Funds Update - 12 September 2025

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On 3 September 2025, ASIC released Report 813 Regulatory Simplification, outlining ASIC's strong commitment to regulatory simplification and recent and forthcoming work in the area of simplification.

Australia Finance and Banking

In this Funds Update for12 September 2025:

ASIC releases report on regulatory simplification

On 3 September 2025, ASIC released Report 813 Regulatory Simplification, outlining ASIC's strong commitment to regulatory simplification and recent and forthcoming work in the area of simplification. ASIC's key initiatives are grouped under four themes:

1: Improving access to regulatory information	ASIC launched a new website in June which features subject-specific hubs, including one for managed funds (seehere). Industry specific regulatory roadmaps are being piloted to help industry participants understand and navigate their regulatory obligations. There are currently pilot roadmaps for 'small-company directors' and 'financial advice providers'. ASIC is reviewing its guidance materials with consultant support.
2: Reducing complexity in regulatory instruments	ASIC acknowledges that its 273 legislative instruments (and specifically its 50 investment management instruments) are complex and difficult to navigate. Its new best-practice drafting principles are aimed at producing shorter, clearer instruments, written in plain language. Two pilot projects are being tested: consolidating 21 financial reporting and accounting and audit related instruments and simplifying platform relief instruments.
3: Making it easier to interact with ASIC	ASIC will, where practical, engage with entities before issuing detailed data requests in proactive thematic surveillances, to clarify requirements and avoid duplication. Electronic signatures will be accepted on all ASIC forms from 1 October 2025, and more forms will be eligible for email lodgement. There have been upgrades to ASIC's digital infrastructure, including a new professional register search and regulatory portal.
4: Simplification through law reform	ASIC is working with Treasury on potential reforms on simplifying the reportable situations regime and substantial holding notices.

Feedback on this report is due on 15 October 2025.

High Court grants special leave over digital asset decision

On 5 September 2025, the High Court granted ASIC special leave to appeal the earlier Full Federal Court finding that a digital asset product (which allowed customers to lend specified cryptocurrency in return for interest paid at a fixed rate) was not a financial product. This means that the High Court has determined that the question of whether a digital asset product is a financial product is of sufficient public importance.

We reported on the application for special leave here, the reasoning behind the Full Federal Court decision here and the earlier Federal Court decision here.

ASIC consolidates advice instruments

On 11 September 2025, ASIC released ASIC Corporations (Financial Services Guide, General Advice Warning and Advertising Related Relief) Instrument 2025/234 which consolidates the following instruments (which were due to sunset on 1 October 2025):

The new instrument provides substantively the same relief originally provided by the old instruments and the old instruments have been repealed accordingly.

We previously reported on ASIC's proposal to consolidate these instruments here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Funds Update - 12 September 2025

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ASIC releases report on regulatory simplification

High Court grants special leave over digital asset decision

ASIC consolidates advice instruments

Finance and Banking

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Australia