Financial Markets
ASIC seeks feedback on proposal to remake relief related to exchange-traded derivatives and securities
On 22 June 2026, ASIC announced that it was seeking feedback on its proposal to remake four legislative instruments which provide relief related to exchange-traded derivatives and securities.
The four legislative instruments, which are due to sunset in September and October 2026, are:
- ASIC Corporations (Exchange-Traded Derivatives: Multiple Issuers) Instrument 2016/883;
- ASIC Corporations (Securities: NZ FASTER System) Instrument 2016/891;
- ASIC Corporations (Transfers of Division 3 Securities) Instrument 2016/893; and
- ASIC Corporations (Securities Lending Arrangements) Instrument 2021/821.
ASIC proposes to remake the four instruments for a period of 5 years with some minor amendments. The effect of the instruments will remain unchanged.
Feedback on the proposal is due by 20 July 2026.
See: Media Release, Instrument 2016/883, Instrument 2016/891, Instrument 2016/893, and Instrument 2021/821.
Payments
RBA announces review of payments systems regulation
On 25 June 2026, the RBA released an Issues Paper inviting consultation following amendments to the Payment Systems (Regulation) Act 1998 to expand the coverage of the legislation to additional payment systems and their participants.
The Issues Paper includes questions about:
- merchant choice of payment methods and providers;
- account-to-account payments and competition with card payments;
- mobile wallets, non-designated card networks and buy now pay later services; and
- cryptography and fraud prevention.
Consultation closes on 7 August 2026.
See: Media Release, Issues Paper
Licensing
ASIC extends no-action position for digital asset businesses
On 25 June 2026, ASIC announced that it would extend its no-action position for digital asset firms providing financial services to apply for an Australian financial services licence (AFSL) by a period of three months. ASIC's sector-wide no-action position is now extended to 30 September 2026.
Additionally, ASIC expanded the scope of its no-action position to include digital asset businesses:
- operating under, or entering into, authorised representative arrangements with an AFS licence holder, and
- operating under, or entering into, intermediary authorisation arrangements with an AFS licence holder.
The deadline extension also applies to firms needing an Australian market licence or clearing and settlement (CS) facility licence, provided that those firms notify ASIC in writing of their intention to apply for such a licence before 30 September 2026 and attend a pre‑meeting with ASIC in relation to the proposed application.
See: Media Release, updated class no-action letter
Banking
APRA releases response on insurance non‑confidentiality determinations and statistical publications
On 23 June 2026, APRA released a letter in response to its consultation on proposed insurance non-confidentiality determinations for the general insurance (GI) and life insurance (LI) industries and updates to GI & LI statistical publications.
APRA received six submissions in the consultation, of which some noted potential commercial sensitivities with some data APRA proposed to make non-confidential, whilst other submissions suggested that quarterly results could be potentially volatile and misinterpreted by users.
APRA will formalise the non-confidentiality determination in mid-2026 and will release the first editions of the updated statistics thereafter.
See: Media Release, Letter
APRA consults on changes to bank risk capital settings designed to support lending
On 29 June 2026, APRA released a consultation paper on proposed changes to banks’ credit risk capital settings aimed at supporting lending while maintaining financial resilience.
APRA's consultation paper identifies several areas of corporate lending where APRA believes standardised risk weights can be lowered, including:
- allowing a lower risk weight for large domestic public infrastructure exposures;
- allowing a lower risk weight for high-quality unrated corporate exposures subject to certain criteria; and
- adjusting criteria to allow for more exposures to qualify for the lower 100 per cent risk weight for residential property development.
APRA's intention is to increase banks' lending capacity without undermining resilience.
Submissions are due by 7 September 2026.
See: Media Release, Consultation Paper
Superannuation
ASIC reports on its review of superannuation platform trustees
On 29 June 2026, ASIC warned superannuation trustees to address stark and persistent failures to protect retirement savings, including gaps in the monitoring of harmful advice fee deductions, unusual fees and investment patterns, and high-risk superannuation switching activity.
ASIC Report 833 Safeguarding super: How well are platform trustees monitoring risks to retirement savings? (REP 833) details findings from a review of six platform trustees. ASIC’s review identified the following areas requiring immediate attention from trustees:
- persistent gaps in advice fee controls, which in some cases have regressed over the past two years;
- limited checks of advice documents with half of the trustees reporting they did not conduct any checks for at least one of the months in ASIC’s review period;
- insufficient focus on understanding the advice licensees’ business models, including whether they use lead generators or other third‑party referral sources; and
- inadequate monitoring of key risk indicators, such as member churn, patterns in fees, holding limits and unusual fund flows.
See: Media Release, REP 833
AML/CTF
AUSTRAC announces new online reporting forms
On 30 June 2026, AUSTRAC announced that it is introducing new threshold transaction report (TTR) and suspicious matter report (SMR) forms in AUSTRAC Online.
Current reporting entities can continue to use the existing forms until 30 March 2029 before transitioning to the new forms.
AUSTRAC has published reporting guidance on the use of the new TTR and SMR forms on their website.
See: Media Release, Guidance Forms
AUSTRAC makes register of virtual asset providers publicly available
On 30 June 2026, AUSTRAC made a register of virtual asset service providers (VASP) publicly available on their website. The register allows the public to verify if a VASP is registered with AUSTRAC before using its services.
Companies will need to register with AUSTRAC if their business provides the following designated virtual asset services:
- exchange virtual assets for money (and vice versa), or make arrangements for this type of exchange
- exchange virtual assets for virtual assets, or make arrangements for this type of exchange
- provide a virtual asset safekeeping service
- accept instructions to transfer virtual assets on behalf of customers or make transferred virtual assets available to customers
- provide financial services in connection with the offer or sale of a virtual asset where the business is participating in the offer or sale.
VASP must be registered with AUSTRAC before they can offer any of the above services in Australia
See: Media Release, VASP Register
Other authors: Nicky Thiyavutikan, Senior Associate and Deuchar Allen, Lawyer
