On 5 November 2025, the Australian Securities and Investments Commission (ASIC) issued a copy of the speech that its Chair Joe Longo gave to the National Press Club, and also released a report entitled Advancing Australia’s evolving capital markets: Discussion paper response (REP 823).

In the speech, Mr Longo discussed the modernisation of Australia’s markets, closing gaps between public and private regimes, and the hardening of guardrails around fast‑growing segments such as private credit and tokenised assets.

The issues covered in the speech affect listed entities and IPO candidates, large proprietary companies with diffuse ownership, market operators and participants, responsible entities of managed investment schemes, superannuation trustees (including platform trustees) and fintechs/ regtechs.

Key speech messages

Notable messages in Mr Longo’s speech include:

  • ASIC sees structural shifts in capital formation: rapid growth of private markets (driven by superannuation), fewer IPOs and greater market concentration, and accelerating technology change, particularly tokenisation. Public and private markets are “converging,” and the traditional dichotomy is “no longer working.” ASIC wants to be a “backer, not a blocker” of innovation, but warns of under‑examined risks in private credit, opacity in private markets, and liquidity stress testing under shock scenarios.
  • To “do risk well,” ASIC will pursue foundations and guardrails that support innovation and investor confidence. Immediate priorities include invigorating public markets and removing frictions in IPOs, considering proportionate reporting for smaller issuers, lifting the threshold for when a proprietary company is a private company, and resetting expectations in private credit and managed investment schemes. ASIC will review and re‑launch its Innovation Hub, progress digital assets guidance, and continue work with the Reserve Bank of Australia and the Monetary Authority of Singapore on tokenised finance.
  • One of the fastest-growing segments of the superannuation system is platform trustees, with investments up 14.5 per cent in the year to June. One of the key themes of ASIC’s work in recent years has been to highlight superannuation trustees’ critical responsibilities to members. This is why ASIC keeps asking whether trustees are doing enough to meet their obligations, including when things go wrong. Getting it right will mean greater investor confidence and a more resilient, diversified market.

A roadmap for capital markets to grow our economy: REP 823

REP 823 is the culmination of ASIC’s year-long work on the future of Australia’s public and private markets. It sets out a regulatory roadmap to modernise public markets and strengthen oversight of private markets – especially private credit – so that both can grow on “strong foundations.” REP 823 synthesises insights from ASIC’s private credit surveillance (REP 820), expert analysis on market forces (REP 822), and international practices in private markets reporting (REP 821), and confirms targeted regulatory initiatives alongside continued surveillance and enforcement.

REP 823 is relevant across the market ecosystem, with immediate implications for: funds management and private credit managers operating wholesale funds, superannuation trustees and platform operators, listed entities and IPO candidates, market operators and intermediaries and auditors and reporting teams supporting financial reporting.

REP 823: A two track approach

The ASIC roadmap in REP 823 signals a two-track approach:

  • Public markets modernisation. ASIC supports measures to streamline IPOs and disclosure, encourage new listing frameworks and robust trading platforms, and attract foreign listings and capital. It highlights areas for consideration by market operators and government, including director responsibilities, free float requirements, and mechanisms to facilitate foreign listings.
  • Private markets uplift with a focus on private credit. ASIC seeks better supervisory tools through policy settings, including notifications of wholesale funds in operation, data collection, and independently audited financial reports for wholesale funds. In parallel, ASIC will:
  • Publish a catalogue of legal obligations and refreshed regulatory guidance for funds management; and
  • Engage with industry bodies to lift standards in private markets.

ASIC underscores that superannuation trustees are systemically important market participants and expects elevated standards as they expand allocations across public and private assets, including private credit. ASIC will continue surveillance in this space.

Next steps

REP 823 is a roadmap rather than a single-rule change.

Firms may expect from ASIC:

  • Heightened surveillance of private credit and wholesale funds, with an emphasis on governance, disclosure to investors, valuation practices, liquidity and conflicts management.
  • Enforcement where needed to drive good practices and market integrity, including use of available powers against misleading disclosure, deficient financial reporting and control failures.