In remarks by ASIC Commissioner Simone Constant, the Australian Securities & Investments Commission set out early takeaways from its public-private markets discussion paper and indicated it is preparing to act on “sensible adjustments” to support the health of public markets, including prioritising IPO-related regulatory changes to make listing more streamlined and exploring options to make staying listed easier. Consultation feedback included almost 90 submissions and more than 50 stakeholder meetings, with a broad consensus that private markets growth is structural and that ASIC needs better information to assess associated risks. The speech highlighted interest in increased supervision in private markets rather than broad new regulation, with focus areas including asset valuation, conflicts of interest, handling of sensitive information, clearer disclosure of fees and risks, and fair treatment of different investor types. Calls were also noted for more consistent standards in private credit and for further ASIC engagement. Superannuation was framed as an idiosyncratic Australian factor shaping market outcomes, given more than AUD 4.1 trillion in funds under management (including AUD 2.9 trillion in APRA-regulated funds), and ASIC pointed to work alongside the Australian Prudential Regulation Authority and the Reserve Bank of Australia on robust valuations and the interaction with liquidity management. On transparency, ASIC said current data reporting leaves it “out of step” with global peers and has contributed to underestimating the size of private markets, citing differing indicators that 85% to 96% of Australian companies above a AUD 100 million revenue or turnover threshold are private. Further announcements were flagged for the coming weeks and months, with some proposals (such as governance differences between public and private companies) expected to require broader policy consideration beyond ASIC.
Australian Securities & Investments Commission 2025-06-04
Australian Securities & Investments Commission signals near-term IPO streamlining and targeted upgrades to private markets oversight and data
ASIC Commissioner Simone Constant shared insights from discussions on public-private markets, highlighting plans to streamline IPO regulations. Feedback from nearly 90 submissions and over 50 meetings emphasized private market growth and the need for improved risk assessment. There is interest in increased supervision, focusing on asset valuation, conflicts of interest, and investor treatment. Superannuation, with over AUD 4.1 trillion, is a unique factor. ASIC noted its data reporting lags behind global peers, affecting market size estimates, with further announcements expected.