Financial Services Snapshots

Financial Markets

ASIC improves and simplifies technological and operational resilience guidance

On 18 December 2025, ASIC released the third stage of updates to its guidance on complying with the technological and operational resilience rules under the ASIC Market Integrity Rules (Securities Markets) 2017 and ASIC Market Integrity Rules (Futures Markets) 2017 (Resilience Rules). The updates streamline and clarify Regulatory Guide 265 Guidance on ASIC market integrity rules for participants of securities markets (RG 265), Regulatory Guide 266 Guidance on ASIC market integrity rules for participants of futures markets (RG 266) and Regulatory Guide 172 Financial markets: Domestic and overseas operators (RG 172), including by:

• incorporating guidance on identifying critical business services (previously shared by letter in September 2024) and confirming that existing resilience frameworks (including service providers’ business continuity plans) can be leveraged where suitable;
• clarifying that full redundancy may not be required for all critical business services in all circumstances, and refining thresholds for identifying and reporting major events to ASIC;
• removing references to superseded APRA standards; and
• embedding class waivers (August 2025) for certain outsourcing arrangements where energy or communications services are critical.

ASIC noted the updates align with its 2025-26 priority to strengthen operational, digital and data resilience.

See: Media Release; RG 265; RG 266; RG 172.

Funds Management

ASIC issues catalogue of key legal obligations for private credit funds

On 9 December 2025, ASIC published a practical catalogue (Private Credit Fund Catalogue) summarising key legal obligations and regulatory guidance for operators of retail and wholesale private credit funds, flagged in Advancing Australia’s evolving capital markets: Discussion paper response (REP 823), which outlines a roadmap to unlock opportunities and tackle emerging risks in Australia’s public and private markets.

The Private Credit Fund Catalogue is intended to help operators identify and comply with existing obligations and complements ASIC’s principles for lifting practices in private credit. Key areas flagged in the guidance include:

• For wholesale private credit funds: general licensee obligations, risk management, managing conflicts of interest, fees and transparency, valuations, marketing and advertising and governance.
• For retail private credit funds: general licensee obligations, risk management, managing conflicts of interest, fees and transparency, valuations, design and distribution, governance and responsible entity obligations.

ASIC also signalled further targeted surveillances (including real estate lending strategies) and a refresh of relevant funds management guidance in 2026-27.

See: Media Release; Private Credit Fund Catalogue; REP 823.

Fintech

ASIC finalises new exemptions to support digital asset innovation

On 9 December 2025, ASIC granted class relief to support innovation and transition in the digital assets and payments sectors, including:

• class relief for intermediaries engaging in secondary distribution of eligible stablecoins and wrapped tokens from requirements to hold separate AFS, market, or clearing and settlement facility licences; and
• relief allowing custody of financial product digital assets in omnibus accounts, subject to record-keeping and reconciliation conditions.

The measures, foreshadowed alongside the October update to Information Sheet 225 (INFO 225), follow consultation (CS 32) and industry feedback. ASIC expanded eligibility to include certain assets whose issuers have applied for a licence and provided further guidance in the Explanatory Statements.

See: Media Release; Instrument 2025/867; INFO 225; Explanatory Statement (Instrument 2025/867); Instrument 2025/871; Explanatory Statement (Instrument 2025/871).

Other

ASIC proposes updates to guidance on financial reporting and audit relief

On 12 January 2026, ASIC announced that it is seeking feedback on proposed updates to Regulatory Guide 43 Financial reports and audit relief (RG 43) to ensure the guidance remains current and clear, including by:

• reflecting legislative reform;
• incorporating relevant guidance from Regulatory Guide 29 Financial reporting by Australian entities in dual listed company arrangements (RG 29); and
• simplifying existing content.

The proposed update to RG 43 provides guidance for entities seeking relief from the financial reporting and audit requirements of the Corporations Act 2001.

ASIC proposes to withdraw RG 29 once the updated RG 43 is published.

Written feedback is due to ASIC on 9 February 2026.

See: Media Release; CS 42 Proposed update to ASIC’s guidance on financial reporting and audit relief.; RG 43; and RG 29.

ASIC renews guidance on managing conflicts of interest in financial services

On 16 December 2025, ASIC updated Regulatory Guide 181 AFS licensing: Managing conflicts of interest (RG 181) to align with legal and policy developments and insights from surveillance of private markets. The revised, principles-based guidance clarifies:

• how the conflicts management obligation applies and links to related obligations;
• types of conflicts AFS licensees should identify and manage;
• expectations for robust, tailored conflict management arrangements and practical steps to implement them; and
• a non-exhaustive catalogue of related legal obligations and information.

ASIC consulted publicly between 30 July and 5 September 2025 (see Consultation Paper 385: Proposed update to RG 181 Licensing: Managing conflicts of interest (CP 385)) and received broad support for simplification and updates. RG 181 has been refined in response to technical feedback.

See: Media Release; RG 181; CP 385