The Australian Securities & Investments Commission (ASIC) published a roadmap for developing Australia’s capital markets, setting out priorities to modernise public markets while strengthening supervision and standards in private markets, with a particular focus on private credit. The roadmap is presented in ASIC’s response paper REP 823 and draws on feedback to its earlier discussion paper and findings from new private credit surveillance (REP 820). For public markets, the roadmap supports new listing frameworks and robust trading platforms, and describes work to streamline initial public offerings and disclosure requirements, alongside issues for market operators and government to consider such as director responsibilities, free float requirements and facilitating more foreign listings. In private markets, ASIC calls for better supervisory tools from government, including notification of wholesale funds in operation, enhanced data collection, and independent audited financial reports for wholesale funds, and sets out principles grounded in law for lifting private market practices to support informed participation by investors and borrowers; it also highlights the market-shaping role of superannuation and signals continued surveillance and enforcement in private credit, with the prospect of stronger regulatory action if practices do not materially improve. Specific next steps for private credit include issuing a catalogue of fund managers’ legal obligations and relevant ASIC guidance, targeted updates to funds management regulatory guidance, and engagement with industry bodies on strengthening standards.
Australian Securities & Investments Commission2025-11-05
Australian Securities & Investments Commission releases roadmap for public and private capital markets and steps up focus on private credit oversight
The Australian Securities & Investments Commission (ASIC) released a roadmap to enhance Australia's capital markets, focusing on modernizing public markets and strengthening private market supervision, especially in private credit. Detailed in ASIC's response paper REP 823, it includes new listing frameworks, streamlined IPOs, and improved disclosure for public markets. For private markets, ASIC calls for enhanced supervisory tools, better data collection, and independent audits, emphasizing superannuation's role and signaling potential regulatory action if practices don't improve.