Financial Services Snapshots

Financial Markets

ASIC consults on disclosure of ownership and control of listed entities

On 10 March 2026, ASIC commenced public consulting on proposals to enhance corporate transparency by increasing investor visibility of ownership of entities listed on Australian financial markets.

ASIC indicates that the proposals enable more accurate due diligence for prospective acquisitions, improved market conditions for investment decisions, increased visibility on someone's influence over a listed company when they hold positions including through derivative exposures over securities in the company.

The Consultation Paper (CP 387) includes proposals on:

• a new legislative instrument;
• a new 'Substantial Holding Notice'; and
• amendments to regulatory guides Regulatory Guide 5 Relevant interests and substantial holding notices, Regulatory Guide 9 Takeover bids, and Regulatory Guide 222 Substantial holding disclosure: Securities lending and prime broking.

See: Media Release

ASIC extends short selling relief for market makers in precious metal backed exchange traded products

On 27 February 2026, ASIC announced that it is extending short selling relief for appointed market makers to support market liquidity in exchange-traded options (ETOs) listed over Global X Physical Gold Structured and specified structured products referencing precious metals.

From 3 February 2026, the ASIC Corporations (Short Selling) Instrument 2018/745 was amended to:

• allow market makers of specified structured products that reference precious metals to short sell these products under the same conditions as ETF market makers;
• allow an appointed ETO market maker to short sell Global X Physical Gold Structured, as an approved product, to hedge risks arising from making a market in the listed option;
• extend the covered short sale transaction reporting relief for ETF market makers to also include market makers of specified structured products; and
• reflect current naming conventions for exchange traded products and use market neutral language.

See: Media Release

Payments

RBA releases update on proposed decommissioning of the Bulk Electronic Clearing System

On 10 March 2026, the RBA released an update on progress made in relation to the recommendations of the "Decommissioning of the Bulk Electronic Clearing System: RBA Risk Assessment" report of March 2025 (Risk Assessment). The Risk Assessment concerned the proposed decommissioning of the Bulk Electronic Clearing System (BECS).

The RBA reports that the nearer-term risks associated with a disorderly transition from BECS have largely subsided as AusPayNet announced in December that it was removing the target end-date of June 30 until a clear roadmap had been developed for the future of account-to-account (A2A) payments in Australia.

However, the RBA reports that insufficient consensus within the industry, particularly on how to process bulk payments, is impeding on effective decision making and analysis required to establish the path forward, risking losing the necessary momentum to modernise A2A payments.

If industry participants are unable to make coordinated progress to this end, the RBA has indicated that it would take action to achieve outcomes in the public interest.

See: Media Release, RBA Risk Assessment Update, RBA Risk Assessment

Treasury consults on payment licensing reforms

On 12 March 2026, Treasury commenced consultation on the full package of draft Tranche 1 legislation as part of its reforms to the regulatory framework for payment service providers. The draft legislation is intended to cover:

• definitions of regulated payment functions;
• licensing obligations, including how certain providers must safeguard payment-related money;
• exemptions and exclusions;
• rules for unclaimed monies
• a new prudential framework;
• a power to make rules for a mandatory ePayments Code; and
• transitional arrangements.

The full package of draft legislation includes:

• draft inserts for the Treasury Laws Amendment Bill 2026: Payments System Modernisation—amendment of the Corporations Act 2001 and other Acts;
• the Authorised Non-operating Holding Companies Supervisory Levy Imposition Amendment Bill 2026;
• the Payment Entities Supervisory Levy Imposition Bill 2026; and
• the Payment Entities (Prudential Regulation) Bill 2026.

Consultation on the draft legislation is open now and will close on 9 April 2026.

See: Consultation

Insurance

Revised PDS rules for residential strata insurance providers

On 11 March 2026, ASIC announced relief measures to allow multiple insurers to work together on residential strata insurance policies that are too large for a single insurer to cover.
In these circumstances, only the lead insurer will be required to prepare a Product Disclosure Statement (PDS). The lead insurer will also be required to prepare a supplementary PDS listing the involvement and share of risk of any other insurers involved.

ASIC introduce these changes by way of the ASIC Corporations (Strata Title Co-Insurance) Instrument 2026/156 after a targeted consultation with industry stakeholders.

See: Media Release

Superannuation

Treasury consults on options to stop family violence perpetrators accessing their victims’ super after death

On 5 March 2026, Treasury commenced public consultation on proposed superannuation reforms to prevent perpetrators of family or domestic violence from receiving superannuation death benefits of their victims.

Under current laws, superannuation death benefits can be paid to a person who perpetrated family or domestic violence against the deceased.

The government is asking for submissions from family and domestic violence organisations, frontline support services, the superannuation sector and the wider community.

Submissions can be made until 15 April 2026.

See: Media Release, Consultation Paper, Consultation page

AML/CTF

AUSTRAC publishes guidance on use of new compulsory examination powers

On 5 March 2026, AUSTRAC published guidance on its new compulsory examination powers under section 172A of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

Section 172A notices require a person to attend an examination, answer questions and provide documents. The new guidance explains:

• what information is included in a section 172A notice;
• what happens during an examination;
• the role of the examiner;
• how legal representatives may assist; and
• how information provided is handled.

AUSTRAC have attempted to make clear that a person who has received a section 172A notice is not necessarily believed to have broken the law, is entitled to legal representation, and may speak about the notice to a health professional.

See: Media Release, Guidance, Amending Act

Other

ASIC revises multiple regulator guides

On 10 March 2026, ASIC withdrew and updated certain regulatory guides for the stated purpose of reducing regulatory complexity.

ASIC withdrew the following regulatory guides:

• Regluatory Guide 64 Failure to lodge documents, which outlined ASIC’s approach to companies failing to lodge certain documents and when ASIC would withdraw proceedings against a company secretary; and
• Regulatory Guide 40 Good transaction fee disclosure for bank, building society and credit union deposit and payments products (transaction accounts), which was a reference guide for retail payment and deposit product providers and consumers on transaction fee disclosure.

Concurrently, ASIC updated the following regulatory guides to remove out-of-date information, update references and reflect current style and drafting practices:

• Regulatory Guide 104 AFS licensing: Meeting the general obligations; and
• Regulatory Guide 205 Credit licensing: General conduct obligations.

See: Media Release

Authors: Jonathan Gordon, Partner; Corey McHattan, Partner; Hong-Viet Nguyen, Partner; Samantha Carroll and Deuchar Allen, Graduate.