Legal development

Financial Services Snapshots

By Jonathan Gordon, Corey McHattan and Hong-Viet Nguyen

28 April 2026

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    Financial Markets

    ASIC consults on regulatory guide updates to reflect financial market infrastructure reforms

    On 20 April 2026, ASIC announced that it is seeking feedback on proposed updates to the following three regulatory guides:

    • Regulatory Guide 172 Financial markets: Domestic and overseas operators;
    • Regulatory Guide 249 Derivative trade repositories; and
    • Regulatory Guide 268 Licensing regime for financial benchmark administrators.

    ASIC intends to align its guidance with the regulatory framework established by the FMI reforms in the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024. This includes:

    • reflecting enhanced licensing, supervisory and enforcement powers for ASIC;
    • the reallocation of certain powers between the Minister and ASIC; and
    • ASIC’s expanded oversight of foreign entities operating FMIs with a significant Australian nexus.

    Consultation closes on 25 May 2026.

    See: Media Release, Consultation Page, Regulatory Guide 172, Regulatory Guide 249, Regulatory Guide 268

    Licensing

    ASIC updates relief for securitisation entities from holding an AFSL

    On 10 April 2026, ASIC announced that it has remade a legislative instrument which exempts securitisation entities from holding an Australian financial services licence.

    ASIC Corporations (Securitisation Special Purpose Vehicles) Instrument 2026/175 continues the relief provided under ASIC Corporations (Securitisation Special Purpose Vehicles) Instrument 2016/272. This follows consultation held in February of 2026 on Simple Consultation 43 Proposed extension of instrument relieving securitisation entities from holding an AFS licence.

    ASIC Instrument 2026/175 applies to entities that carry on a securitisation business in specific circumstances and exempts them from the requirement to hold an AFSL when providing financial services to clients other than retail clients.

    See: Media Release

    ASIC sets out roadmap for the implementation of digital assets law reform

    On 20 April 2026, ASIC published a roadmap for the implementation of new laws that bring digital asset platforms (DAPs) and tokenised custody platforms (TCPs) under the financial services licensing regime from April 2027.

    As part of the implementation process, ASIC intends to set certain standards for operators of DAPs and TCPs, including:

    • asset-holding standards;
    • transactional and settlement standards; and
    • financial requirements, similar to those prescribed in Regulatory Guide 166 AFS licensing: Financial requirements.

    Furthermore, ASIC intends to consult on the following topics:

    • the need for new regulatory guidance;
    • ASIC's approach to applying discretion in the regime;
    • standard conditions that apply to platform licensees; and
    • a potential streamlining of the licence variation process for certain cohorts of firms (e.g. those who have only recently obtained a licence under Information Sheet 225 Digital assets: Financial products and services).

    ASIC indicates that its next steps include arranging stakeholder roundtables and discussions and developing a consultation package on standards and guidance as outlined above.

    See: Media Release, Regulatory Guide 166, Information Sheet 225

    ASIC continues crackdown on finfluencers and issues four warning notices

    On 24 April 2026, ASIC announced that it issued warning notices to four finfluencers suspected of providing unlicensed financial advice or engaging in misleading or deceptive conduct. ASIC also announced that it commenced a review of several licensees and their supervision of 15 finfluencers operating under their licences.

    ASIC’s action formed part of the second Global Week of Action Against Unlawful Finfluencers, involving 17 regulators globally to disrupt unlawful online financial promotion and warn consumers about misinformation.

    Referring to Information Sheet 269 Discussing financial products and services online, ASIC reminded licensees that they are responsible for supervising finfluencer conduct and are liable for any breaches when unlicensed finfluencers are operating as authorised representatives.

    See: Media Release, Information Sheet 269

    Miscellaneous

    Treasury releases exposure draft legislation to regulate cash distribution and invites submissions

    On 22 April 2026, Treasury announced that it has released draft legislation regulating the cash distribution sector, introducing a regulatory framework to ensure the cash system continues to operate in the public interest in spite of the growth of digital payments.

    Treasury intends to establish a cash distribution framework establishing:

    • a mechanism for the ACCC to oversee these services through fair, reasonable and transparent standard terms, and service level standards that support access to cash;
    • crisis preparedness and resolution powers to protect continuity of critical services; and
    • requirements for designated providers to negotiate with customers in good faith.

    The exposure draft legislation has been informed by recommendations from the Council of Financial Regulators and the Australian Competition and Consumer Commission following public consultation in 2025 and a subsequent report.

    Consultation on the exposure draft legislation closes on 13 May 2026.

    See: Media Release, Exposure Draft Legislation

    Other authors: Deuchar Allen, Graduate

    The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to.
    Readers should take legal advice before applying it to specific issues or transactions.

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