ASIC consults on market operators' financial resource rules in Australia
Australia's corporate regulator is seeking to tighten guidance for licensed market operators as it pushes to strengthen the resilience of the country's capital markets. The consultation focuses on clearer expectations for the amount and type of financial resources operators should hold, alongside new detail on stress testing and oversight.
Highlights
- ASIC released draft updates to Regulatory Guide 172 to clarify financial resource requirements for licensed market operators, open for consultation until 30 November 2026.
- The proposed changes introduce scenario analysis, stress testing expectations, and detailed reporting and monitoring obligations for significant Australian market venues.
- ASIC emphasizes operational resilience and stronger financial foundations as critical to capital markets’ future competitiveness, aiming for improved regulatory compliance and market stability.
Proposed guidance changes and consultation timeline
As reported by ASIC, the draft updates to Regulatory Guide 172, Financial Markets: Domestic and overseas operators, are intended to give licensed market operators clearer direction on the financial resources needed to support resilience and how the regulator's guidance should be interpreted.The proposed changes would clarify the form and availability of financial resources, add scenario analysis and stress testing expectations for significant market venues, and set out reporting and monitoring requirements. ASIC says the consultation remains open until 5pm AEDT on 30 November 2026, and has published draft guidance, a summary of changes and submission details under consultation paper CS 69.
Capital markets resilience and regulatory impact
ASIC Commissioner Simone Constant says resilience is central to the ongoing growth and competitiveness of Australia's capital markets, and that adequate financial resourcing underpins innovation, efficiency and productivity improvements at scale.She says clearer guidance should help market operators meet regulatory expectations, manage disruption and support the orderly functioning of Australian financial markets. The proposals come as ASIC places greater emphasis on strategic risk and operational soundness across market infrastructure, with the regulator framing stronger financial foundations as important to the sector's competitiveness over the coming decade.
In our earlier coverage of banks’ cyber-resilience planning, we described how regulators are pushing lenders to prepare for more severe technology failures as AI increases the scale and complexity of cyber threats. The piece highlighted expectations for robust end-to-end recovery options for critical services, including independent “bare metal” recovery arrangements, alongside continued emphasis on basic cyber hygiene.
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