Australian Securities & Investments Commission opens consultation on updated guidance for financial market operators, trade repositories and benchmark administrators under FMI reforms

The Australian Securities & Investments Commission has opened a consultation on draft updates to Regulatory Guide 172 (Financial markets: Domestic and overseas operators), Regulatory Guide 249 (Derivative trade repositories) and Regulatory Guide 268 (Licensing regime for financial benchmark administrators) as it progresses implementation of the Government’s financial market infrastructure (FMI) reforms. The proposed revisions aim to align ASIC’s guidance with the strengthened and streamlined framework introduced by the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024, which commenced in September 2024. The draft guidance reflects ASIC’s enhanced licensing, supervisory and enforcement powers, the reallocation of certain powers between the Minister and ASIC, and ASIC’s expanded oversight of foreign entities operating FMIs with a significant Australian nexus. ASIC also aims to simplify and clarify existing guidance and ensure it is market-neutral for financial market licensees where relevant; draft updated guides and a summary of changes are available via the consultation webpage, and ASIC is not issuing a consultation paper. The consultation is open for five weeks, with submissions due by 5pm (AEST) on 25 May 2026.