Licensing
ASIC proposes to remake six legislative instruments about managed investment schemes
On 27 May, ASIC announced that it would seek feedback on its proposal to extend legislative instruments that provide relief around managed investment schemes.
The legislative instruments to be extended are:
- ASIC Corporations (Serviced Apartment and Like Schemes) Instrument 2016/869;
- ASIC Corporations (Property Rental Schemes) Instrument 2016/870;
- ASIC Corporations (Charitable Investment Fundraising) Instrument 2016/813;
- ASIC Corporations (School Enrolment Deposits) Instrument 2016/812;
- ASIC Corporations (Horse Schemes) Instrument 2016/790; and
- ASIC Corporations (Attribution Managed Investment Trusts) Instrument 2016/489.
The instruments, which are due to expire on 1 October 2026, will be extended for five years.
See: Media Release
Banking
APRA formalises three-tiered approach to proportionality in banking prudential framework
On 27 May 2026, APRA confirmed plans to formally introduce a three-tiered approach to proportionality in its prudential framework for banking.
APRA indicated earlier this year that it would proceed with the following proposals:
- Introducing a third tier of Most Significant Financial Institutions (MSFIs) for banks with total assets greater than $300 billion;
- Raising the asset value threshold for banks to qualify as a Significant Financial Institution (SFI) from $20 billion to $30 billion; and
- Automatically providing a 12-month transition period when a regulated institution moves to a higher tier.
It has now released a response letter that confirms the above approach.
The changes take effect from 1 July 2026.
See: Media Release, Response letter
APRA finalises FAQ on liquidity treatment of deposits with settlement service providers
On 2 June 2026, APRA released a letter to Minimum Liquidity Holding authorised deposit-taking institutions on the liquidity treatment of deposits placed with settlement service providers (SSPs).
The letter responds to feedback and finalises an FAQ relating to the treatment of deposits, in particular clarifying that deposits provided for the purpose of facilitating or securing settlement obligations that are encumbered should not be included as MLH liquid assets.
Deposits placed with SSPs can be treated as MLH liquid assets where they are within the control of the ADI.
See: Media Release, Letter
APRA finalises new IRB accreditation pathway for banks
On 4 June 2026, APRA announced the finalisation of a new pathway for banks to become accredited to use the internal ratings-based (IRB) approach to calculate credit risk-weighted assets.
In a letter to industry, APRA confirmed its intention to proceed with plans to make IRB accreditation more attainable for medium-sized banks by making the process more flexible and transparent.
APRA contends that the IRB approach allows banks to better match capital to their actual risk, which can reduce their capital requirements and enable more competitive pricing.
See: Media Release, Letter
Other
ASIC proposes to consolidate financial reporting and auditing relief instruments
On 1 June 2026, ASIC published simple consultation 54 (SC 54), which seeks feedback on a proposal to streamline 17 financial reporting and auditing relief instruments into two, as part of its regulatory simplification process.
The two draft instruments are:
- the ASIC Corporations (Annual and Half-year Reporting) Instrument 2026/XXX (the draft Financial Reporting Instrument); and
- the ASIC Corporations (Auditing) Instrument 2026/XXX (the draft Auditing Instrument).
The new instruments are being implemented in response to stakeholder feedback received in Report 813 Regulatory simplification (REP 813).
Submissions on the draft instruments can be made by email to rri.consultation@asic.gov.au.
The closing date for submissions is 5pm AEST on 10 July 2026.
See: Media Release, SC 54, draft Financial Reporting Instrument, draft Auditing Instrument, REP 813
Treasury announces consultation on whistleblowing regime
On 2 June 2026, Treasury announced a consultation on the whistleblowing regimes under the Corporations Act and the Taxation Administration Act.
The review is intended to investigate whether these laws are working as intended, identify any ongoing concerns, and, where appropriate, recommend further improvement. The terms of reference include consideration of whistleblowers’ access to justice, and the effectiveness of the regimes in incentivising whistleblowing and disincentivising misconduct.
Submissions can be made on the consultation page.
The closing date for submissions is 29 July 2026.
See: Media Release, Consultation
ASIC updates financial complaints data dashboard
On 3 June 2026, ASIC announced that it has updated its Internal Dispute Resolution (IDR) data dashboard to include complaints opened, received or closed between 1 July and 31 December 2025.
The update also introduces a new complainant demographics page, allowing users to explore complaint trends by age group, gender and location. It also allows users to download data in order to extract and analyse selected complaint metrics for reporting and research.
Further information is available at ASIC's IDR data reporting page.
See: Media Release, IDR Reporting Page
Treasury designates sectors for Scams Prevention Framework and announces consultation on draft rules and sector codes
On 28 May 2026, Treasury designated banking, telecommunications, and key digital platforms as the first sectors under the Scams Prevention Framework (SPF). Designation means these sectors will be required to put systems in place to be ready for 31 March 2027, when they will be required to take stronger action to prevent, detect and disrupt scams, and provide clear pathways for consumers to report incidents and resolve complaints.
Furthermore, Treasury have released draft rules and sector codes for consultation, intended to ensure the reforms are practical and effective. The draft rules and codes can be reviewed, and submissions made, on Treasury's website.
The closing date for submissions is 25 June 2026.
See: Media Release, Consultation
