice
One 23 June 2025, ASIC Commissioner Alan Kirkland delivered a keynote address at the Professional Planner Licensee Summit in the Blue Mountains.
Key takeaways:
One of the greatest risks to investors that ASIC is seeing is high-pressure sales practices that lure Australians into investments that are not in their financial interests. Licensees have a role in preventing misconduct and, where concerning conduct is detected, they must report it to ASIC.
Licensees must ensure relevant providers are properly qualified to provide financial advice from the start of 2026.
ASIC is reviewing how well investment managers and financial advisers are managing the potential risks of offshore outsourcing, reminding licensees that their regulatory obligations remain regardless of whether functions are conducted locally or overseas.
See ASIC Commissioner’s speech.
ASIC reissues AFS licence application regulatory guidance to reflect new portal
On 16 June 2025, ASIC issued new guidance and updated existing guidance as a result of its new digital AFS licence application portal, which went live on 5 May 2025.
ASIC reissued its Regulatory Guide 1: Applying for and varying an AFS licence (RG 1), which provides an overview of ASIC's approach to assessing AFS licence applications and explains the information and documentation ASIC requires applicants to provide as part of the application process.
The reissued RG 1 replaces ASIC Regulatory Guide 2: AFS Licensing Kit: Part 2 and ASIC Regulatory Guide 3: AFS Licensing Kit: Part 3 - Preparing your additional proofs, which were withdrawn on 16 June 2025.
See ASIC regulatory tracker for details of all the updates.
ASIC: Improving protection for people who use credit
On 17 June 2025, ASIC Commissioner Alan Kirkland provided a keynote address at the Australian Finance Industry Association (AFIA) Risk Summit in Surfers Paradise.
Key takeaways:
ASIC recognises the important role of credit within the financial system.
Consumer credit protections have been in place for many years and yet they are not universally enjoyed by people who seek or use credit.
ASIC regards consumer credit protection as a priority and will continue to use all the tools in its regulatory toolkit to address poor practices and serious misconduct.
See ASIC Commissioner’s speech.
ASIC Chair Joe Longo spoke to Business News Senior Editor Mark Pownall at the Business News Success and Leadership event
Key takeaways:
ASIC Chair Joe Longo emphasised the increasing importance of technology, data and cyber security in regulatory oversight, warning that failure to adapt could render the regulator irrelevant within a decade.
ASIC is focusing on the growth and opacity of private markets, particularly private credit and is undertaking surveillance and research to address concerns around transparency, governance and potential risks to financial stability.
ASIC is prioritising efforts to reduce regulatory complexity and streamline interactions with ASIC, including modernising registries and advocating for law reform to improve productivity.
ASIC is actively addressing technological challenges such as scams, leveraging new tools to shut down fraudulent websites and working with other regulators to introduce friction into payment systems to protect consumers.
There is ongoing engagement with government, industry and the public to ensure regulatory priorities are aligned with emerging risks, with a particular focus on operational resilience in critical market infrastructure such as the ASX.
See ASIC media release.
APRA
APRA releases CPS 230 notification forms
To meet the notification requirements of Prudential Standard CPS 230 Operational Risk Management (CPS 230), APRA has developed and released electronic forms that should be completed by entities when notifying APRA of the following:
Operational Risk Incident (paragraph 33)
Breach of Critical Operation Tolerance (paragraph 42)
New or change to a material arrangement and/or offshoring (paragraphs 59(a) and (b)).
Electronic forms are also available on the APRA website at: Operational risk management.
See APRA media release.
APRA consults on proposals for instruments relating to section 66 of the Banking Act
APRA is consulting on minor proposals for instruments relating to section 66 of the Banking Act 1959 (Cth) (Banking Act).
Under section 66 of the Banking Act, certain words and expressions are restricted in use within the context of a financial business, such as the use of the word ‘bank’ and similar wording, unless APRA has provided written consent for a person or group of people to use those words and expressions.
APRA’s proposals pertain to section 66 exemption and determination instruments that are due to sunset later this year or require updating to reflect current practice.
See APRA media release.
APRA publishes Executive Director Chris Gower’s speech on operational resilience
APRA has published a speech delivered by Executive Director of Cross-industry Risk Chris Gower to the AFIA Risk Summit on the Gold Coast.
In Preparing for the long haul: operational resilience in a shifting geopolitical environment, Mr Gower described how a “perfect storm” of converging risks was creating significant operational resilience challenges that businesses need to be ready to manage.
His comments included:
“For financial sector entities, operational risks if poorly managed can quickly escalate to a loss of confidence and trust and could ultimately threaten the financial viability of the entity. Well-prepared entities will be those that have invested ahead of time in their resilience and have the capability to respond to events in a manner that retains the trust of key stakeholders.”
“APRA and industry have invested considerable time engaging on the new prudential standard CPS 230 Operational Risk Management, which will go-live less than two weeks from now on the first of July. CPS 230 works to ensure that banks, insurers and superannuation funds have a comprehensive understanding of their supply chain vulnerabilities and develop contingency plans to mitigate potential disruptions.”
“Entities should be deliberate in the steps taken to understand how shifts in the geopolitical environment may impact their risk profile. Under CPS 230, entities are expected to conduct scenario planning for a range of events, including geopolitical shocks, cyber incidents and natural disasters.”
See Chris’s speech.
G+T articles
G+T Insight - Why an SPV funding structure for community housing projects requires special attention – Adela Smith, Darren Fittler and James Frixou (25 June 2025).
G+T Insight - Acquisition Finance: Australia (2025) - Chambers Global Practice Guide – John Schembri and Erin Cartledge (24 June 2025).
G+T Insight - Are we getting ahead of what AI can do? – Andrew Low, Peter Waters and Jen Bradley (23 June 2025).
G+T Insight - A bridge too far: the Federal Court’s decision on general disclosure of a data room – Sam Jaffray and Daniel MacPherson (19 June 2025).
G+T Insight - Multi-agent risks: ready… not! – Andrew Low, Peter Waters and Jen Bradley (16 June 2025).
Calendar dates
5 August 2025 – Final report due in the Senate inquiry into greenwashing.
31 March 2026 – Amended AML/CTF obligations commence for existing reporting entities.
31 March 2026 – Tranche 2 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.
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.