Policy Updates — November 2025 #2

NEW CONSULTATIONS

Treasury targeted consultation on the superannuation performance test

We are engaging informally with Treasury regarding a targeted consultation on possible changes to the superannuation performance test. We see this as a potential opportunity to improve the venture capital funding environment while also improving super fund returns.

Please contact our Policy Team if you wish to provide feedback.

APRA consultation on rules for owning/controlling a superannuation fund licensee

APRA is consulting on a draft instrument to exempt a specified class of persons from the change of ownership and control provisions of the Superannuation Industry (Supervision) Act 1993.

The proposed exemption would remove the requirement for management employees and company secretaries with a direct controlling interest in an RSE licensee of less than 2% to apply to APRA before acquiring a controlling stake.

The consultation closes on 16 December 2025. FinTech Australia does not intend to make a submission. Please contact our Policy Team if you wish to provide feedback.

OTHER NEWS

• ASIC enforcement: ASIC has announced its enforcement priorities for 2026.

• ETPs: ASIC has released a new regulatory guide for exchange traded products such as ETFs.

• SMSFs: ASIC has released findings from a review of financial advice files regarding the establishment of SMSFs. The regulator has identified significant levels of non-compliance by financial advisers and AFS licensees, and warned them to be mindful of their statutory duties.

• Financial reporting & audit: ASIC has released issue 2 of a series on financial reporting & audit activities. This issue includes findings from market surveillance, recommendations for uplifting practice in superannuation funds, findings from a review into auditor independence and conflicts of interest, updated regulatory guidance for auditors, and more.

WE ARE WORKING ON THESE CONSULTATIONS

1. Treasury regarding the superannuation performance test;

2. Treasury’s survey regarding the CDR; and

3. Streamlining the foreign investment framework. 

WE RECENTLY MADE SUBMISSIONS TO THESE CONSULTATIONS

1. Treasury’s exposure draft on a payment service providers licensing regime (with the assistance of our policy partner, K&L Gates);

2. Treasury's exposure draft on digital asset & tokenised custody platforms licensing (with the assistance of our policy partner, Gadens); and

3. ASIC’s regulatory simplification project (with the assistance of our policy partner, King & Wood Mallesons).

See other FinTech Australia submissions on our website. 

Members interested in contributing any of the submissions should reach out to our Policy Team. 

FinTech Australia regularly makes submissions to consultations across a wide range of policy and regulatory issues. Communications about how to get involved in these processes are circulated through our distribution lists for members. If you would like to be added to a distribution list for this, please contact our Policy Team.