In a statement to a parliamentary Budget Estimates hearing, the Australian Securities & Investments Commission outlined new federal Budget funding for core supervisory and registry functions and gave an update on major enforcement matters. The funding will complete Tranche 2 of the RegistryConnect program to stabilise and upgrade ASIC’s business registers, improve online services for company registrations, lodgements and annual reviews, link Director IDs to company records, upgrade registry systems and add functions for company deregistration powers. It will also strengthen oversight of managed investment schemes through improved digital capability and better access to existing non-ASIC government data, alongside funding to improve governance arrangements for registered managed investment schemes. ASIC linked the managed investment scheme measures to its work on the First Guardian and Shield matters, where it said it is pursuing investor recoveries and has returned more than AUD 400 million to investors so far. It has 14 Federal Court proceedings against 26 defendants, including recent action against Equity Trustees, and has now commenced proceedings against every super trustee that made Shield or First Guardian available on its platform. The statement also highlighted recent criminal outcomes, including prison sentences in superannuation fraud, customer fund misappropriation and insider trading matters, and said ASIC has opened a preliminary investigation into allegations involving several registered company auditors at KPMG to assess possible breaches of auditor duties and fitness and propriety requirements under the Corporations Act.
Australian Securities & Investments Commission2026-06-05
Australian Securities & Investments Commission outlines Budget funded registry and managed investment scheme oversight upgrades and confirms preliminary KPMG auditor probe
The Australian Securities & Investments Commission detailed new federal Budget funding to complete Tranche 2 of its RegistryConnect program, upgrade business registers and online company services, and strengthen oversight of managed investment schemes through enhanced digital capability and data access. ASIC linked these measures to its First Guardian and Shield enforcement work, citing over AUD 400 million in investor recoveries, 14 Federal Court proceedings against 26 defendants including Equity Trustees, and actions against all relevant super trustees. It also reported recent criminal outcomes in superannuation fraud, misappropriation and insider trading cases, and confirmed a preliminary investigation into several KPMG auditors for potential breaches of auditor duties and fitness and propriety requirements under the Corporations Act.