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Regulatory Recap | Week commencing 6 July 2026

Date published 9 May 2026
Read time TBC
In this edition of our Financial Services Regulation Newsletter, we focus on key legal developments over the last fortnight.

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Financial Services Regulation

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ASIC

ASIC extends no-action position for digital asset businesses to 30 September 2026

On 25 June 2026, the Australian Securities and Investments Commission (ASIC) announced that digital asset firms providing financial services have an additional three months to apply for or vary an Australian financial services (AFS) licence, following ASIC’s extension of its sector‑wide no‑action position to 30 September 2026. ASIC is also expanding the scope of its no-action position to include digital asset businesses operating under, or entering into authorised representative or intermediary authorisation arrangements with an AFS licence holder.

ASIC announces that email lodgement is now enabled for almost all paper forms

On 23June 2026, ASIC announced email lodgement is now enabled for 97% of paper-based forms following the latest release. The latest release in June enabled a further 42 forms, including sub-forms. Key forms included span a range of common interactions, including:

  • company reinstatements
  • correction types not available online
  • appoint a contact address
  • foreign company accounts
  • court orders
  • notice of resolution types not available online.

ASIC states that postal lodgement remains available where preferred. See the complete list of forms that can be lodged by email.

ASIC seeks feedback on remaking exchange-traded derivative and securities-related instruments

On 22 June 2026, ASIC announced that it is seeking feedback on a proposal to remake four legislative instruments, which provide relief related to exchange-traded derivatives and securities and are due to sunset. ASIC has determined that the following legislative instruments are operating effectively:

Submissions for feedback close 20 July 2026.

ASIC calls for platform trustees to account over persistent failures to safeguard super savings

On 29 June 2026, ASIC announced that it released a report that details findings from a review of six platform trustees entrusted with over $300 billion in retirement savings. ASIC is warning superannuation trustees to address stark and persistent failures to protect retirement savings, including gaps in the monitoring of harmful advice fee deductions, unusual fees and investment patterns and high-risk superannuation switching activity.

ASIC aims to strengthen the competitiveness of Australian markets

On 30 June 2026, ASIC announced that:

  • it was holding the ASIC Financial Markets Innovation Roundtable in Sydney that day
  • it had released the Innovation in Financial Markets and Financial Market Infrastructure report (REP 835), prepared by the Digital Finance Cooperative Research Centre for ASIC, which showed financial markets are increasingly becoming more automated, compressing settlement cycles and enabling extended hours in traditional markets, supported by technology developments.

ASIC described the roundtable as the next step in ASIC’s work on promoting dynamism in Australia’s public and private markets. ASIC was leading the first in a series of discussions bringing together senior leaders and principals across the public and private sector. Their focus was on considering practical ways to strengthen and modernise Australia’s capital markets, matching innovation opportunities with growth opportunities and capital need.

ASIC indicated it would release a summary of the themes and practical actions from the roundtable. Discussions at the roundtable were focused on what ASIC can and should do about the priority opportunities that innovation for safe growth offers.

ASIC Financial Markets Innovation Roundtable opening remarks

On 30 June 2026, ASIC published the opening remarks by ASIC Chair Sarah Court at the ASIC Financial Markets Innovation Roundtable. Key points include:

  • Innovation in Australia’s financial markets is reshaping how assets are issued, how markets are structured and how transactions are settled.
  • Increasingly, innovation is moving quickly, often outside existing regulatory boundaries and is already appearing in new technologies such as issuer-less crypto assets, integrated “everything exchanges” and decentralised markets run by software.
  • ASIC is seeking to understand how it can best and most responsibly support financial market innovation without standing in the way of new products and businesses that come to the market.

ASIC Market Integrity Update Issue 177 (June 2026)

On 30 June 2026, ASIC published ASIC Market Integrity Update Issue 177 (June 2026), which includes the following updates:

  • ASIC is calling on all private credit industry participants to ensure their 30 June asset valuations are current, accurate and grounded in realistic assumptions.
  • ASIC is calling on all licensees and market participants to urgently strengthen their cyber resilience measures, as frontier AI intensifies the global cyber risk environment.
  • ASIC has extended its no‑action position for digital asset businesses by three months, to 30 September 2026.
  • As the end of financial year (EOFY) approaches, market participants should remain alert to unusual trading activity that may affect the price of shares or other assets and EOFY performance figures.
  • ASIC is seeking feedback on Consultation Paper 389 Proposed regulatory guide on pre‑hedging (CP 389), which outlines ASIC’s expectations for market participants engaging in pre-hedging and how existing legal obligations apply, with submissions open until 27 July 2026.
  • ASIC is now publishing AFS licensee website addresses on the Professional Registers Search to help consumers and businesses identify legitimate providers and avoid scams.
  • ASIC is warning market participants against misuse of pre-negotiated trading, having recently observed activity that does not align with requirements.
  • ASIC moves to bring Euroclear Bank SA/NV under Australian licensing regime, strengthening market resilience.
  • International Organization of Securities Commissions has recently published a consultation report on market liquidity during the trading day and a report on extended trading hours.
  • ASIC's recent enforcement outcomes.

ASIC Corporate Finance Update Issue 29 (June 2026)

ASIC has published ASIC Corporate Finance Update Issue 29 (June 2026), which includes the following updates:

  • ASIC is calling on all licensees and market participants to urgently strengthen their cyber resilience measures, as frontier AI intensifies the global cyber risk environment.
  • As the EOFY approaches, ASIC reminds listed entities of their obligations to ensure disclosures are accurate, balanced and not misleading, particularly as market conditions continue to evolve.
  • ASIC reminds expert licensees that selecting an appropriate valuation methodology is critical. Independent expert reports should clearly explain why the chosen methodology is appropriate in the circumstances and justify the key assumptions applied.
  • ASIC has published its surveillance focus areas for financial reporting, audit and sustainability reporting for the 2026–2027 financial year.

ASIC launches refreshed companies search service

On 2 July 2026, ASIC announced that customers will now have access to an improved companies and organisations register search service, featuring:

  • A refreshed search results page with smart filters for organisation type, status and location, making it easier to find the right entity.
  • A clearer company profile view showing key information such as registration status, ACN/ABN, review dates and historical names.
  • A new suite of application programming interfaces that offer more secure connections into ASIC's company search data for the benefit of wholesale users, such as information brokers.

APRA

APRA member Therese McCarthy Hockey's remarks to the 2026 AFIA Risk Summit

On 24 June 2026, the Australian Prudential Regulation Authority (APRA) published a speech delivered by Member Therese McCarthy Hockey to the Australian Finance Industry Association (AFIA) Risk Summit. Key takeaways include:

  • AI offers the fastest means of identifying and patching vulnerabilities before they can be exploited by bad actors, whether through frontier models or the advanced models already in circulation. By using AI to build defences that contain and limit the spread of attacks, organisations can apply the same technology that creates the risk to counter it.
  • Frontier AI is not only a cyber risk issue. It also presents third-party risk, concentration risk and sovereign access risk.
  • APRA expects organisations granted early access to frontier AI models to share information and insights with peers and suppliers.
  • Advances in computing technology, including AI, suggest that cryptographically relevant quantum computing could arrive much sooner, potentially years earlier.

APRA releases response on insurance non‑confidentiality determinations and statistical publications

On 23 June 2026, APRA announced that it has released a letter in response to its consultation on proposed insurance non-confidentiality determinations for the general insurance (GI) and life insurance (LI) industries and updates to GI & LI statistical publications.

APRA consults on changes to bank credit risk capital settings

On 29 June 2026, APRA commenced consultation on proposed changes to banks' credit risk capital settings, including lower risk weights for certain infrastructure, corporate and residential development lending. The key proposals include:

  1. Infrastructure lending to allow a lower risk weight for large domestic public infrastructure exposures.
  2. Unrated corporate lending to allow a lower risk weight for high-quality unrated corporate exposures subject to certain criteria.
  3. Land acquisition, development and construction lending to adjust criteria to allow for more exposures to qualify for the lower 100% risk weight for residential property development.

Submissions for feedback close 29 August 2026.

APRA publishes inaugural System Risk Stress Test

On 30 June 2026, APRA published the findings of its inaugural System Risk Stress Test, examining the resilience of the banking and superannuation sectors to a severe stress scenario. APRA said the findings will inform future bank liquidity requirements and its supervision of banks and superannuation funds.

APRA responds to consultation on national claims and policies database publications

On 1 July 2026, APRA published its response to consultation on the proposed non-confidentiality determination for the national claims and policies database and a refreshed publication approach. APRA confirmed that it will proceed with the proposed determination and publication changes.

APRA sector statistics

APRA has released:

Other bodies and regulators

Merger control regime guide for businesses providing confidential information to the ACCC

On 23 June 2026, the Australian Competition and Consumer Commission (ACCC) published a guide for businesses providing information to the ACCC as part of Australia’s merger control regime. It sits alongside the more detailed interim merger process guidelines. It covers how to claim confidentiality, how the ACCC assesses confidentiality claims and the ACCC’s approach to the disclosure of confidential information. Parties to an acquisition and third parties that provide submissions, information or documents to the ACCC should refer to this guide if they wish to claim confidentiality over certain information.

RBA commences review into payments system regulation

On 25 June 2026, the Reserve Bank of Australia (RBA) announced that it is commencing its Review into Payments System Regulation. The RBA has released an Issues Paper, inviting stakeholder views and evidence on which payments policy issues should be prioritised by the RBA. This followed amendments to the Payment Systems (Regulation) Act 1998 (Cth) to expand the coverage of the legislation to additional payment systems and their participants.

The Issues Paper sets out potential questions about merchant choice of payment methods and providers, account-to-account payments and competition with card payments, mobile wallets, non-designated card networks and buy now pay later services and cryptography and fraud prevention.

Treasury publishes final report on unfair contract terms protections

On 29 June 2026, Treasury published the final report of its review of the amended unfair contract terms protections. The report found that the 2022 reforms have been broadly successful in expanding protections for small businesses and strengthening the regime, while identifying opportunities for further improvements to compliance and enforcement.

AICD updates AI governance guidance

On 29 June 2026, the Australian Institute of Company Directors (AICD), in partnership with the Human Technology Institute at the University of Technology Sydney, released Version 2 of ‘A Director's Guide to AI Governance’, together with updated governance resources for boards.

AUSTRAC InBrief newsletter (June 2026)

On 30 June 2026, Australian Transaction Reports and Analysis Centre (AUSTRAC) published its June edition of its InBrief newsletter, which includes articles on:

  • CEO mid-year update – On 30 June 2026, AUSTRAC CEO Brendan Thomas published a mid-year update highlighting the commencement of Australia's expanded Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime from 1 July 2026 and AUSTRAC's priorities for supporting reporting entities during implementation.
  • New reporting regime now in force – On 1 July 2026, Australia's expanded AML/CTF regime commenced, extending AML/CTF obligations to lawyers, accountants, conveyancers, real estate agents and dealers in precious metals and stones. Businesses providing designated services must enrol with AUSTRAC by 29 July 2026.
  • AML/CTF laws cover thousands more businesses – On 1 July 2026, AUSTRAC announced that businesses including real estate agents, lawyers, conveyancers, accountants and dealers in precious metals and stones will now be covered by Australia’s AML/CTF reforms. These sectors play a critical role in transactions that can be exploited by organised crime, including the purchase of property and the use of trust and company structures to disguise the origin and ownership of funds.
  • New education resources are here – On 30 June 2026, AUSTRAC launched a new education platform and resources to assist reporting entities in meeting their AML/CTF obligations.
  • Changes to AML/CTF obligations: What you need to do – On 30 June 2026, AUSTRAC published guidance outlining the key changes under the expanded AML/CTF regime and the steps reporting entities need to take to comply.
  • Enrol now and meet your obligations – On 30 June 2026, AUSTRAC reminded businesses captured by the expanded AML/CTF regime to enrol with AUSTRAC and meet their new regulatory obligations.
  • New AUSTRAC online reporting forms are coming – On 30 June 2026, AUSTRAC announced new threshold transaction report and suspicious matter report forms in AUSTRAC Online from 1 July 2026
  • Virtual asset service provider register goes public – On 30 June 2026, AUSTRAC announced that its register of virtual asset service providers is now publicly available to help users verify whether a provider is registered with AUSTRAC.

AUSTRAC releases updated financial crime risk assessments

On 30 June 2026, AUSTRAC released updated risk assessments covering money laundering, terrorism financing, proliferation financing and the not-for-profit sector.

Legislation and proposed legislation 

Legislation to enhance Director ID regime and integrate with ASIC Companies Register receives Royal Assent

The Treasury Laws Amendment (Business Registries Stabilisation and Uplift) Bill 2026 passed both Houses of Parliament on 29 June 2026 and received Royal Assent on 30 June 2026.

The Bill amends the Corporations Act 2001 (Cth) (Corporations Act) and other legislation as follows:

  • Schedule 1 strengthens Director Identification Number (Director ID) requirements and integrates them with the ASIC Companies Register. This includes requiring directors to provide Director IDs to ASIC as part of company registration and reporting from 1 July 2027. All other amendments made by Schedule 1 of the Bill commenced on 1 July 2026.
  • Schedule 2 provides ASIC new powers to deregister companies, disclose, publish and correct information on its registers and control access to registry information. The amendments made by Schedule 2 of the Bill commenced on 1 July 2026.
  • Schedule 3 repeals legacy provisions from the Modernising Business Registers program so responsibility for administering business registers remains with ASIC. The amendments made by Schedule 3 of the Bill commenced on 30 June 2026.

G+T articles

Melbourne Airport shareholder dispute: practical takeaways from Dexus v APAC – Janet Whiting, Paddy O’Sullivan and Craig Semple (23 June 2026)

The next chapter for LNG: why CCS could transform Australia's energy advantage – Mark McAleer (23 June 2026)

ASX’s proposed shareholder approval rules for major scrip-funded M&A: what listed bidders need to know – Justin Mannolini and Ryan Gava (23 June 2026)

AI-enabled cyber and geopolitical risk: moving from awareness to legally defensible readiness – Ross Phillipson, Simon Burns and Melissa Fai (29 June 2026)

NDIS in Motion – June 2026 – Peter Munro and David Baddeley (29 June 2026)

Why Australia’s biggest energy risk isn’t electricity – it's fuel – Jamie Guthrie, Christopher Flynn and Clare Pope (2 July 2026)

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