Funds Update - 20 March 2026

In this Funds Update for 20 March 2026:

1. ASIC consultation on changes to NTA requirements for responsible entities
2. ASIC launches publicly available financial complaints data dashboard
3. ASIC consultation on enhanced beneficial ownership disclosure

ASIC consultation on changes to NTA requirements for responsible entities 

On 18 March 2026, the Australian Securities & Investments Commission (ASIC) released its Consultation Paper on proposed changes to the net tangible assets (NTA) requirements for responsible entities (REs) of registered managed investment schemes. Consultation Paper 388 Net tangible assets requirement for responsible entities (CP 388) seeks feedback on:

1. Option 1 – increasing the financial thresholds in both the non-concessional and concessional NTA requirements for REs in line with the consumer price index (CPI); 
2. Option 2 – increasing the $150,000 minimum threshold under the concessional NTA requirement; and 
3. Option 3 – increasing the $5 million cap under the concessional NTA requirement.

If changes are made to the RE NTA requirements, ASIC proposes to make corresponding amendments to the NTA requirements for IDPS operators and corporate directors of retail corporate collective investment vehicles (CCIVs).

CP388 also asks open-ended questions about:

• the liquidity component of the NTA requirements;
• the appropriateness of the concessional NTA requirements; and
• NTA requirements for other AFS licensees. 

ASIC is proposing a 6 month transition period for any changes to the NTA requirements for REs.

Submissions on CP 388 are due on 17 April 2026 and ASIC will announce its final position by 31 July 2026 (see here). CP 388 sits alongside Treasury’s separate consultation on options to strengthen governance and financial requirements for REs of registered schemes and ASIC states that it will liaise with Treasury.

ASIC launches publicly available financial complaints data dashboard 

ASIC has launched its Internal Dispute Resolution (IDR) dashboard (available here).

The interactive dashboard gives public access to the IDR complaint data submitted by financial firms (including Australian financial services licence holders) to ASIC.

Unlike ASIC’s Reportable Situations dashboard, the IDR dashboard allows users to search for complaints data by individual firm. Users of the dashboard can see data about resolution times, issues complained about, and complaint outcomes (including average monetary remedies). 

ASIC has said that the dashboard will “enhance transparency by providing valuable insights into complaints volumes and trends, giving greater visibility of consumer concerns and potential harm across the financial services industry”. 

ASIC consultation on enhanced beneficial ownership disclosure 

On 10 March 2026 ASIC has released its Consultation Paper on its proposal to amend beneficial disclosure obligations pursuant to the Treasury Laws Amendment (Strengthening Financial System and Other Measures) Act 2025 (Cth), which amended the Corporations Act 2001 (Cth).

ASIC has been empowered to determine, by legislative instrument, measures to enhance the beneficial disclosure obligations that apply to entities listed on Australia’s financial markets. Consultation Paper 387 Enhanced beneficial ownership disclosure: Proposed legislative instrument, form and guidance (CP 387) seeks feedback on ASIC’s draft instrument and proposals relating to: 

1. calculative methods for deemed economic interests and offsetting short positions; 
2. exemption from having deemed economic interests and offsetting short positions for market makers and client facing services; 
3. tracing notices and register of relevant interests requirements; 
4. the substantial holding disclosure form, additional substantial holding notice information and excluded standard form documents; and 
5. equivalent foreign requirements exclusion.

CP 387 also proposes a draft ‘substantial holding notice’ and amendments to the following regulatory guides:

• Regulatory Guide5 Relevant interests and deemed economic interests;
• Regulatory Guide 9 Takeover bids; and 
• Regulatory Guide 222 Substantial holding disclosure and tracing requirements.

ASIC is seeking feedback on the Consultation Paper and draft documents until 21 April 2026 (see 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.