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ASIC is seeking feedback on its proposal to withdraw financial reporting relief for uncontactable members, which is set to expire on October 1, 2026. This is due to changes in the Corporations Act 2001, where sections 110JA and 110F (4A) now provide similar relief. Entities not covered by these new requirements may need to apply for individual relief.
ASIC has detailed its transitional strategy for enforcing a new ban on advertising superannuation funds during employee onboarding, effective July 1, 2026. The ban aims to protect employees from making uninformed decisions, such as opening inappropriate products or duplicate accounts. ASIC will take a balanced approach to enforcement for 12 months from the start date, focusing on serious misconduct rather than honest compliance attempts.
ASIC has updated its guidance on advertising financial products and services, streamlining Regulatory Guide 234 and incorporating past enforcement actions. This update consolidates all advertising guidance into one document, leading to the withdrawal of Regulatory Guide 53. The changes aim to help the industry comply with legal obligations and prevent misleading consumers.
ASIC has updated its mandatory credit reporting relief for credit providers, which includes an additional category of exempted accounts. The relief will now expire on October 1, 2031, following a consultation process that showed stakeholder support for the extension and expansion. This measure is considered an effective and necessary part of Australia's legislative framework for credit reporting.
ASIC is inviting feedback on a new pre-hedging regulatory guide, aligning Australia’s approach with international standards set by IOSCO. The proposed guide clarifies existing obligations for market participants, helps assess appropriate pre-hedging practices, and highlights methods to manage conduct risk and maintain market integrity. This initiative builds on previous ASIC communications and does not introduce new legal requirements.
ASIC and APRA recently held two Superannuation CEO Roundtables on April 8 and 15, 2026. The discussions involved 12 superannuation CEO representatives and focused on findings from APRA's System Risk Stress Test. Key themes included system-wide risk, operational resilience, and regulatory changes within the industry.
ASIC has extended a class no-action position regarding the requirement for second party opinion (SPO) providers to hold an Australian financial services (AFS) licence when providing general financial product advice to wholesale clients. This extension, until June 15, 2028, allows time to consider the impact of upcoming climate reporting requirements and regulatory changes. The no-action position is conditional, requiring an SPO to be connected with offers to wholesale clients, have adequate conflict management, and include specific disclosures.
ASIC has issued a directive to Australia's private credit sector, emphasizing the need for current, accurate, and realistic asset valuations by June 30. The regulator also expects boards and participants to review practices against ASIC's ten principles, as the market transitions from rapid growth to a more demanding phase with increased macroeconomic pressure and credit stress. This comes as retail investor and superannuation exposure to private credit rises, with increasing linkages between international and domestic markets.
ASIC has released new guidance, Information Sheet 296, clarifying its discretionary power to appoint a reviewing liquidator for companies in external administration. This guidance details the application process, factors ASIC considers, and expectations for external administrators, aiming to provide greater clarity to liquidators and applicants. This initiative helps stakeholders understand when and how ASIC might intervene in corporate insolvencies.
ASIC Chair Sarah Court spoke at the ABA Conference, reflecting on the significant changes within ASIC over the past five years. She highlighted the strengthening of ASIC's enforcement posture, leading to record penalties and custodial sentences. The ASIC Chair also emphasized the regulator's continued focus on consumer outcomes, particularly in financial hardship and scams, and improvements alongside the banking sector.
The Federal Court has imposed record penalties of over $300 million on Union Standard International Group Pty Ltd, a collapsed CFD issuer, and its former authorized representatives, EuropeFX and TradeFred. This action by ASIC addresses systemic unconscionable conduct and legal contraventions that resulted in over $83 million in losses for customers. The substantial penalties aim to deter other CFD operators from similar misconduct.
ASIC has disqualified Shashikumari Agrawal from managing corporations for five years due to her involvement in the failure of eight Mansa Group companies. Her husband, Krishnakumar Agrawal, was previously sentenced to imprisonment for contraventions related to the group's collapse. The failed companies owe at least $76.8 million.
