Financial Services Snapshots

Disclosures

ASIC updates guidance on Product Disclosure Statements

On 3 December 2025, ASIC updated Regulatory Guide 168 Product Disclosure Statements: Disclosure and other obligations (RG 168) to clarify expectations and improve industry’s ability to prepare compliant PDSs, following consultation via CS 22 Proposed update to ASIC’s guidance on Product Disclosure Statements.

In updating RG 168, ASIC:

• incorporated and consolidated guidance from several regulatory guides to be withdrawn, and referenced ASIC relief instruments identified as useful by stakeholders;
• updated Section D on compliance risks and consequences where PDS requirements are not met; and
• updated Appendix 1 (ASIC’s s1013DA disclosure guidelines) for PDS claims about labour standards and environmental, social or ethical considerations, linking to further relevant ASIC guidance.

See: Media Release

ASIC issues updated guidance on digital disclosures

On 3 December 2025, ASIC updated Regulatory Guide 221 Facilitating digital financial services disclosures (RG 221) following consultation CS 23 Proposals to continue to facilitate digital disclosure (CS 23). The updates modernise references and set out ASIC’s expectations for digital disclosures under Parts 7.7 and 7.9 of the Corporations Act 2001 and relevant instruments.

RG 221 explains how digital delivery applies to financial services disclosures, and works alongside ASIC Corporations (Electronic Disclosure) Instrument 2025/447, which provides relief to allow providers to publish disclosure digitally and notify clients that the disclosure is available.

See: Media Release

Funds Management

ASIC announces approach to regulation of employee redundancy funds

On 26 November 2025, ASIC outlined its approach to regulating employee redundancy funds and long service leave funds (referred to as employee entitlement schemes) under the Corporations Act 2001 once current relief expires on 1 April 2026. Operators will be required to apply for an AFS licence and comply with certain managed investment provisions, with transitional arrangements including:

• application deadline: fund operators must apply for an AFS licence by 1 September 2026;
• interim relief: from 1 April 2026 until ASIC determines a licence application, relief will apply from licensing, managed investment and associated provisions, subject to conditions including trust arrangements, public disclosure, audited financial statements and conflict management.
• further guidance: ASIC will publish additional information in early 2026 on transitional and post licensing requirements.

ASIC’s approach follows ASIC’s Consultation Paper 384 Employee redundancy funds (CP 384), with Option 2(b) receiving the most stakeholder support.

See: Media Release

Capital Markets

ASIC proposes to remake relief for fundraising and mergers and acquisitions

On 24 November 2025, ASIC invited feedback on its proposal to remake 18 sunsetting legislative instruments providing miscellaneous relief from Chapters 6, 6C, 6D and Part 7.9 of the Corporations Act 2001, largely on the same terms, for five years.

General changes include:

• adding a simplified outline to explain the legislative instrument in simple terms;
• updating for changes to the Corporations Act including the recent change in terminology from ‘prescribed financial market’ to ‘declared financial market’;
• reframing the class of persons eligible for Part 7.9 relief; and
• removing references to outdated class orders (where no longer relevant).

The legislative instruments are due to sunset on 1 April 2026.

Written feedback is due to ASIC on 19 December 2025.

See: Media Release; Proposed remake of relief for fundraising and mergers and acquisitions (CS 36)

Banking

APRA finalises changes to phase out Additional Tier 1 capital instruments

On 4 December 2025, APRA finalised consequential amendments to its bank prudential framework to phase out Additional Tier 1 (AT1) capital instruments as eligible regulatory capital. APRA stated that the changes will simplify and strengthen bank capital and improve loss absorbing capacity in stress.

Key outcomes include:

• improved stability and reduced contagion risk: international experience shows AT1 did not operate as intended in crisis situations due to implementation complexity and potential legal challenges;
• enhanced proportionality: lowering smaller banks’ cost of capital relative to larger banks;
• reduced compliance costs: simplifying the capital framework by removing a complex instrument;
• replacement capital: banks may predominantly replace AT1 with cheaper, more reliable capital that absorbs losses more effectively in stress;
• orderly transition: existing AT1 will be phased out by 2032, with no changes to the legal terms (including subordination) of outstanding instruments;
• leverage ratio: set at 3.25% of Common Equity Tier 1 (CET1) capital (instead of 3.5% of CET1), maintaining current calibration after industry feedback; and
• commencement: the new framework takes effect on 1 January 2027; APRA published a response letter and updated prudential standards, prudential practice guides and reporting standards to implement the phase out.

See: Media Release; Response letter

Superannuation

ASIC extends disclosure and reporting relief for super trustees

On 20 November 2025, ASIC announced a three year extension to the relief provided for superannuation trustees under ASIC Superannuation (Disclosure and Reporting Consistency Obligations) Instrument 2023/941, via the ASIC Superannuation (Amendment) Instrument 2025/449.

The extension preserves relief from subsection 29QC(1) of the Superannuation Industry (Supervision) Act 1993 until 1 January 2029, following targeted consultation in which stakeholders supported a further exemption due to ongoing uncertainty about how to achieve the required disclosure consistency with APRA reporting.

See: Media Release

ASIC calls for feedback on stamp duty and portfolio holdings disclosure requirements for super funds

On 28 November 2025, ASIC invited industry feedback on proposals to adjust stamp duty and portfolio holdings disclosure requirements.

The proposals seek to:

• amend ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070 to allow stamp duty to be disclosed as a seven year average in fees and costs summaries, rather than an annual sum; and
• provide class order relief for superannuation trustees to align portfolio-holdings disclosure obligations for internally managed private debt with externally managed private debt.

ASIC also committed to bring forward a broader review of Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements to the 2026–27 financial year to ensure guidance remains robust and relevant.

Industry feedback on the proposals is due to ASIC on 20 February 2026.

See: Media release; CS 38 Proposed relief for disclosure of private debt arrangements; CS 39 Proposal to amend stamp duty disclosure requirements.

Other

ASIC proposes updates to guidance on advertising financial products and services

On 27 November 2025, ASIC sought feedback on proposed updates to Regulatory Guide 234 Advertising financial products and services (including credit): Good practice guidance (RG 234).

The proposed updates:

• consolidate and streamline ASIC’s advertising guidance and reflects enforcement and regulatory action since 2012;
• incorporate guidance from Regulatory Guide 53 The use of past performance in promotional material (RG 53); and
• clarify expectations for promoters of financial products and services, credit products and services, and publishers.

Written feedback is due to ASIC on 22 January 2026.

See: Media Release; CS 37 Proposed update to ASIC’s guidance on advertising financial products and services

ASIC publishes updated IDR data reporting handbook

On 1 December 2025, ASIC released an updated Internal Dispute Resolution (IDR) data reporting handbook to reflect recent legislative and regulatory changes in the buy now, pay later and digital asset sectors. The updated handbook also introduces a new product category for mutual risk products.

Financial firms will first report complaints using the updated handbook in the July to August 2026 submission window (covering complaints open or received between 1 January and 30 June 2026). ASIC will amend ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205 before that window to give legal effect to the updated handbook.

See: Media Release; IDR data reporting page

ASIC issues updated guidance for industry codes of conduct

On 2 December 2025, ASIC released updated Regulatory Guide 183 Codes of conduct for the financial services and credit sectors (RG 183).

The updates follow consultation through Consultation Statement 26 Proposed update to RG 183 (CS 26) and:

• reflect legislative reform since 2013;
• clarify ASIC’s role and code approval criteria and process; and
• simplify and streamline the guidance.

ASIC reiterated that industries are not required to develop a code, and where a code exists it does not require ASIC approval.

See: Media Release

ASIC extends FFSP relief until 31 March 2027

On 4 December 2025, ASIC Corporations (Foreign Financial Services Providers) Instrument 2025/798 and ASIC Corporations (Amendment) Instrument 2025/799 were registered. They have the effect of extending the exemptions commonly relied upon by foreign financial services providers (namely, the "sufficient equivalence relief" and "limited connection relief") by a further 12 months. Those exemptions will now remain in place until 31 March 2027, pending the progress of the Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Bill 2025 through Parliament.