On 11 June 2025, the Australian Securities and Investments Commission (ASIC) published the opening remarks that its chair, Joe Longo, gave at the ASIC Symposium on Australia’s Public and Private Markets.

Background

The opening remarks follow ASIC’s publication of a discussion paper in February 2025 which seeks engagement from stakeholders on important issues and implications arising from evolving changes in Australia’s capital markets. ASIC was particularly interested in hearing views as to whether existing regulatory settings need to be re-examined. The deadline for comments was 28 April 2025.

On 4 June 2025, ASIC released more than 50 public submissions it received to the discussion paper which led the regulator to distil the feedback into certain key themes that will shape its further work including:

  • Structural and cyclical factors are shaping both public and private markets.
  • Public market adjustments would improve and enhance their attractiveness. 
  • Private markets are here to stay and grow, there is an acknowledgement of the need for any regulatory guidance to be measured, working closely with industry and aligning to international standards. 
  • Private credit is good for the economy and investors, if done well. There may be work to do to ensure it is sustainably done well.
  • Superannuation is a mature investment force in Australia and a significant and structural influence in markets and investment. 
  • More to do on data collection and transparency of private markets including in dimensioning the market itself and learning from international practices.

Listening mode

The key message in the opening remarks is that ASIC is in no rush to regulate private markets and that its work is intended to sharpen the regulator’s understanding of private markets. One of the messages that ASIC has so far heard is that there is an openness to increased supervision and consistent standard-setting across areas like valuations, managing conflicts of interest and fee disclosure.

From listening mode to action mode

But whilst ASIC has been in listening mode, it is beginning to move into action mode and an example of this is ASIC’s announcement that entities listing on the ASX via the fast-track procedure will now have access to a shorter initial public offering timetable. ASIC will now informally review eligible offer documents two weeks prior to public lodgement, which could reduce the IPO timetable by up to a week.

Mr Longo also touches on what further action ASIC will take in this area:

  • Q3 2025 – ASIC will share its views on how to strengthen public markets.
  • Q4 – ASIC will announce its roadmap for private markets.