On 24 July 2025, the Australian Securities and Investments Commission (ASIC) issued proposals to update Regulatory Guide 183 Approval of financial services sector codes of conduct (RG 183), soon to be renamed Codes of conduct for the financial services and credit sectors. Broadly, the guidance highlights ASIC’s approach to approving industry codes of conduct.
The purpose of the update is to:
- Reflect legislative reform since RG 183 was last updated, including the changes to the industry codes of conduct regime introduced by the Financial Sector Reform (Hayne Royal Commission Response) Act 2020.
- Clarify ASIC’s role in relation to industry codes, as well as the criteria and process for its approval of a code.
- Simplify RG 183 where possible.
ASIC has published a summary of the key changes and a draft updated version of RG 183.
A consultation paper has not been issued for this consultation.
Next steps
The deadline for comments is 1 September 2025.