Australian Securities & Investments Commission publishes capital markets roadmap targeting IPO streamlining and stronger oversight of private markets and private credit

The Australian Securities & Investments Commission (ASIC) has released a roadmap for developing Australia’s public and private capital markets, setting out priority actions to support capital formation while addressing emerging risks, with a particular focus on private credit and the regulatory settings for public market access. For public markets, the roadmap backs modernisation measures including new listing frameworks and robust trading platforms, and describes ASIC’s 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. For private markets, ASIC says it needs stronger supervisory tools from government, including notification of wholesale funds in operation, improved data collection and independent audited financial reports for wholesale funds, and it sets out principles grounded in existing law to lift private market practices for investors and borrowers. In private credit, ASIC will publish a catalogue of fund managers’ legal obligations and relevant regulatory guidance, refresh funds management guidance on a targeted basis, and engage with industry bodies as they enhance standards, alongside ongoing surveillance and enforcement and the prospect of stronger regulatory action if practices do not materially improve. The roadmap is framed as the basis for further action and draws on ASIC’s private credit surveillance work, expert analysis on future market forces and international approaches to private markets reporting, and submissions received in response to ASIC’s earlier discussion paper.