ASIC Consults on Bolstering Transparency for Listed Entities

ASIC News & Regulatory Updates

Published December 4th, 2025

Detected March 16th, 2026

Summary

ASIC is consulting on proposals to enhance corporate transparency for entities listed on Australian financial markets. The reforms, stemming from the Treasury Laws Amendment Act 2025, aim to increase investor visibility of ownership and control, including through equity derivatives. Feedback is due by April 21, 2026.

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What changed

The Australian Securities and Investments Commission (ASIC) is seeking feedback on proposals to enhance transparency regarding the ownership and control of entities listed on Australian financial markets. These proposals are a response to reforms enacted by the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025, which broaden market disclosures to capture interests in equity derivatives and strengthen existing substantial holding and tracing notice regimes. The consultation paper (CP 387) outlines proposals for a new legislative instrument, a new 'Substantial Holding Notice', and amendments to regulatory guides RG 5, RG 9, and RG 222.

Regulated entities, particularly public companies and those involved in acquisitions or investment decisions, should review the proposed changes. The reforms aim to provide more accurate due diligence information and improve market conditions. ASIC is accepting feedback on these proposals until 5:00 PM AEST on April 21, 2026. The underlying reforms commence on December 4, 2026, and include expanded disclosure obligations for equity derivatives, alignment of foreign entity requirements, clearer triggers, and potentially stronger enforcement penalties for existing offences.

What to do next

Review Consultation Paper 387 and proposed legislative instrument.
Submit feedback on proposals to ASIC by April 21, 2026.
Prepare for updated substantial holding and beneficial ownership disclosure requirements effective December 4, 2026.

Penalties

Increased penalties for existing offences under Chapter 6C of the Corporations Act 2001.

Source document (simplified)

Newsroom

Print Share ASIC is consulting on proposals to enhance corporate transparency by increasing investor visibility of who ultimately owns or controls entities listed on Australian financial markets.

The proposals will enable more accurate due diligence for prospective acquisitions, and improved market conditions for investment decisions. They will also increase visibility when someone may be seeking greater influence over a listed company by building positions including through derivative exposures over securities in the company.

The proposals are in response to reforms in Schedule 1 of the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025 (Strengthening Financial Systems Act). These reforms form part of the government's commitment to improve corporate transparency, market efficiency and oversight.

Under Schedule 1, transparency of ownership and control of listed entities has been improved by broadening market disclosures to better capture interests arising through equity derivatives. Schedule 1 has also strengthened the existing substantial holding and tracing notice regimes that govern the disclosure of interests in listed entities.

Consultation Paper 387 Enhanced beneficial ownership disclosure–Proposed legislative instrument, form and guidance (CP 387) includes proposals on:

a new legislative instrument (draft ASIC Corporations (Listed Enhancements Beneficial Ownership Disclosure) Instrument 2026/XX)
a new ‘Substantial Holding Notice’, and
amendments to regulatory guides:
- RG 5 Relevant interests and substantial holding notices (RG 5)
- RG 9 Takeover bids (RG 9)
- RG 222 Substantial holding disclosure: Securities lending and prime broking (RG 222). ASIC also proposes to make consequential updates to other regulatory guidance and existing legislative instruments in response to the Schedule 1 reforms. These updates are considered technical and will not be consulted on.

Providing feedback

ASIC welcomes feedback from industry on its proposals by 5pm AEST on 21 April 2026. Submissions should be sent to rri.consultation@asic.gov.au.

Background

The Strengthening Financial Systems Act amends the Corporations Act 2001 t o enhance beneficial ownership disclosure obligations for entities listed on Australian financial markets.

Key features of the reforms include:

Expanded scope: Extended disclosure obligations to interests arising from equity derivatives.
Foreign entity alignment: Requirements on foreign-registered entities listed on Australia’s financial markets to meet the same disclosure standards as Australian-registered listed entities.
Clearer triggers and flexibility: Clarification of when beneficial ownership disclosure obligations apply and greater flexibility to simplify certain disclosures.
Improved transparency: Enhanced access to and usability of existing registers of relevant interests in listed entities.
Stronger enforcement: Increased penalties for existing offences under Chapter 6C of the Corporations Act 2001. The reforms commence on 4 December 2026.

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