Funds Update - 5 June 2026

In this Funds Update for 5 June 2026:

1. ASIC proposes to remake six MIS legislative instruments 
2. ASIC proposes to consolidate 17 financial reporting and auditing relief instruments
3. Update re financial complaints data dashboard
4. Early observations on compulsory sustainability reporting regime

ASIC proposes to remake six MIS legislative instruments 

On 27 May 2026, ASIC opened feedback on its proposal to remake six legislative instruments about managed investment schemes (MISs) which are due to expire in October 2026. ASIC Corporations (Serviced Apartment and Like Schemes) Instrument 2016/869;

• ASIC Corporations (Property Rental Schemes) Instrument 2016/870;
• ASIC Corporations (Charitable Investment Fundraising) Instrument 2016/813;
• ASIC Corporations (School Enrolment Deposits) Instrument 2016/812;
• ASIC Corporations (Horse Schemes) Instrument 2016/790; and
• ASIC Corporations (Attribution Managed Investment Trusts) Instrument 2016/489. 

It is proposed that these instruments will be extended by an additional 5 years and that  their contents will be largely unchanged, except that ASIC proposes to remove the relief in section 6 of ASIC Corporations (Attribution Managed Investment Trusts) Instrument 2016/489, as this was intended to assist responsible entities in the transition to the attribution managed investment trust regime.

Submissions close on 5pm AEST on 24 June 2026 and may be sent to [email protected].

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ASIC proposes to consolidate 17 financial reporting and auditing relief instruments 

On 1 June 2026, ASIC opened feedback on two proposed draft instruments which will consolidate 17 existing financial reporting and auditing relief instruments. The two draft instruments are:

• ASIC Corporations (Annual and Half-year Reporting) Instrument 2026/XXX; and
• ASIC Corporations (Auditing) Instrument 2026/XXX.

The first draft instrument will consolidate together a number of instruments, including ASIC Corporations (Foreign-Controlled Company Reports) Instrument 2017/204 and ASIC Corporations (Non-Reporting Entities) Instrument 2025/436.

These changes respond to stakeholder feedback received following Report 813 Regulatory simplification (REP 813), outlined in Report 830 Regulatory simplification progress report (REP 830).

Submissions close on 5pm AEST on 10 July 2026 and may be sent to [email protected].

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Update re financial complaints data dashboard 

On 3 June 2026, ASIC updated its Internal Dispute Resolution (IDR) data dashboard to include complaints open, received or closed between 1 July and 31 December 2025, reflecting the most recent data reported by financial firms.

The update also introduces a new complainant demographics page and a downloadable data file is now available, enabling users to extract and analyse selected complaint metrics for reporting and research.

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Early observations on compulsory sustainability reporting regime 

On 27 May 2026, ASIC Commissioner Kate O’Rourke delivered an address outlining ASIC’s early observations from the mandatory climate reporting. 

In her address, Ms Rourke outlined six early observations from reviewing the initial reports reviewed by ASIC: 

• the need for clear and effective judgments applied to preparing climate statements; 
• ensuring voluntary information does not obscure mandatory disclosures;
• meeting specific cross-referencing standards; 
• avoiding disclaimers that conflict with the statutory framework; 
• consistently referencing past events, current conditions, and forecasts in risk disclosures; and 
• applying a consistent approach to whether climate-related targets are legally required. 

Ms O’Rourke stated that Australia has started from a position of strength with this new climate reporting framework, but that improvements in governance, risk management, and reporting capabilities are still required.

ASIC’s efforts to support the transition to mandatory climate reporting include the publication of Regulatory Guide 280 Sustainability reporting and the granting of relief instruments in limited circumstances.   

A more comprehensive report is expected to be published in October 2026.

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