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MIU - Issue 173 - November 2025

Issue 173 of the Market Integrity Update covers regulatory developments and issues affecting markets in November 2025.

Advancing Australia’s capital markets: ASIC's regulatory roadmap to grow our economy

ASIC released its roadmap to promote strong, efficient, and globally competitive capital markets.

The report, Advancing Australia’s evolving capital markets: Discussion paper response (REP 823), was released alongside Private credit surveillance report: Retail and wholesale surveillance (REP 820) and two expert papers on the future of capital markets in Australia, Australia’s capital markets: Forces shaping the next decade (REP 822) and international data comparisons, Private capital market reporting: Global practices and lessons (REP 821).

ASIC Chair Joe Longo unveiled the roadmap when addressing the National Press Club of Australia.

‘At the heart of this roadmap is a clear message, that Australia and ASIC want to be backers, not blockers of investment and capital. This roadmap is the launchpad for action, not the finish line. Australia should be bold and seize the opportunities ahead, so that our markets remain strong, dynamic and globally competitive.’

What does the roadmap cover?

  • Modernising public markets: In addition to actions already taken to streamline IPOs and foster competition and innovation, ASIC will engage with industry on ideas for new listing frameworks, simplified disclosure obligations, robust trading platforms and technological innovations to position Australia to remain fit for the future.
  • Continued supervision of superannuation: We will continue our focus on supervision of superannuation trustees through our market cleanliness work, financial reporting and audits as well as investment disclosures, including our work in the platforms segment.
  • Stronger practices in private markets: We set out clear principles for private credit participants (with relevance for private markets more widely), designed to lift industry practices to comply with the law. We will also refresh regulatory guides applying to private capital funds, undertake further surveillance and continue to hold participants to account for misconduct through enforcement action.
  • Enhanced transparency and reporting: Our data reporting framework for managed funds lags behind international benchmarks, limiting our visibility of conduct, capital markets shifts and their impact on market integrity and confident and informed participation. We need to ensure our data collection is proportionate, targeted, fit for purpose and consistent with a ‘collect once’ principle across government. We will continue to make the most of the data reported and available to ASIC, and will initiate a pilot on funds management data collection in collaboration with industry and government agencies to inform our information sharing and law reform options, such as a recurrent data collection power for ASIC and improved data sharing between government bodies.
  • Well-considered managed investments and public markets law reform: In private markets, the report outlines that ASIC needs better tools from government for effective supervision of funds, including notification of wholesale funds in operation, recurrent data collection, and independent audited financial reports for wholesale funds. For further consideration we have outlined reform ideas on statutory duties and timely notification of significant events. We also received ideas to reform the listing and corporate governance frameworks to enhance the competitiveness and attractiveness of our public markets. ASIC will continue to engage with government on these important matters.

Public markets – what’s next?

Public markets remain fundamental for capital formation and price discovery but face challenges from declining listings and increased competition globally.

While we do not see regulatory settings as the dominant factor driving listing decisions in Australia – we have heard repeatedly that regulatory accumulation public scrutiny amplify the drift to private markets.

We are making changes to promote the attractiveness, competitiveness and efficiency of Australia’s public markets and are considering ideas in 2025 and 2026 regarding pre-prospectus advertising, prospectus length, trading plans and sell-side research. Some policy related ideas extend beyond ASIC’s remit or powers (e.g. on governance, disclosure and listing requirements).

Private markets – what’s next?

We want both private and public markets to thrive. We will be engaging with industry as they consider enhancement of private credit practices, supported by the principles and examples of good and poorer practices in the surveillance report.

We will also:

  • continue targeted surveillance of the funds management sector in 2026 – including private credit funds
  • refresh existing ASIC regulatory guidance in financial year 2026-27 to reflect the learnings on practices within the private credit sector
  • issue later this year a short, simple catalogue on the legal obligations (and related ASIC guidance) for fund managers to assist them in complying with the law, and
  • continue to act on poor conduct (e.g., TMD stop orders, enforcement referrals, surveillance letters seeking remediation).

Further information

For more details, explore:

ASIC’s 2026 enforcement priorities

At the recent ASIC Annual Forum, Deputy Chair Sarah Court outlined ASIC’s 2026 enforcement priorities, highlighting the areas ASIC would focus its resources and reflecting on enforcement outcomes in 2025.

What’s new for 2026?

ASIC’s enforcement priorities for 2026 are designed to address pressing risks facing consumers and markets. The new focus areas include:

  • misleading pricing practices impacting cost of living for Australians
  • poor private credit practices
  • financial reporting misconduct including failure to lodge financial reports
  • continuing our work to hold those responsible to account for the collapse of the Shield and First Guardian Master Funds
  • holding super trustees to account for member services failures, and
  • Auditor misconduct.

Major cases and outcomes

In the last 12 months, ASIC has doubled the number of new investigations and nearly doubled the number of new matters filed in court.

Key enforcement outcomes over the past year include:

  • proposing $240 million in combined penalties against ANZ which, if imposed by the court, would be the largest penalties ASIC has ever levelled against a single entity
  • filing proceedings against Macquarie and accepting a court enforceable undertaking to repay $320 million to affected Shield Master Fund investors
  • securing a 14-year prison sentence for West Australian fraudster Chris Marco; the highest sentence imposed by an Australian court in relation to an ASIC criminal investigation.

ASIC’s enforcement priorities for 2026 are designed to send a clear and effective signal to the market about where ASIC will focus its resources and expertise.

Read the media release.

Read ASIC Deputy Chair Sarah Court’s speech: The power and purpose of enforcement.

IOSCO promotes international pre-hedging consistency

ASIC welcomes the International Organization of Securities Commission’s (IOSCO) final report on pre-hedging, which aims to facilitate greater consistency and clarity around pre-hedging and to promote a level playing field for all participants across jurisdictions.  

Pre-hedging is used by dealers to manage the risk of anticipated primary market offerings and secondary market transactions. Pre-hedging may assist in liquidity provision and execution for clients, however, it can also create potential conflicts of interest between a client and the market intermediary which actively trades in possession of confidential information about the client’s anticipated order or trade.  

As Chair of IOSCO’s Committee on Regulation of Market Intermediaries, ASIC played a significant role in developing IOSCO’s final report on pre-hedging.  

The final report sets out IOSCO’s definition of pre-hedging, with the intention of promoting a consistent interpretation of the practice. It also presents a set of recommendations as guidance for regulators relating to the use of pre-hedging and the management of conduct risk from pre-hedging.   

ASIC is considering IOSCO’s recommendations and how to supplement its 2024 ASIC's guidance for market intermediaries on pre-hedging. 

Read IOSCO’s report and recommendations.

New guidance for exchange traded products

ASIC has issued a new regulatory guide, Exchange traded products (RG 282), to streamline and clarify its expectations for issuers of exchange-traded product (ETP) issuers, including exchange-traded funds (ETFs).

As part of ASIC’s broader simplification work, RG 282 consolidates previous ASIC guidance and reports. It reflects current market practices and regulatory settings. With the expansion of the ETP market and its complex regulatory environment, ASIC’s consolidated guidance will assist regulated entities with meeting their legal obligations.

Specifically, the guide consolidates:

  • INFO 230 Exchange traded products: Admission guidelines (now withdrawn)
  • Report 583 Review of Exchange Traded Products, and
  • Report 282 Regulation of Exchange Traded Funds.

RG 282 outlines the general obligations for ETP issuers, such as AFS licensing and applicable legal obligations, including where relief may be required. It also discusses specific responsibilities under market operator rules which include portfolio disclosure, product naming, liquidity and market-making arrangements. It also details the obligations of market operators in approving and supervising ETPs.

The guide follows targeted industry consultation, where stakeholders expressed support for the move to a single, comprehensive resource.

For further information, read the news item.