On 30 July 2026, the Australian Securities and Investments Commission (ASIC) published rule changes that are designed to simplify compliance and enhance corporate transparency by increasing investor visibility of who ultimately owns, controls or has significant economic exposure to entities listed on Australian financial markets.

Background

The changes follow Consultation Paper 387 Enhanced beneficial ownership disclosure – Proposed legislative instrument, form and guidance (CP 387). In CP 387 ASIC sought feedback on its proposed approach in relation to the enhanced beneficial disclosure obligations to apply to entities listed on Australia’s financial markets. Specifically, ASIC sought feedback on the draft ASIC Corporations (Listed Entities Enhanced Beneficial Ownership) Instrument 2026/XXX, draft ‘Substantial Holding Notice’, draft updated Regulatory Guide 5 Relevant interests and deemed economic interests (RG 5), draft updated Regulatory Guide 9 Takeover bids (RG 9)and draft updated Regulatory Guide 222 Substantial holding disclosure and tracing requirements (RG 222).

From 4 December 2026, entities listed on Australian financial markets will become subject to enhanced substantial holding disclosure and beneficial ownership disclosure obligations.

Changes

ASIC has made a number of changes which include:

  • Making the new Substantial Holding Notice (SHN) form, consolidating three forms into one.
  • Simplified the calculation used to determine deemed economic interests and offsetting short positions in listed securities.
  • Implemented an index-based format for registers of relevant interests (RORI).

Before 4 June 2027, interest holders can meet their substantial holding obligations either by using the new SHN form or one of three replacement forms that will take the place of Form 603, Form 604 and Form 605. ASIC has also published updated RG 5, RG 9 and RG 222.

ASIC has registered the ASIC Corporations (Listed Entities Enhanced Beneficial Ownership) Instrument 2026/482 on the Federal Register of Legislation as part of the government’s commitment to improve corporate transparency, market efficiency and oversight. ASIC has also made ASIC Corporations (Amendment and Repeal) Instrument 2026/483 that amends ASIC Corporations (Relief to Facilitate Admission of Exchange Traded Funds) Instrument 2024/147 and repeals ASIC Corporations (Bidder Giving Substantial Holding Notice) Instrument 2023/685 as Schedule 1 incorporated its relief into the Corporations Act.

As well as updating RG 5, RG 9 and RG 222, ASIC has made consequential amendments to

  • Regulatory Guide 6 Takeovers: Exceptions to the general prohibition 
  • Regulatory Guide 10 Compulsory acquisitions and buyouts 
  • Regulatory Guide 74 Acquisitions approved by members
  • Regulatory Guide 128 Collective action by investors; and
  • Regulatory Guide 193 Notification of directors’ interests in securities: Listed companies.