In this Issue

• Market update – ACSA Stats, ASX CHESS Release 2 update
• Regulatory Update – ACSA CPS230 Guidance, AUSTRAC update, ASIC Superannuation Investment Review and Competition in capital markets
• Members Update – ACSA history page on website, ACSA Thought Leadership Program, Wear it Purple Day, and RUOK? Day
• Global Perspective – ETF Processing
• Upcoming Events
• Industry Insights
• In Focus – Marian Azer (BNY – ex ACSA Deputy Chair)
  

Introduction

Welcome to the August 2025 edition of the ACSA Industry Wrap. Don’t miss the ACSA history page on our website which shares great insights into our history. In this edition we update you on the Industry Stats, various regulatory updates and an ASX CHESS Replacement Release 2 update.

This issue also shares some interesting global content on global ETF processing models, plus there are details of our ACSA thought leadership series, ACSA’s member catch up on Wear it Purple Day and the upcoming R U OK? Day.

This month we are In Focus with Marian Azer – BNY, former ACSA Deputy Chair – a great supporter of ACSA.

Market Update

Assets under custody in Australia continue to grow in June half, hitting a record high of $5.6T

New data from the Australian Custodial Services Association (ACSA), the peak industry body for custodians and asset service providers in Australia, revealed a 2.9 per cent rise in assets under custody in the six months to 30 June 2025.

Markets maintained positive momentum through periods of volatility in the first half of the calendar year 2025, with Assets Under Custody reaching a record high of $5.60 trillion in June. Assets under Administration rose 2.7% to $6.32 trillion. These new milestones comes as ACSA celebrates its 30th anniversary in 2025.

More information can be found here.

ASX CHESS Release 2 Drop 1 User Documentation is now available.

ASX has announced that the CHESS Release 2 User Documentation is now available for Drop 1 of the CHESS Project. This contains the specifications your development teams require to integrate with the CHESS Project solution.

It contains an overview of the CHESS Project platform, complete with functional specifications of the message flows to and from CHESS Release 2. Additionally, it includes ISO message specifications and validations, along with an introduction to Swift’s MyStandards. For those unfamiliar, MyStandards is the web platform where ASX publishes the ISO 20022 Usage Guidelines.

The documentation will be released incrementally, in alignment with the five feature Drops of CHESS Release 2.

You can find out further details 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

CPS 230 Operational Risk - Scenario Testing

APRA requires APRA-regulated entities to have a systematic testing program for its Business Continuity
Program that covers all critical operations and includes an annual business continuity exercise.

ACSA has released a Guidance Note on Scenario Testing and Design which compliments the previously issued Guidance Notes on Critical Operations, Impact Tolerance and Oversight arrangements.


When determining a framework for scenario testing and design, ACSA has prepared areas that should be
contemplated when working with your material service providers.

More information can be found here.

ASIC’s Reviews of Superannuation Investment and Competition in Capital Markets

ASIC to review superannuation investment requirements

ASIC has commenced a targeted review that may help boost investment in property by Australia’s superannuation funds.

View the full media release.

Enhancing competition and innovation in Australia’s evolving capital markets
ASIC is taking significant steps to foster competition and innovation, creating more opportunities for companies and investors and attracting more foreign capital to Australia.

View the full media release.

AUSTRAC highlights key developments

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

Key dates and timelines

Commencement of awareness campaign

AUSTRAC has launched a national reform awareness campaign, “Together We Can Stop Crime Where It Hides”, to reach, connect and assist current reporting entities, tranche 2 businesses- and the wider Australian public- to ready themselves for the upcoming changes.

The campaign stretches across three key phases; awareness, preparation and enrolment, from now until July 2026, to promote key milestones, tools and resources over time to make sure you are supported and understand your obligations.

AUSTRAC also kicked off the campaign with the release of a helpful new video breaking down the upcoming changes and why they’re important - How Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws are changing - YouTube.

Don’t miss the opportunity to shape the future of their digital experience with AUSTRAC

Your insights are valuable and will help AUSTRAC deliver practical and sustainable improvements to their digital solutions.

You can provide feedback through the AUSTRAC survey link with your members by 10 September 2025.

For any questions about the survey, contact AUSTRAC at HaveYourSay@austrac.gov.au.

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

If you haven’t looked at ACSA’ history page its worth a look. ACSA’s dedicated History page on www.acsa.com.au, sharing the association’s story. This offers ACSA members, industry partners, and the wider public an opportunity to explore the history of ACSA’s evolution and achievements. It reflects 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.

Find out more here.

ACSA Thought Leadership Program

The ACSA Thought Leadership Program has the following exciting events.

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.

17 October 2025
“The Evolution of Transfer Agency (Unit Registry)”
In this webinar SS&C will share insights from their latest white paper, on the Evolution of Transfer Agency (Unit Registry).
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 - BOLD VOICES, BRIGHT FUTURES

It was great to see ACSA members turn out in Sydney and Melbourne to celebrate Wear it Purple Day. Wear It Purple Day empowers LGBTQIA+ youth to dream big and share, “BOLD VOICES, BRIGHT FUTURES” with Australia.

To celebrate Wear It Purple Day, ACSA members met up at Sky Lobby, 85 Castlereagh Street Sydney and at 120 Collins Street Melbourne.

R U OK? Day – 11 September 2025

What R U OK? is about | R U OK?

R U OK Day was launched in 2009 by Gavin Larkin, following the suicide of his father Barry Larkin in 1995. Gavin Larkin chose to focus on one question to honour his father and to try and protect other families from the pain his endured: 'Are you OK?'.

Since its inception R U OK? has helped change the national conversation about mental health and suicide prevention. However, more needs to be done to prevent suicide. Research undertaken In Australia in 2022 reports that 1 in 5 people (aged between 16-85 yrs) in any one year will experience a mental illness. Therefore, it is very likely that people in your community (family, friends, colleagues) may be suffering a mental illness.

Many people with a mental illness do not seek help (estimated at 50%); this is due to various reasons, including the stigma around mental illness. By normalising discussion about mental illness, we can help reduce the stigma attached to it and encourage those who are suffering to seek help.

You can find out more about R U OK Day and what you can do top support mental health here.

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

ETF Share Class Operations White Paper

The Securities Industry and Financial Markets Association (SIFMA) has released a white paper which explores the operational aspects of managing Exchange-Traded Fund (ETF) share class structures. It outlines potential processes for individual shareholder share class exchanges, presents a voluntary framework for industry-wide communication, and highlights key operational considerations.

There are many facets to ETF share class administration and operations As the industry assesses its readiness and approach to potential developments in this evolving space, this white paper serves as a valuable informational resource.

An interesting read and helpful as Australia considers how to optimise ETF processing.

Read more here.

Key Events

• 19 September 2025 - ACSA Thought Leadership Program – ESG: Institutional Investors Leading the Way
• 17 October 2025 - ACSA Thought Leadership Program - The Evolution of Transfer Agency (Unit Registry)
  
  
  

Insights and Updates

• June 2025 - ACSA response to AUSTRAC AML/CLT Phase 2 Consultation
• August 2025- ACSA submission on Corporate Actions Functionality in CHESS Replacement
• August 2025 - ACSA Submission on AML/CTF Transition Rules
• August 2025 - ACSA CPS230 Scenario Testing Guidance

In Focus - Marian Azer on the history of ACSA

Marian Azer is BNY Australia’s Country Executive and leads the local Global Client Management team responsible for a portfolio of strategic enterprise clients in Australia.
Based in Sydney, Marian is responsible for driving the country strategy, growing the BNY franchise and delivering innovative solutions for clients, particularly across the banking, superannuation, investment management and wealth segments in Australia. She is also focused on building a culture of commerciality, client centricity and collaboration, while overseeing Australian governance responsibilities, including regulatory, legal and compliance. Marian is also a member of the BNY Asia Pacific Leadership Council and the International Leadership Team.

Quick fire

In 3 words describe:
The Custody Industry: Secure.
Australian Custodian Services Association: Collaboration.
The Future of Custody: Transparent.

ACSA is celebrating 30 Years supporting the Australian Custody and Investment Services Industry:

What was your involvement with ASCA?

I first joined ACSA in 2012 as a member of the Fund Administration Working Group. During that time, I also contributed to the Stronger Super taskforce, which engaged directly with APRA to interpret and respond to the new Superannuation Reporting and Prudential Standards, particularly SPS 231 on outsourcing. This reform marked a major shift in regulatory expectations, aiming to improve member outcomes, reduce costs, increase transparency and strengthen system integrity. Our taskforce met fortnightly to harmonise understanding of the new reporting requirements, especially around investment data. We were proud of the collective effort that helped custodians support superannuation funds in meeting their obligations. In 2015, I joined the ACSA Board representing a major member bank and later served as Deputy Chair until early 2020. During this time, I was Executive Sponsor of the Regulatory Affairs Working Group, collaborating with industry experts to navigate a period of intense regulatory change.


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

I got involved to learn, meet peers in the industry and to promote and raise awareness of the custodian and fund administration industry and to highlight the importance of the role we play in financial services.


Over time ACSA has also helped to shape the understanding of other industry participants, as well as government and regulators of the importance of an effective custodial and fund administration industry.


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

A forum such as ACSA is essential to the sustainable growth, resilience and integrity of the Australian custodial sector. It provides a trusted space for members to address shared challenges including regulatory change, operational risk and evolving client expectations. Through open dialogue and peer learning, members can raise industry standards, foster innovation and enhance the sector’s reputation. In a complex regulatory environment, a unified forum supports consistent interpretation and proactive adaptation, helping reduce compliance risks. It also accelerates technology adoption by enabling the exchange of ideas and experiences.


ACSA strengthens resilience by allowing members to share insights on emerging risks and coordinate responses during periods of market changes and stress. Beyond operational benefits, it builds trust and professional relationships, encouraging openness and mentorship. For ACSA members, this environment is not only beneficial but critical to ensuring the long-term success and credibility of the custody industry in Australia.


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


The custody industry is entering a transformative phase shaped by sustained growth, globalisation and technological innovation. Assets under custody have reached record highs, reflecting strong market momentum and increasing allocations to global assets. This growth is expected to continue as economic conditions improve. Australian investors, including superannuation funds, are expanding into global markets, driving demand for cross-border custody and fund administration solutions. This trend is reshaping the industry’s service model and reinforcing its international relevance.


At the same time, the adoption of digital solutions, artificial intelligence and advanced data management is accelerating. These innovations are improving connectivity between investors, asset owners and service providers, enhancing efficiency and enabling smarter decision-making. Together, these forces are redefining the custodial landscape and positioning the industry for a more dynamic and globally integrated future.


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

Becoming involved in ACSA is an excellent way to engage in the custodial and investment administration sector. It is a fantastic opportunity to build a strong professional network, engage with a number of financial market participants and to stay at the forefront of industry change and trends.


My advice would be to stay curious. Identify an area that interests you and actively engage in conversations with your industry peers.


Any other thoughts on ACSA?

I’m grateful to ACSA, all its dedicated volunteer members and my fellow board colleagues for all their time, knowledge, friendship and passion. I have learnt so much from my experience with ACSA and as a two-time award winner, I am extremely honoured for the recognition of my contributions over the years. Here’s to the next 30 years and to the next generation of members who will continue to shape ACSA’s future.