meta_id 2948576

On March 2025, the Australian Securities and Investments Commission (ASIC) launched a consultation on proposals to enhance corporate transparency by increasing investor visibility of who ultimately owns or controls entities listed on Australian financial markets. The consultation follows reforms in Schedule 1 of the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025 (Strengthening Financial Systems Act). ASIC's proposals aim to enable more accurate due diligence for prospective acquisitions, improve market conditions for investment decisions, and increase visibility when someone may be seeking greater influence over a listed company by building positions including through derivative exposures. The consultation paper, Consultation Paper 387 Enhanced Beneficial Ownership Disclosure–Proposed Legislative Instrument, Form and Guidance, includes proposals for a new legislative instrument (draft ASIC Corporations (Listed Enhancements Beneficial Ownership Disclosure) Instrument 2026/XX), a new Substantial Holding Notice, and amendments to regulatory guides RG 5 Relevant Interests and Substantial Holding Notices, RG 9 Takeover Bids, and RG 222 Substantial Holding Disclosure: Securities Lending and Prime Broking. Key features of the Schedule 1 reforms include expanded scope to interests arising from equity derivatives, alignment of requirements for foreign-registered entities listed on Australian financial markets with Australian-registered listed entities, clearer triggers and flexibility for disclosures, improved transparency of existing registers, and stronger enforcement with increased penalties for existing offences under Chapter 6C of the Corporations Act 2001. ASIC welcomes feedback from industry on its proposals by 5pm AEST on 21 April 2026. Submissions should be sent to rri.consultation@asic.gov.au. The reforms commence on 4 December 2026.