ASIC has commenced consultation on proposed updates to three regulatory guides as it advances the implementation of the Government's financial market infrastructure (FMI) reforms. The proposed changes are intended to align existing guidance with the strengthened and streamlined regulatory framework introduced by the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024, which commenced in September 2024.
The consultation covers updates to Regulatory Guide 172 Financial markets: Domestic and overseas operators (RG 172), Regulatory Guide 249 Derivative trade repositories (RG 249), and Regulatory Guide 268 Licensing regime for financial benchmark administrators (RG 268). ASIC is seeking feedback from industry participants and other interested stakeholders on these proposals.
Scope of the proposed updates
The proposed revisions respond directly to legislative changes introduced by the Act. They are designed to ensure ASIC's guidance reflects the enhanced licensing, supervisory and enforcement powers conferred on ASIC under the FMI reforms. The updates also address the reallocation of certain powers between the Minister and ASIC, and ASIC's expanded oversight of foreign entities operating FMIs with a significant Australian nexus.
ASIC intends that the changes will simplify and clarify existing guidance and ensure that the guidance is market-neutral for financial market licensees where relevant. The revised regulatory guides are expected to support consistent application of the new framework across the range of entities captured by the FMI reforms.
Financial market infrastructure reforms
FMIs are described as the key entities that enable, facilitate, and support trading in Australia's capital markets. They include financial market operators, benchmark administrators, clearing and settlement (CS) facilities, and derivative trade repositories. Under the Act, ASIC and the Reserve Bank of Australia (RBA) have enhanced licensing, supervisory and enforcement powers, as well as streamlined and reallocated roles and responsibilities between the Minister, ASIC and the RBA. The Act also introduces a crisis management and resolution regime for FMIs.
Consultation process and timing
The consultation period is open for a five-week period. Stakeholders are invited to provide submissions on the proposed updates to the regulatory guides. Submissions should be sent to [email protected] by 5pm (AEST) on 25 May 2026.
Feedback received during the consultation is intended to inform ASIC's finalisation of the updated guidance, supporting the practical implementation of the FMI reforms across Australia's capital markets infrastructure.
