On the pulse
ASIC Corporate Plan 2025-26 – see media release.
Proposed amendments to ASIC market integrity rules: trading systems and automated trading – see consultation.
ASIC consults on proposed remake of hardship withdrawals relief – see media release.
ASIC slashes red tape and calls for further regulatory simplification proposals – see media release.
ASIC: updated Regulatory Guide 78: Breach reporting by AFS licensees and credit licensees – see RG 78.
ASIC publishes regulatory reform correspondence – see media release.
APRA releases notes on Superannuation CEO Roundtables - July 2025 – see Roundtable.
APRA consults on minor updates to the prudential and reporting framework for ADIs, insurers and RSE licensees – see updates.
APRA Executive Director of Cross-industry Risk Chris Gower – speech to RMA CRO Conference 2025 – see media release.
APRA releases letters sent to Treasurer Jim Chalmers and Finance Minister Katy Gallagher – see July letter and August letter.
Reforms to modernise Australia’s payments system pass the Senate – see media release.
G+T Insights – From private to public: Rethinking IPO strategy in 2025 – Adam D’Andreti, Rachel Bassil and Peter Cook (27 August 2025).
G+T Insights – Continuation funds - a win-win-win? – Sam Jaffray and Nathan Cahill (26 August 2025).
G+T Insights – $90 million penalty against Qantas for breach of the Fair Work Act –Tom Brett and Dianne Banks (25 August 2025).
G+T Insight – Treasury consults on Notification Waivers for the merger reform – Elizabeth Avery, Jeremy Jose, Chris Goutama and Josephine Lee (4 September 2025).
G+T Insight – ASIC’s 2025–26 Corporate Plan: What financial services firms need to know – Peter Reeves, Silvana Wood and Rachel Walker (3 September 2025).
ASIC
ASIC Corporate Plan 2025–26
ASIC released its Corporate Plan 2025–26, outlining ASIC's priorities over the coming year and focuses on ASIC's investigation and enforcement activity in line with its commitment to being a modern, confident and ambitious regulator.
For more information, see ASIC Media Release 25-177MR: ASIC plan underscores response to financial ecosystem threats.
Proposed amendments to ASIC market integrity rules: trading systems and automated trading
ASIC released a consultation paper setting out ASIC's proposals to amend the trading systems obligations in the ASIC Market Integrity Rules (Securities Markets) 2017 and the ASIC Market Integrity Rules (Futures Markets) 2017.
The proposed amendments aim to:
Modernise the trading systems obligations to reflect current trading practices, technology and risks.
Drive greater consistency between the trading systems rules for securities and futures markets.
Clarify and reduce complexity in certain rules.
Comments close on 22 October 2025.
For more information, see ASIC Consultation Paper – 386: Proposed amendments to the ASIC market integrity rules: Trading systems and automated trading.
ASIC consults on proposed remake of hardship withdrawals relief
ASIC announced that it has extended the relief in ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778 (Relief Instrument), previously due to cease on 28 August 2025, for a further 18 months. The Relief Instrument was made to facilitate withdrawals from schemes where a responsible entity has suspended withdrawals and ceased to allow the issue of new interests in the scheme for members facing financial hardship during the COVID-19 pandemic.
The extension will allow ASIC to consider and consult on whether the Relief Instrument should lapse or whether to remake the Relief Instrument with amendments.
A previous targeted consultation on whether to allow the Relief Instrument to lapse received a variety of responses. Although some stakeholders supported allowing the Relief Instrument to lapse, others considered that the Relief Instrument should continue to be available to responsible entities with amendments.
Submissions are due by 5pm AEST on 31 October 2025. For more information, see CS 28 Proposed remake of hardship withdrawals relief.
ASIC slashes red tape and calls for further regulatory simplification proposals
ASIC released Report 813 Regulatory simplification (REP 813) detailing its progress in reducing regulatory complexity while maintaining robust consumer protections. The report highlights the elimination of more than 9,240 pages of regulation since early 2025 and outlines initiatives for further simplification. The regulator's key initiatives focus on three main areas:
Improving access to regulatory information, including through industry ‘roadmap’ pilots and a redesigned website.
Reducing complexity in regulatory instruments, with pilots to simplify and consolidate 23 legislative instruments.
Making it easier to interact with ASIC by streamlining digital processes.
The website redesign alone has resulted in the removal of more than 9,000 pages of content.
Submissions close 15 October 2025.
See ASIC media release.
ASIC: updated Regulatory Guide 78: Breach reporting by AFS licensees and credit licensees
ASIC released an updated version of Regulatory Guide 78: Breach reporting by AFS licensees and credit licensees (RG 78).
The updates to RG 78 are minor and reflect the relief contained in ASIC Corporations and Credit (Breach Reporting - Reportable Situations) Instrument 2024/620 as amended by ASIC Corporations and Credit (Amendment) Instrument 2025/289. These updates took effect on 24 June 2025 and provide additional relief from reporting certain breaches of the misleading and deceptive conduct provisions in the Corporations Act 2001 (Cth) and Australian Securities and Investments Commission Act 2001 (Cth) and certain contraventions of civil penalty provisions.
See ASIC RG 78.
ASIC publishes regulatory reform correspondence
ASIC published its correspondence with the Treasurer related to regulatory reform opportunities.
The letters identify a list of initial actions ASIC will take to streamline the regulatory frameworks and functions it administers, support business investment and reduce business costs.
They also outline five additional measures to reduce compliance burdens on industry, enhance productivity and ensure ASIC’s regulatory settings support long-term growth, providing a summary of the anticipated productivity-bolstering impacts of these five new actions.
See ASIC media release.
APRA
APRA releases notes on Superannuation CEO Roundtables - July 2025
APRA and ASIC have released the public notes on the Superannuation CEO roundtables held on Wednesday 23 July and Wednesday 30 July 2025.
The roundtables were hosted by APRA and ASIC and were attended by 16 superannuation trustee chief executive officers representing a broad cross-section of the industry.
The notes can be found on the APRA website at: APRA and ASIC host Superannuation CEO Roundtables – July 2025.
APRA consults on minor updates to the prudential and reporting framework for ADIs, insurers and RSE licensees
APRA has released for consultation a number of minor updates to the prudential and reporting framework for authorised deposit-taking institutions (ADIs), general, life and private health insurers and registrable superannuation entity (RSE) licensees.
This consultation is part of the minor framework update process, intended to ensure technical and clarifying changes to the prudential framework can be made in a timely manner. The proposed amendments are primarily technical clarifications and do not present any material change in policy settings.
Submissions are requested to be provided no later than 22 September 2025.
The letter to ADIs, insurers and RSE licensees, draft standards and draft guidance are available on the APRA website at: Minor updates to the prudential framework.
APRA Executive Director of Cross-industry Risk Chris Gower – speech to RMA CRO Conference 2025
Key takeaways:
Internationally, there continues to be significant geopolitical uncertainty and Australia’s open economy and the deep global interconnections in its financial system mean overseas shocks can transmit to Australia via a range of channels.
In relation to AI, APRA will step up its monitoring of the emerging risks by reviewing practices across some larger institutions, including the appropriateness of risk management and oversight. APRA currently has no new regulations planned.
In July, APRA was one of many regulators that received a letter from the Federal Treasurer asking it to identify specific, measurable actions to reduce regulatory compliance costs without compromising standards. APRA’s response outlined a wide range of measures it believes will reduce burden for the financial sector and help to free up capital for other productive purposes.
See APRA media release.
APRA releases letters sent to Treasurer Jim Chalmers and Finance Minister Katy Gallagher
The letters outline actions APRA is taking to support productivity while maintaining the safety and stability of the financial system in a balanced and efficient way.
Further detail on the actions APRA is progressing are set out in APRA’s Corporate Plan. Importantly, these actions aim to improve regulatory efficiency and transparency, without compromising system financial safety and stability objectives.
See APRA July letter and August letter.
Legislation and proposed legislation
Reforms to modernise Australia’s payments system pass the Senate
On 4 September 2025, the Treasury Laws Amendment (Payments System Modernisation) Bill 2025 passed and is awaiting Royal assent.
This Bill expands regulatory perimeter of the Payment Systems (Regulation) Act 1998 (Cth) to include new and emerging payment systems and participants within the payments regulatory framework. It also introduces new ministerial powers to designate payment systems in the national interest, enables enforceable undertakings, introduces civil penalty provisions and increases maximum penalties for certain criminal offences.
See Treasury media release.
G+T articles
G+T Insights - $90 million penalty against Qantas for breach of the Fair Work Act – the Federal Court imposed a record $90 million penalty on Qantas for unlawfully outsourcing ground-handling jobs to prevent industrial action, marking the largest Fair Work Act breach to date and signalling stronger deterrence and increased union litigation ahead – Tom Brett and Dianne Banks (25 August 2025).
G+T Insights - Continuation funds - a win-win-win? – continuation funds are rapidly growing in popularity as a tool that balances the interests of sponsors and investors by providing liquidity, extending value creation and opening new strategic opportunities, with the Australian market expected to see mainstream adoption despite the complexity and regulatory scrutiny these transactions entail – Sam Jaffray and Nathan Cahill (26 August 2025).
G+T Insights - From private to public: Rethinking IPO strategy in 2025 – draws on insights from a recent G+T panel discussion with our experts on this topic and outlines the key strategic considerations and market trends reshaping the IPO landscape – Adam D’Andreti, Rachel Bassil and Peter Cook (27 August 2025)
G+T Insight - ASIC’s 2025–26 Corporate Plan: What financial services firms need to know – provides an overview of the key takeaways – Peter Reeves, Silvana Wood and Rachel Walker (3 September 2025).
G+T Insight - Treasury consults on Notification Waivers for the merger reform – provides an overview of the Exposure Draft on the Notification Waiver mechanism – Elizabeth Avery, Jeremy Jose, Chris Goutama and Josephine Lee (4 September 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.