Regulatory developments timetable
Introduction to the Regulatory developments timetable
This timetable outlines proposed timeframes for ASIC’s regulatory activities that are expected to have a significant impact on the markets and sectors that it regulates to assist industry with allocating resources. Activities range from the publication of guidance to conducting thematic surveillances.
The timetable complements the Australian Government’s Regulatory Initiatives Grid - December 2024 | Treasury.gov.au (the RIG). The RIG provides cross-agency transparency across law reform and regulatory initiatives that will materially affect the financial sector. The RIG is a point in time summary with the first version of the RIG published on 19 December 2024 and planned to be next updated in September 2025.
The timetable has two parts:
- Content replicated from the RIG for ASIC-led regulatory initiatives that will materially affect the financial sector.
- Additional ASIC initiatives that will materially affect the corporate and non-financial sectors that ASIC also regulates.
The timetable excludes enforcement activities.
We publish this timetable every six months. It is a point-in-time summary and is not updated once published. It reflects our best estimates of future work and timing as at the date of publication.
The format of the timetable has been changed from previous editions to align with that of the RIG, and now includes key activities over a 24-month period. We will transition to updating the timetable to coincide with future updates of the RIG.
Sectors
The timetable sets out activities using the approach in the RIG, that is, eight financial services sectors and one additional sector for non-financial services:
- Banking, credit and lending
- Collective management and investment management
- Financial advice
- Financial markets
- Insurance and reinsurance
- Payment services and digital assets
- Superannuation and retirement income
- Financial Services - Other.
- Non-Financial Services (covering ASIC activities in addition to those in the RIG).
Category of Activity
Consistently with the RIG format, the timetable also sets out initiatives broken into four categories that reflect the policy lifecycle:
- Policy development
- Development of legislation, regulations and instruments
- Ongoing program implementation
- Review and evaluation.
The nature of ASIC’s role as a regulator means that the majority of ASIC’s activities fall into ongoing program implementation.
1. Policy development
This category sets out policy development initiatives, including seeking stakeholder feedback on a proposed policy and formulating policy statements. Initiatives that include both policy development and developing legislation, regulations or instruments are included in the ‘Developing legislation, regulations and instruments’ category.
Given the nature of this category of work there are no ASIC-led activities to include at present.
2. Development of legislation, regulations and instruments
The initiatives in this section cover the development of primary and subordinate legislation, amendments to existing laws and regulations, the development of industry codes and the notification of tax determinations. Initiatives that involve policy development related to developing legislation, regulations and instruments are also included in this section.
The timing of activities that would support the initial implementation of legislative measures, such as the development of relevant regulations, legislative instruments and/or regulatory guidance, are subject to the passage of the relevant legislation and ongoing Government and regulator consideration. Where there is sufficient certainty that certain activities will be undertaken to support implementation, activities have been identified.
There are three ASIC-led activities in this category in the RIG, and replicated below:
RIG activities
|
Sector |
Initiative |
Deliverables |
|
Financial markets |
Competition in clearing and settlement (CICS) reforms – new rules ASIC is finalising proposals to make rules to facilitate competitive outcomes in the monopoly provision of clearing and settlement services (following the passage of the CICS reforms). |
Q1 2025 Rules made by ASIC |
|
Financial markets |
Market integrity rules – consultation and amendment Following consultation, amend provisions of the ASIC Market Integrity Rules (Securities Markets) 2017 and ASIC Market Integrity Rules (Futures Markets) 2017 relating to trading infrastructure, automated order processing and false or misleading appearances. |
Q1 2025 Consultation on amendments to rules Q2 2025 Rules made by ASIC |
|
Banking, credit and lending |
Buy Now, Pay Later reforms The Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 passed on 28 November 2024. It amended the National Consumer Credit Protection Act 2009 to regulate Buy Now, Pay Later (BNPL) products as a form of consumer credit. In the first half of 2025 Treasury will finalise the related BNPL Regulations. ASIC intends to issue regulatory guidance to assist the implementation of the legislation. |
Q1 2025 Consultation by ASIC on guidance Q2 2025 Regime will commence |
3. Ongoing program implementation
The initiatives in this section cover the broad spectrum of activities being administered under existing policy and/or legislative frameworks, including the development of regulatory guidance material, program reconciliation and acquittal activity, the roll out of new portals and software and technology, and thematic surveillances that review compliance by entities with their existing obligations.
There are 18 ASIC-led activities in this category:
- 16 from the RIG.
- 2 additional non-financial service activities.
Additional activities
|
Sector |
Initiative |
Deliverables |
|
Non-Financial Services |
Audit quality surveillance – ethics and independence ASIC will conduct a surveillance of the compliance by company auditors with the independence and conflicts of interest obligations under the Corporations Act 2001. The surveillance will involve engagement with auditors at scale, targeted using data analysis. Outcomes and key findings will be publicly communicated. |
Q1 2025 Collection of information from auditors and firms Q2 2025 Collection of information from auditors and firms Q3 2025 Engagement with auditors and firms Q4 2025 Communication of findings |
|
Non-Financial Services |
Proposed remake of relief for employee incentive schemes ASIC will consult on a proposed remake of Class Orders [CO 14/1000] Employee incentive schemes: Listed bodies and [CO 14/1001] Employee incentive schemes: Unlisted bodies, which are due to expire on 1 April 2014. |
Q1 2025 Consultation commences Instrument remade |
RIG Activities
|
Sector |
Initiative |
Deliverables |
|
All |
Climate-related financial disclosures The Government is implementing mandatory climate-related financial disclosure requirements for large businesses and financial institutions. Legislation received Royal Assent on 17 September 2024 and requirements will phase in for different sized entities, commencing 1 January 2025. ASIC proposes to publish a regulatory guide to help reporting entities comply with the new sustainability reporting obligations and to explain ASIC’s approach to administration of the regime. |
Q1 2025 Applies to financial years commencing 1 January 2025. Updated guidance published |
|
Banking, credit and lending Collective investment and investment management Financial advice Insurance and reinsurance Superannuation and retirement income |
Update of Regulatory Guide 53 The use of past performance in promotional material and Regulatory Guide 234 Advertising financial products and services (including credit) ASIC will update 2 disclosure related guidance documents:
|
Q4 2025 Consultation commences H1 2026 Updated guidance published |
|
Banking, credit and lending Collective investment and investment management Financial advice Insurance and reinsurance Superannuation and retirement income |
Update of Regulatory Guide 183 Approval of financial services sector codes of conduct ASIC will update Regulatory Guide 183 Approval of financial services sector codes of conduct, to consider changes such as reforms following the Financial Services Royal Commission to make certain parts of industry codes ‘enforceable code provisions’ and for ASIC to designate those provisions. |
Q3 2025 Consultation commences H1 2026 Updated guidance published |
|
Collective investment and investment management |
Review of corporate adviser and private finance fund internal arrangements ASIC will conduct a review of governance and practices of selected corporate advisers and private finance fund internal arrangements, including:
|
Q1 2025 Data collection |
|
Financial advice Collective investment and investment management Insurance and reinsurance Superannuation and retirement income |
Update of Regulatory Guide 168 Product Disclosure Statements (and other disclosure documents) ASIC will undertake a comprehensive update of Regulatory Guide 168 Disclosure: Product Disclosure Statements (and other disclosure obligations), including consideration of changes resulting from the Delivering Better Financial Outcomes reforms. |
Q2 2025 Consultation commences Q4 2025 Updated guidance published |
|
Financial advice Collective investment and investment management Insurance and reinsurance Superannuation and retirement income |
Update of Regulatory Guide 181 Licensing: Managing conflicts of interest ASIC will update Regulatory Guide 181 Licensing: Managing conflicts of interest, including consideration of case law and law reform (including penalties for breaching the conflicts management obligations). |
Q3 2025 Consultation commences H1 2026 Updated guidance published |
|
Financial markets |
Financial market infrastructure guidance ASIC is working on updates to regulatory guidance to assist industry to comply with the enhanced regulatory framework for financial market infrastructures (FMIs). This follows passage of legislation giving ASIC and the RBA enhanced powers to monitor, manage and respond to risks related to FMIs. |
Q3 2025 Consultation on guidance Q4 2025 Updated guidance published |
|
Financial markets |
Market integrity rules – regulatory guidance Contingent on amendments to ASIC’s Market Integrity Rules related to trading, consult on updates to ASIC’s Regulatory Guides, including updating:
|
Q3 2025 Consultation on changes to RGs Q4 2025 Updated RG published |
|
Insurance and reinsurance |
Direct sales of life insurance ASIC will review compliance by selected life insurers with the laws relevant to the direct sales of life insurance and seek to identify areas for improvement and better practice. |
Q3 2025 Report published |
|
Insurance and reinsurance |
Insurance claims handling and floods ASIC will undertake reviews of selected insurers’ compliance with their obligations in relation to claims handling (detailed in Information Sheet 253). Specifically, this will include:
|
Q1 2025 Compliance monitoring Q2 2025 Compliance monitoring |
|
Payment services and digital assets |
Update crypto assets guidance ASIC will finalise a consultation on possible updates to Information Sheet 225 to clarify ASIC’s views about the regulatory perimeter as it applies to crypto assets. |
Q2 2025 Publication of any changes to the Information Sheet |
|
Superannuation and retirement income |
Member services review This is a multiyear project reviewing industry compliance with laws relevant to the delivery of member services. The first phase of the review examines selected superannuation trustees’ death benefit claims handling practices. ASIC will be publishing a report on claims handling practices and then assessing industry progress in implementing improvements identified in the report. |
Q1 2025 Report published Q3 2025 Data collection |
|
Superannuation and retirement income |
Update of ASIC Regulatory Guidance – Financial reporting obligations ASIC will update its Regulatory Guides on financial reporting obligations to include registrable superannuation entities, including Regulatory Guide 34 Auditor’s obligations: Reporting to ASIC and Regulatory Guide 43 Financial reports and audit relief. |
Q1 2025 Finalisation of guidance material |
|
Superannuation and retirement income Financial advice |
Retirement income: member communications review ASIC will review a sample of superannuation trustees’ retirement focused communications with their members, including decision-making processes and guidance tools. |
Q1 2025 Data collection Q2 2025 Consultation with stakeholders Q3 2025 Report published |
|
Superannuation and retirement income Financial advice |
Review of self-managed superannuation funds establishment advice ASIC will finalise a surveillance of personal advice provided to retail clients about the establishment of self-managed superannuation funds (SMSFs) that assesses the quality of advice by selected financial advisers and considers the role of Australian Financial Services licensees. |
Q3 2025 Report published |
|
Superannuation and retirement income Other |
Financial reporting and audit surveillance ASIC will conduct a surveillance of:
ASIC’s findings will be published in a public report. |
Q1 2025 Compliance monitoring Q2 2025 Compliance monitoring Q3 2025 Compliance monitoring Q4 2025 Report published |
4. Review and evaluation
The initiatives in this section cover those that relate to the final stage of the policy development cycle, including legislative reviews, policy reviews, reviews of existing prudential standards, government directed inquiries, audits and reports.
Given the nature of this category of work there are no ASIC-led activities to include in this category at present.