ASIC streamlines Technological and Operational Resilience guidance

ASIC has released updates to simplify regulatory guidance regarding technological and operational resilience for financial markets. These changes clarify expectations for complying with Chapters 8A and 8B of the ASIC Market Integrity Rules for both Securities and Futures Markets.

Key Enhancements:

  • Critical Business Services: formally incorporates guidance on identifying critical services and confirms that existing resilience frameworks, such as a service provider’s business continuity plans, may be leveraged where suitable.
  • Redundancy Requirements: clarifies that full redundancy arrangements may not be mandatory for every critical business service in all situations.
  • Reporting Thresholds: provides clearer definitions for the thresholds used to identify and report “major events” to ASIC.
  • Regulatory Alignment: removes references to outdated APRA standards and incorporates 2025 class waivers related to outsourcing energy or communications services.
  • Guidance Updates: structural improvements and reduced repetition across RG 265 (Securities), RG 266 (Futures), and RG 172 (Market Operators). Read more here.

Organisations affected: Market Participants

Policies affected: BCP or Disaster Recovery

ASIC reviews advice licensees using lead generation services

ASIC has launched a review of financial advice licensees that utilise lead generation services as part of its effort to curb inappropriate practices encouraging consumers to switch their superannuation. Lead generation, which uses marketing to create consumer interest, has raised concerns at ASIC due to tactics that may pressure consumers into making decisions that lead to significant financial losses.

The review aims to identify financial advice businesses using these services, understand their arrangements, and take enforcement or disruptive action where necessary.  

ASIC is maintaining a list of known entities involved in lead generation, referral partners, and advice licensees or corporate authorised representatives (CARs) that have acquired leads since 1 July 2024.  

ASIC warns that licensees engaging lead generators that mislead consumers or use high-pressure tactics share the risk of contravening the law. Superannuation trustees should review their internal data for signs of high-risk superannuation switching conduct. Read more here.

Organisations affected: AFSL holders

Policies affected: Conduct related policies

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