ASIC has simplified compliance with new enhanced beneficial ownership reforms that will improve transparency about who ultimately owns, controls or has significant economic exposure to listed entities in Australia.

ASIC consulted on draft technical settings earlier this year in Consultation Paper 387 Enhanced beneficial ownership disclosure: Proposed legislative instrument, form and guidance (CP 387) after the reforms, passed in December 2025, imposed enhanced substantial holding disclosure and beneficial ownership disclosure obligations on listed entities.

Among other changes, ASIC has:

• made the new Substantial Holding Notice (SHN) form, consolidating three forms into one
• simplified the calculation used to determine deemed economic interests and offsetting short positions in listed securities, and
• implemented an index-based format for registers of relevant interests (RORI).

Before 4 June 2027, interest holders can meet their substantial holding obligations either by using the new SHN or one of three replacement forms that will take the place of Form 603, Form 604 and Form 605. These forms are available at our Substantial holding notice page.

ASIC is exploring with market operators a web-based portal for users to submit substantial holding information.  

ASIC has also published updated Regulatory Guide 5 Relevant interests and deemed economic interests (RG 5), Regulatory Guide 9 Takeover Bids (RG 9) and Regulatory Guide 222 Substantial holding disclosure and tracing requirements (RG 222).

The changes reflect our intention to minimise regulatory burden, consistent with the ASIC regulatory simplification objective and subsection 1(2) of the Australian Securities and Investments Commission Act 2001.

For more information about feedback received to CP 387 and ASIC’s responses, see the Feedback on CP 387.

Background

From 4 December 2026, entities listed on Australian financial markets will become subject to enhanced substantial holding disclosure and beneficial ownership disclosure obligations.

ASIC has registered the ASIC Corporations (Listed Entities Enhanced Beneficial Ownership) Instrument 2026/482 on the Federal Register of Legislation as part of the government’s commitment to improve corporate transparency, market efficiency and oversight.

ASIC has also made ASIC Corporations (Amendment and Repeal) Instrument 2026/483 that amends ASIC Corporations (Relief to Facilitate Admission of Exchange Traded Funds) Instrument 2024/147 and repeals ASIC Corporations (Bidder Giving Substantial Holding Notice) Instrument 2023/685 as Schedule 1 incorporated its relief into the Corporations Act.

ASIC has updated RG 5 to include new guidance on deemed economic interests and offsetting short positions. Guidance on substantial holding notices has been moved to RG 222 and updated. ASIC has also streamlined RG 9 to improve readability and made consequential amendments to the following regulatory guides:

• Regulatory Guide 6 Takeovers: Exceptions to the general prohibition (RG 6)
• Regulatory Guide 10 Compulsory acquisitions and buyouts (RG 10)
• Regulatory Guide 74 Acquisitions approved by members (RG 74)
• Regulatory Guide 128 Collective action by investors (RG 128), and
• Regulatory Guide 193 Notification of directors’ interests in securities: Listed companies (RG 193).

ASIC is Australia’s corporate, markets and financial services regulator.