[Opinion] ASIC Proposes Update to Industry Codes Guidance | Corporate Law News

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  • Last Updated on 31 July, 2025

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ASIC RG 183 industry codes of conduct corporate law news

[2025] 176 taxmann.com 904 (Article)

World Corporate Law News offers a concise yet comprehensive update on key legal developments shaping the global corporate and financial landscape. This week’s edition highlights notable regulatory advancements in the field of securities law from Australia and the United Kingdom. These changes signal a continued global emphasis on regulatory reform, market access, and greater clarity in compliance frameworks.

In Australia, the Australian Securities and Investments Commission (ASIC) has proposed significant updates to its Regulatory Guide 183 concerning the approval of financial services sector codes of conduct. Announced on 24 July 2025, the regulator has invited stakeholders to review and respond to the revised guidelines. These proposed changes aim to reflect legislative reforms introduced by the Financial Sector Reform (Hayne Royal Commission Response) Act 2020, clarify ASIC’s role in code approval, and streamline the overall guidance for greater transparency and efficiency.

The updates to RG 183 are designed to improve the relevance and clarity of ASIC’s expectations by focusing on three key areas: incorporating recent legislative reforms, outlining the criteria and approval process for industry codes, and simplifying the language and structure of the guidance itself. This reflects ASIC’s ongoing efforts to ensure that financial services providers operate within a well-defined and modern regulatory environment that fosters accountability and consumer trust.

Meanwhile, in the United Kingdom, the Financial Conduct Authority (FCA) has taken a major step toward enhancing market access through its implementation of the Berne Financial Services Agreement (BFSA). On 23 July 2025, the FCA invited UK and Swiss firms to express interest in providing cross-border financial services under this agreement. The initiative is expected to lower regulatory hurdles and allow certain UK firms to serve the Swiss market by adhering to UK rules, rather than navigating dual compliance systems. This marks a progressive move towards regulatory alignment and global market integration.

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied