Continuing Professional Development

Fiducian Investment Management Services Limited (FIMS) has been ordered to pay a $7.3 million penalty for breaching its duty to act with care and diligence as a responsible entity and engaging in conduct liable to mislead the public.

The Supreme Court of New South Wales found on 11 August 2026, that FIMS had failed to act in accordance with its duty of care and diligence as the responsible entity of the Diversified Social Aspirations Fund (Fund). The Court also found that FIMS made statements that were liable to mislead the public about the ‘ethical’ or ‘socially responsible’ investment objectives of the Fund (ESG Statements) and that it would monitor the Fund to ensure its investments were consistent with the ESG Statements.

The proceeding related to FIMS’ operation of the Fund, which was established to meet client demand for a ‘socially responsible’ or ‘ethical’ investment option. The Fund invested solely through several underlying funds (Underlying Funds) which, between October 2019 and May 2024, held investments in companies that, among other things, derived revenue from fossil fuels.

ASIC is seeking feedback on its proposal to extend the operation of eight self-repealing legislative instruments that will expire in 2027.

The instruments relate to different parts of the financial system, but all are approaching their expiry dates. They have been assessed by ASIC as operating effectively and efficiently and continue to form a necessary and useful part of the legislative framework.

ASIC proposes to extend the self-repeal date for each instrument, with no other changes proposed.

The instruments are:

• ASIC Market Integrity Rules (Futures Markets) Class Waiver 2018/313
• ASIC Corporations (Notification of Authorised Representatives) Instrument 2022/301
• ASIC Corporations (Cash Settlement Fact Sheet and Confirming Transactions) Instrument 2022/809
• ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705
• ASIC Corporations (In-use Notices for Employer-sponsored Superannuation and Superannuation Dashboards) Instrument 2022/496
• ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497
• ASIC Corporations (Financial Services Guides) Instrument 2022/910, and
• ASIC Corporations (Employee Share Schemes) Instrument 2022/1021

Car insurers are leaving many Australians guessing about the factors driving sharp and repeated premium increases, an ASIC review has found.

Motor vehicle insurance premiums rose by 8% in the 12 months to July 2025, outpacing inflation and adding pressure to household budgets. This followed growth of more than 42% between 2019 and 2024.

The findings, released today in ASIC Report 838 Road testing transparency in car insurance premiums (REP 838), examined eight insurance brands across five insurers, representing around 72% of the market, and included consumer research involving more than 2,000 Australians.

International ratings agency S&P Global has just re‑affirmed Australia’s AAA credit rating.

S&P says “Australia’s fiscal performance is sound” and “Australia has modest public debt by international standards.”

S&P specifically calls out the Government’s ambitious tax and savings reforms for helping improve Australia’s fiscal position over the next decade.

S&P says Australia’s rating benefits from “strong institutional settings and sound fiscal metrics.”

ASIC has today launched a new Small Business Director Essentials hub – a new digital resource to help small business directors understand and meet their obligations.

The hub brings together practical guidance, learning modules and tools in one place, making it easier for directors to access information at key stages of running a company – from planning and setting up, through to operating, restructuring or closing a business.

ASIC Commissioner Kate O’Rourke said the new resources deliver on a key initiative under ASIC’s Small Business Strategy and regulatory simplification program, helping small business directors better understand their obligations under the Corporations Act and access practical guidance and learning resources in one place.

ASIC has disqualified Antonio Torcasio of Melbourne, Victoria, from managing corporations for the maximum period of five years due to his involvement in the failure of eight companies.

Companies listing on Australia’s public market will have greater flexibility to publicise upcoming IPOs under proposals released today by ASIC.

ASIC acknowledges TMX Group Limited’s (TMX) announcement that it has completed its acquisition of Cboe Australia.

TMX’s purchase of Cboe Australia was subject to ASIC’s regulatory approval under 852DG of the Corporations Act 2001 (Cth).

Formal lodgement, regulatory assessment and approvals of TMX’s application took place in July 2026.

TMX and Cboe, which will be rebranded as TMX Australia Exchange, will now work together on finalising the transaction elements and ensuring a smooth transition of ownership. ASIC will continue to provide regulatory oversight over the transition process, including timely consideration of any market operating rule changes that are required to ensure clarity for issuers and participants of the market during the transition.

ASIC is committed to facilitating competition in Australia’s financial markets. Greater competition provides more choice for investors and encourages greater foreign investment and international alignment.

ASIC is seeking orders from the Federal Court to restrain Royce Capital Investments Pty Ltd, Royce (Aust) Real Estate Pty Ltd (RARE), Louie Kortesis and Paul Chiodo from advertising, promoting or accepting money in Australia for Royce Global Investments LP (registered in the Cayman Islands), Royce Global Real Estate LP (registered in the Cayman Islands) and Royce Private Investments Fund LP (registered in Delaware, USA).

ASIC’s proposed orders would also restrain Royce Capital, RARE, Mr Kortesis and Mr Chiodo from advertising, promoting or accepting money for financial products generally in Australia.

ASIC alleges that in August 2025, Royce Capital raised $1.536 million from five Australian SMSF investors, purportedly for investment in one or more of the above offshore funds. ASIC alleges that:

• Royce Capital provided financial services without holding an Australian financial services licence;
• Mr Kortesis and Mr Chiodo were involved in Royce Capital’s alleged unlicensed conduct, and that
• Royce Capital and/or RARE made misleading or deceptive representations in brochures provided to some investors, including to the effect that they would receive a guaranteed or fixed return of 13% per annum.

ASIC is seeking feedback on its proposal to remake a legislative instrument that provides financial reporting relief for wholly-owned companies, which is scheduled to expire on 1 October 2026.

This will maintain existing relief while the Australian Government progresses law reform for simplified reporting relief for group entities, announced as part of the Whole-of-Government Regulatory Reform Agenda in the 2026/27 Budget.

Under ASIC’s proposal, the relief in ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 (ASIC Instrument 2016/785) will be extended for five years. We will also make minor, technical changes to the instrument and related documents, such as Pro Forma 24 Deed of cross guarantee (PF 24).

Under our proposal: