In this Issue

• Market update – ASIC appoints expert panel for ASX inquiry
• Regulatory Update – AUSTRAC and Attorney-General AML/CTF updates
• Members Update – ACSA history page on website launched, ACSA Thought Leadership Program and Wear it Purple Day
• Global Perspective – Post trade operating models with ValueExchange and ISSA survey on global operation priorities
• Upcoming Events
• Industry Insights
• In Focus – Bryan Gray (Retired ACSA chair – twice!)
  

Introduction

Welcome to the July 2025 edition of the ACSA Industry Wrap. We are excited to launch our ACSA history page, now live on our website. The page honours many contributors who have played a vital role in shaping ACSA growth and development over the year.

In this edition we provides updates on the ASIC inquiry into ASX and AML/CTF regulatory initiatives. We also share global insights into evolving operating models and strategic priorities, including a spotlight on the major shifts that will shape the future of post-trade processes, settlement cycles and corporation actions.
Additionally, you will find details about our upcomingACSA thought leadership series and our recognition of Wear it Purple Day, celebrating diversity and inclusion.

This month we are In Focus with Bryan Gray, a retired former ACSA chair and a passionate advocate for the organisation in its formative year – remarkably, the only individual to have chaired ACSA on two separate occasions.

Market Update

ASIC appoints expert panel for ASX Inquiry

ASIC has appointed three panel members to conduct its Inquiry into Australian Securities Exchange (ASX) group. This follows ASIC’s recent announcement of an Inquiry into ASX, focusing on the frameworks and practices in relation to governance, capability and risk management within the ASX group (25-103MR).

ASIC has appointed Rob Whitfield as Chair of the panel and panel members Christine Holman and Guy Debelle. The Inquiry panel has been asked to make recommendations to address any identified shortcomings or deficiencies in relation to governance, capability and risk management within ASX group and will provide a report by 31 March 2026.

More information can be found here. 

Join the discussion.

If you’re interested in joining in ACSA’s discussions and response to market initiatives and industry consultations, please connect to us at admin@acsa.com.au.

Regulatory Update

AUSTRAC highlights key developments

AUSTRAC has highlighted key developments and upcoming events relevant to the Banking and Finance sector.

Key dates and timelines

Keep an eye out for updates and more information on the Reform section on the AUSTRAC website. These updates will provide further resources and steps on how you can start preparing for the reforms ahead of the release of core guidance in October. As always, ACSA will provide updates as they occur.

AUSTRAC updated online security requirements – progress update

AUSTRAC is introducing multi-factor authentication for AUSTRAC Online accounts between July and November 2025. This work is being conducted progressively to approximately 1,000 AUSTRAC Online users per week. Reporting Entities will be contacted by email when it’s time to set up multi-factor authentication and select a stronger password.

AML/CTF transitional rules

 
The Attorney-General has foreshadowed, as part of the passage of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (the Amendment Act), the Department of Home Affairs (the Department) is making transitional rules to make obligations in the Amendment Act easier for businesses to comply with.

Transitional rules may delay or modify the impact of the changes introduced by the Amendment Act or may modify existing provisions in the current Anti-Money Laundering and Counter-Terrorism Financing Act 2006 so that it continues to apply in certain circumstances.

Transitional rules are separate to the Anti-Money Laundering and Counter-Terrorism Financing Rules being established by AUSTRAC.

The consultation closes on 15 August 2025, contact ACSA if you would like to provide input to the consultation.

Join the discussion.                      

If you’re interested in joining in ACSA’s discussions and response to market initiatives and industry consultations, please connect to us at admin@acsa.com.au.

Members Update

ACSA History Page – The last 30 years

ACSA has launched a dedicated History page on www.acsa.com.au, sharing the Association’s story. This gives ACSA members, industry partners, and the wider public an opportunity to explore the history of ACSA’s evolution and achievements, reflecting on the milestones that have shaped the custody and investment services sector in Australia.

Over the past 30 years, ACSA has been at the forefront of supporting and representing the custody and investment services industry. Founded by a visionary group of industry leaders seeking to establish a unified voice, ACSA’s early years were defined by advocacy, the development of best practices, and the creation of a collaborative platform for dialogue. These formative efforts laid the groundwork for a strong industry presence, positioning ACSA as an essential resource for promoting transparency, collaboration, integrity, and innovation across the industry.

As the industry has grown and diversified, so too has ACSA’s role in driving progress and navigating change. Our new history page not only honours the Association’s past but highlights the ways we continue to foster industry development and excellence.

By drawing on the lessons of our foundation and championing a platform for the future, ACSA remains committed to supporting our members and advancing the custodial and investment services industry for decades to come.

Find out more here.

ACSA Thought Leadership Program

The ACSA Thought Leadership Program has the following exciting events.

21 August 2025

“Connecting digital islands - Unlocking the Potential of Digital Asset Securities”

Join SWIFT as they unpack the path to interoperability between traditional and digital asset and currency types and what industry needs to do to collaboratively innovate and take advantage of the new technology.

You can register for this webinar here.

29 August 2025

“Unlocking the value of DLT (Blockchain)”

Join us for an exclusive webinar where we unveil the latest findings from the ValueExchange and its partners, including the International Securities Services Association, as they provide insight on the evolving landscape of DLT (Blockchain) and digital assets.

You can register for this webinar here.

19 September 2025

“ESG: Institutional Investors Leading the Way”

In this webinar, BNP Paribas will share insights from the survey, and key findings that are critical as Australian investors move to meet their climate reporting obligations.

You can register for this webinar here.

Keep an eye out for registration links in email and through LinkedIn.
If you have any suggestions for topics please email admins@acsa.com.au

WEAR IT PURPLE DAY - 29 AUG 2025 - BOLD VOICES, BRIGHT FUTURES

Wear It Purple Day empowers LGBTQIA+ youth to dream big and share, “BOLD VOICES, BRIGHT FUTURES” with Australia.

On 29 August 2025, ‘Wear It Purple Day’ will unite LGBTQIA+ youth and allies to shine a glorious light on the thousands of schools, community organisations, universities, and workplaces that are coming together to create a more inclusive future for all Australians.

By wearing purple, Australians demonstrate to rainbow young people that they are celebrated and respected, acknowledging all have the right to be proud of who they are and who they are becoming.

Originally founded by students in response to global stories of teenagers taking their own lives due to bullying and harassment, Wear it Purple Day has become an international movement of love and support.

To celebrate Wear It Purple Day, we would like to you to join us as an ACSA community and wear something purple at Sky Lobby, 85 Castlereagh Street at 11am on Friday, 29th August. We will have a photo together to demonstrate our support for rainbow young people. Everybody has the right to be proud of who they are!

If you would like to find out more about and support WEAR IT PURPLE please head to the website: https://www.wearitpurple.org/


Join the discussion. 

If you’re interested in joining in ACSA’s member engagement initiatives and industry consultation, please connect to us at admin@acsa.com.au.

Global Perspective

The new post trade operating model

Value Exchange with S&P Market intelligence has released a four-part series exploring the evolving post-trade operating model. The series delves into the transformative changes reshaping settlement cycles globally, the changing landscape of corporate actions, what the new post trade operating model looks like and how to navigate the path forward.

Read more about four part series here.
 

Broadening Asset Servicing 2025 – how and where is the change happening 

In collaboration with The Value Exchange and Broadridge, ISSA is launching a new global industry survey to uncover the most pressing challenges and emerging priorities in corporate actions, proxy voting, and class actions.

The aim is to uncover:

• How and where are our levels of automation changing?
•  What technologies are we using to drive automation, and P&L impact across the back-office?
• How do issuers, investment banks and custodians see the case for industry change? And what are the triggers?
• Responses will provide statistical clarity and help map a meaningful case for asset servicing transformation in both the short and medium term.

You can find out more about, and contribute to, the survey here.

Key Events

• 21 August 2025: ACSA Thought Leadership Program – Connecting digital islands - Unlocking the Potential of Digital Asset Securities
• 29 August 2025: ACSA Thought Leadership Program – Unlocking the value of DLT (Blockchain)
• 19 September 2025: ACSA Thought Leadership Program – ESG: Institutional Investors Leading the Way
• 28 September 2025: ACSA Thought Leadership Program – Climate Reporting: Time to act 
  

Insights and Updates

• June 2025 - ACSA response to AUSTRAC AML/CLT Phase 2 Consultation

In Focus - Bryan Gray on the history of ACSA

Now retired from the industry, I was previously Managing Director and Head of Sales for JP Morgan’s Securities Services business in Australia, where I spent 20 years.

Prior to that, I was Director of Sales at State Street in Sydney for 12 years so all together I worked in the Custody Industry in Australia for 32 years. I was fortunate to work with some exceptional people over that time and build relationships with institutional investor clients that have now become lifelong friends.

In 3 words describe:
The custody industry - Essential
ACSA - Collaborative
The Future of Custody - Bright


What was your involvement with ASCA?

I was initially State Street’s representative on the Board of ACSA joining in 1996 and was elected Chair of ACSA, a role I held until 2000 when I left State Street to join JP Morgan. I then rejoined ACSA as JP Morgan’s representative in 2007 and again served as Chair of ACSA from 2008 until 2010. I believe I have the privilege of being the only person to have served as Chair of ACSA twice.

Why did you get involved and what were the key achievements for ACSA and the industry through this period?

I got involved in ACSA because I felt there was a lack of understanding in the industry about the critical role that Custodians play, particularly by the industry regulators at the time. I also saw that while the custodians competed fiercely against each other in the industry, they were willing to work together to improve some of the inefficiencies in straight through processing, removing manual processes that created risk for our clients and generally collaborating to find ways of using technology to streamline and make the industry more efficient.

One of the key achievements at the time was ACSA’s input into new prudential guidelines being issued jointly by ASIC and APRA on principles for the custodial industry. The initial drafts reflected a lack of understanding of the chain of custody, how assets were held through nominee structures etc. As ACSA Chair, I was invited to attend a Senate hearing on prudential standards for the industry and ACSA submitted a detailed response to the draft guidelines that was ultimately accepted by the regulators ensuring the prudential guidelines could be practically implemented by the Custodians while still achieving the objectives the regulators had intended.

How important is it for ACSA members to have a forum to share ideas and challenges in a non-competitive manner?

I think it’s critical for members to have the forum that ACSA provides. While there are other industry associations that represent the superannuation and the funds management industry, ACSA is unique in creating the forum to discuss the critical infrastructure that supports all of the investing activities that take place each day. I used to describe it as the plumbing of the industry, it needs to operate efficiently behind the scenes and if something goes wrong the whole industry is in the Sh*t! ACSA members process trillions in transactions each day, transfer funds for investment around the world, produce valuations and unit prices that allow super fund members and investors to grow their savings with confidence knowing that their nest egg is safe and secure in the hands of the custodians. ACSA members have always worked together tirelessly to look for ways to continually improve and make the industry more efficient.

What are your thoughts on the future of the custody and investment services industry?

The future of the custody and investment service industry is bright. Investors will always value the safety and security that comes from knowing your assets are in safekeeping with ACSA members. As we have seen in recent cyber incidents, attacks on the industry are becoming increasingly more sophisticated. Knowing that your assets are being held in custody by some of the world’s largest and most well capitalised banks that each year make huge investments in technology and cybersecurity provides comfort to the millions of Australians who rely on the industry for their retirement savings.


What advice would you give someone thinking about getting involved in ACSA or one of ACSA’s working groups?

I would say definitely get involved with ACSA and with the working groups. There will continue to be unique challenges that our industry faces – investments in crypto currency, the increasing use of artificial intelligence, new and evolving asset classes, new regulatory challenges – the list goes on. ACSA provides a great forum to make a difference to the industry, work alongside your peers from other organisations with the sole focus of making the industry better, safer and more efficient for your clients. Plus, there are some great networking opportunities that ACSA working groups and events offer. You never know how beneficial it could be to your career.

Any other thoughts on ACSA?

30 years is a significant milestone for ACSA. For an Industry Association that focuses on a specific part of the investment markets, it has done an incredible job, thanks to the many individuals that have selflessly given their time and energy over those years to educate the industry, Government and regulators on the critical role Custodians play in the safe and efficient running of Australia’s financial markets.