Australian beneficial ownership disclosure rules are changing

 

The rules are now final. FundApps is here to help you stay ready for December 2026. 

 

The Treasury Laws Amendment Act 2025 introduces the most significant reforms to Australia's beneficial ownership framework in years. With the rules now final, FundApps will have you ready for 4 December 2026.

 

australia

Australian beneficial ownership disclosure rules are changing

 

The rules are now final. FundApps is here to help you stay ready for December 2026. 

 

The Treasury Laws Amendment Act 2025 introduces the most significant reforms to Australia's beneficial ownership framework in years. With the rules now final, FundApps will have you ready for 4 December 2026.

 

australia

What's happening and why it matters

Australia is overhauling its beneficial ownership framework for the first time in years. The Treasury Laws Amendment Act 2025, informed by ASIC CP 387, introduces major changes to how substantial shareholding disclosure obligations are calculated and enforced.

From December 2026, cash-settled derivatives and other economic interests will be brought into scope for the first time. ASIC's enforcement powers will widen, and penalties for non-compliance will increase substantially. Firms with exposure to Australian-listed entities will face a materially different compliance landscape.

On 30 July, ASIC finalised the legislative instrument, the new Substantial Holding Notice, and updated regulatory guidance. The full picture is now available, and firms have four months to prepare. FundApps has everything you need to get ready in one place.

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Australia's major shareholding reforms webinar

Our webinar with aosphere on Australia's major shareholding reforms is now available on demand. Sarah Eng (FundApps), Rebecca Clayton (aosphere) and special guest Dan Harris (A&O Shearman) walk through the final rules, what changed from the draft, and what firms need to do before 4 December 2026.

 
Dan Harris, Partner at A&O Shearman headshot

Dan Harris, Partner, A&O Shearman

Dan is a corporate partner in A&O Shearman’s Sydney office and has extensive expertise in shareholding disclosures and foreign investment laws, including advising on aosphere’s Australian rules. Dan’s practice includes complex cross‑border technology and communications transactions and advising domestic and international funds, corporates and investment managers on acquisitions, disposals, joint ventures, and fundraisings.

Sarah Eng, Regulatory Manager at FundApps headshot

Sarah Eng, Regulatory Manager, FundApps

Sarah has spent her career within the investment management world, in operational and compliance roles. Prior to joining FundApps, she was VP at Chicago-based Harris Associates, responsible for global shareholding disclosures. She has a BA from Ripon College and an MLIS from the University of Pittsburgh.

Rebecca Clayton, Specialist Shareholding Disclosure Lawyer at aosphere headshot

Rebecca Clayton, Specialist Shareholding Disclosure Lawyer, aosphere

Rebecca plays a key role in maintaining and developing aosphere’s Rulefinder Shareholding Disclosure and is responsible for its Australian coverage. She specialises in regulatory reporting and securities regulation, with extensive expertise in global shareholding disclosure requirements. Before joining aosphere, she was an international capital markets associate at Allen & Overy

What this means for you

If your firm holds or manages positions in Australian-listed entities, these reforms are likely to affect you. Key implications include:

  • Derivative positions (including cash-settled instruments) may now trigger substantial holding notice obligations in Australia for the first time
  • ASIC has adopted a full notional calculation method for deemed economic interests
  • The new Substantial Holding Notice replaces Forms 603, 604, and 605, with transitional forms available until 3 June 2027.
  • Non-compliance penalties are increasing, raising the cost of getting it wrong

For compliance teams already managing multi-jurisdictional shareholding disclosure obligations, Australia now requires dedicated attention.

Key dates to watch

The reforms are now final. Here's how we got here and where things stand.

  • September 2025 - Treasury proposes the Treasury Laws Amendment Bill 2025
  • 10 March 2026 - ASIC releases CP 387, consulting on the draft legislative instrument
  • 21 April 2026 - CP 387 consultation closes
  • 30 July 2026 - ASIC publishes its response to CP 387 and finalises the legislative instrument, Substantial Holding Notice and regulatory guides.
  • 4 December 2026 - Reforms commence.
  • Until 3 June 2027 - Transitional period for the new notice.

FundApps is monitoring each milestone and will update this page as the picture becomes clearer.

Purpose-built for Australia's new disclosure landscape

Regulatory change of this scale requires more than awareness. It requires preparation. FundApps is launching a dedicated Australia rules package as part of our Shareholding Disclosure product - built specifically around the incoming reforms to give compliance teams a precise, up-to-date ruleset for Australian beneficial ownership obligations, without the noise of a broader implementation.

The package covers:

  • Major: Australia - Panel Regime Long
  • Major: Australia - Panel Regime Shorts
  • Major: Australia - Statutory Regime
  • Short selling: Australia - Percentage
  • Short selling: Australia - Value
  • Takeover: Australia

With ASIC's final rules now published, the rules package reflects the confirmed requirements. So when 4 December 2026 arrives, you're ready.

More resources

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ASIC finalises beneficial ownership disclosure rules

ASIC has finalised the rules for Australia's substantial holding regime. What changed from the draft, and what managers need to know before December 2026.


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Why we're pushing back on ASIC's tech assumptions

ASIC is deciding how Australia's new substantial shareholding disclosure laws get implemented. FundApps explains how that choice has real consequences for global compliance teams. 

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FundApps' response to CP 387

FundApps responds to ASIC Consultation Paper 387, arguing for structured, machine-readable disclosure formats that serve transparency without sacrificing accessibility. 

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