ASIC Consults on FMI Reforms: Updates to RG 172, RG 249, and RG 268

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Print Share ASIC is advancing the implementation of the Government’s financial market infrastructure (FMI) reforms through proposed updates to three regulatory guides, now open for consultation.

ASIC is seeking feedback from industry and interested stakeholders on proposed updates to:

• Regulatory Guide 172 Financial markets: Domestic and overseas operators (RG 172)
• Regulatory Guide 249 Derivative trade repositories (RG 249)
• Regulatory Guide 268 Licensing regime for financial benchmark administrators (RG 268) The proposed updates respond to legislative changes introduced by the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024 (the Act), which commenced in September 2024 (24-208MR).

The updates would help align ASIC’s guidance with the strengthened and streamlined regulatory framework established by the FMI reforms. This includes:

• reflecting enhanced licensing, supervisory and enforcement powers for ASIC
• 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. The proposed changes aim to simplify and clarify existing guidance and ensure ASIC’s guidance is market‑neutral for financial market licensees where relevant.

Copies of the draft updated regulatory guides and a summary of the proposed changes are available on the consultation webpage.

A consultation paper was not issued for this consultation.

Providing feedback

ASIC welcomes feedback on the proposed changes to RGs 172, 249 and 268, including:

• whether the guidance is sufficiently clear, and

• any suggested changes you may have to the guidance (if so, please provide details).
  The consultation period will be open over a five-week period.

Submissions should be sent to submissions-fmi.reforms@asic.gov.au by 5pm (AEST) on 25 May 2026.

Further information, including how to make a submission, is available at available on the consultation webpage.

Background

FMIs are the key entities that enable, facilitate, and support trading in Australia’s capital markets. FMIs include financial market operators, benchmark administrators, clearing and settlement (CS) facilities, and derivative trade repositories.

ASIC has been working to implement the FMI regulatory reforms as contained in the Act, including developing its approach to administering the updates to the licensing regime and ASIC’s new supervisory and enforcement powers.

The Act implements the Financial Market Infrastructure Regulatory Reforms: Advice to Government from the Council of Financial Regulators, July 2020 which made sixteen recommendations to Government.

The Act:

• enhances ASIC and the Reserve Bank of Australia’s (RBA) licensing, supervisory and enforcement powers, which will provide ASIC with more capacity to monitor the ongoing conduct of FMI entities, identify risks as they emerge, and take appropriate action to prevent those risks from escalating
• streamlines and transfers roles and responsibilities between the Minister, ASIC and the RBA, and
• introduces a crisis management and resolution regime. Visit ASIC’s FMI reform implementation webpage for more information.

Related information

• CS 50 Proposed updates to RG 172, RG 249 and RG 268
• 24-208MR ASIC receives new powers under financial market infrastructure reforms
• Regulatory Guide 172 Financial markets: Domestic and overseas operators (RG 172)
• Regulatory Guide 249 Derivative trade repositories (RG 249)
• Regulatory Guide 268 Licensing regime for financial benchmark administrators (RG 268)

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