Further scrutiny of private markets

ASIC is targeting the perfect storm of declining public market listings, booming private markets and the growing influence of superannuation funds as key enforcement priorities over the next four years, insisting that it is not sitting on the sidelines.

- Karren Vergara

The watchdog singled out drastic changes in these three areas in its 2025-26 Corporate Plan, flagging that they are forces it cannot ignore.

“ASIC is not a passive observer. We will not take a 'wait-and-see' approach. We have a window of opportunity now to influence the design of public and private markets to support Australia’s needs, not just for tomorrow but for the next five to 10 years,” ASIC wrote.

In February, ASIC laid out its concerns in discussion paper, Australia’s evolving capital markets, the dynamics between public and private markets, putting forth a host of reasons why the sector may need its intervention.

The staggering growth of private capital funds, for example, nearly tripled over the past decade, increasing from $57.1 billion in 2014 to $148.6 billion in March 2024.