In this Issue

• Market update – ACSA Industry Statistics and CHESS Release 2 update,
• Regulatory Update – ACSA Board of Tax submission, APRA Superannuation Stats, ASIC Beneficial Ownership Disclosure, FFSP Exemptions, and AUSTRAC Contribution Levy consultation.
• Members Update –ACSA AIMA 100WF Elevating Women’s Voices program and ACSA Thought Leadership Series
• Global Perspective – Calastone ETF insights and a T+1 Pulse Survey,
• Upcoming Events
• Industry Insights
• In Focus – Elaine Vaisanen (J.P. Morgan) and Pillar (New Associate member)
  

Introduction

The February 2026 edition of the ACSA Industry Wrap reflects a period of strong growth and elevated regulatory focus across Australia’s custodial and asset servicing landscape. Assets Under Custody reached a new milestone of $6.2 trillion by December 2025, underscoring continued market momentum across the sector.

Regulatory activity remains front of mind, with ACSA actively advocating on behalf of members through its submission to the Board of Taxation’s Red Tape Reduction consultation. This issue also covers key developments from ASIC, AUSTRAC and the Australian Government, including enhanced beneficial ownership disclosure proposals, consultation on the AML/CTF industry levy, and the extension of AFSL exemptions for foreign financial service providers (FFSP’s).

Superannuation continues to be a major driver of industry scale. APRA reported total superannuation assets grew 8.1% year‑on‑year to $4.49 trillion as at December 2025, reinforcing the sector’s ongoing growth and its importance to Australia’s financial system.

Beyond domestic developments, we share global perspectives on ETF servicing and industry readiness for T+1 settlement as European markets move closer to implementation.

We also celebrate member initiatives, including ACSA’s 30‑year milestone and the launch of the 2026 Elevating Women’s Voices program, and feature insights from Elaine Vaisanen of J.P. Morgan, alongside a welcome to new Associate member, Pillar Custodial Services.

And, keep an eye out for the special edition newsletter, with all the info from the 30 Year Gala Dinner last week.

Market Update

Assets under custody in Australia continue to grow in December half, hitting a record high of $6.2T

New data from the Australian Custodial Services Association (ACSA), the peak industry body for custodians and asset service providers in Australia, revealed an 8.6% rise in AUC in the six months to 31 December 2025.

While volatility remained markets maintained positive momentum in the second half of calendar year 2025, with AUC reaching a record high of $6.2 trillion by the end of December.

Individual custodians fared differently throughout the period due to industry consolidation, continued movement in custody assets and market growth. ACSA notes that after many years of outstanding industry support, NAB Asset Servicing no longer reports custody data to ACSA.

Australian investors increased their allocation to overseas assets by 6.9% to $2.25 trillion during the half, with Australian-domiciled investments increasing 9.5% to $3.94 trillion. Assets held in Australia on behalf of offshore investors (sub-custody assets) increased by 10.5% to $2.76 trillion.

Asset servicing providers in Australia managed $7.2 trillion as at 31 December 2025 - up 7.2%. They also settled over 14.1 million trades in the six-month period, an increase of 7.9% compared to the previous period. On average, ACSA members settled approximately 115,000 trades per day on behalf of clients.

More information can be found here. ACSA statistics tables can be access here.
 

CHESS Release 2 - Drop 3 User Technical Documentation now available.

ASX has announced that the CHESS Release 2 User Technical Documentation (UTD) is now available for Drop 3 of the CHESS Project.

The CHESS Release 2 Drop 3 UTD provides the specifications required by development teams to integrate with CHESS. It includes functional details of message flows, ISO message specifications and validation rules. The documentation also includes links to Swift’s MyStandards, the web platform used by ASX to publish ISO 20022 Usage Guidelines.

Drop 3 UTD includes the following new features:

• Payment facilities
• Settlement instruction management
• Batch settlement payments
  
• SRN enquiry
• Transfers and conversions between sub-registers
• Holding sub-positions
• Corporate actions
•  Additional reporting.

View Drop 3 UTD 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

ACSA Board of Tax Submission

ACSA has contributed to the Board of Taxation’s ("BoT") Red Tape Reduction consultation.
ACSA’s submission addresses eight areas for legislative and administrative reform, each of which would materially reduce red tape, improve certainty, and support productivity, without compromising tax revenue or system integrity:

1. TOFA Consistency Requirement: s230-80 Integrity Measure
2. Deemed Payment Notification for AMITs and CCIVs
3. Opt-Out of Short-Term FX Rules (s775-80) for Entities Established After 2003
4. Foreign Income Tax Offset ("FITO") - Addressing the Impact of the Burton Decision and Restoring Policy Intention
5. Functional Currency Election
6. Under distribution of FITO by an AMIT
7. Tax treaty between Australia and Luxembourg
8. Simplification of Withholding Tax Obligations

You can read the full submission here.

ASIC consultation on Beneficial Ownership disclosure

The Australian Securities and Investments Commission (ASIC) has today released Consultation Paper 387 Enhanced beneficial ownership disclosure: Proposed legislative instrument, form and guidance (CP 387).

The paper seeks feedback on ASIC’s draft:
ASIC Corporations (Listed Enhanced Beneficial Ownership Disclosure) Instrument 2026/XXX
Substantial Holding Notice, and
Amended Regulatory Guides 5, 9 and 222.

Feedback is due by Tuesday 21 April 2026.

For more information, see here.

FFSP AFSL exemptions (re)introduced.
The Australian Government has re‑introduced proposed exemptions for foreign financial service providers (FFSPs) from the requirement to hold an Australian financial services licence.

ASIC's transitional arrangements allow FFSPs that currently rely upon the limited connection relief and sufficient equivalence relief, or an individual relief instrument issued on the same terms as the sufficient equivalence relief, to continue to provide financial services to Australian wholesale clients. ASIC has recently extended these transitional arrangements until 31 March 2027, under ASIC Corporations (Foreign Financial Services Providers) Instrument 2025/798

APRA Superannuation Statistics

The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication report for the December 2025 quarter. Key statistics for the superannuation industry as at 31 December 2025:

Copies of the publication are available on APRA’s website at: Quarterly superannuation statistics

AUSTRAC - Have your say on the industry contribution levy.
AUSTRAC have opened a consultation on the industry contribution for 2025–26. We invite reporting entities, industry associations and other interested parties to participate.

AUSTRAC fund activities as Australia’s AML/CTF regulator and financial intelligence unit through an industry contribution levy. The legislative authority for the levy is the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011 and Australian Transaction Reports and Analysis Centre Industry Contribution (Collection) Act 2011.

Submissions

Your submissions should include:
1. The name of your organisation (or your name if the submission is made as an individual)
2. Contact details for the submission, including an email address and contact telephone number where available.
Submit your feedback to us via email at industry_levy@austrac.gov.au by COB Friday 20 March 2026..

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

2026 Elevating Women’s Voices Program – Applications to be a Participant or Mentor NOW OPEN

The highly successful Elevating Women’s Voices program is back once again in 2026 - Do you want to be a participant or mentor? Applications are now open.

Over the last 4 years the “Elevating Women’s Voices” program has seen more than 230+ participants, and 90+ mentors come together for formal group sessions, mentoring sessions and an opening and closing event over an 8-week period.

The program is only available to staff working at firms that are members of AIMA, ACSA and members of 100 Women in Finance.

Thanks to all our sponsors and hosts, with your amazing generosity the program is provided free of charge.

2026 applications for Mentor and Participant Nominations will open 25th February and close at Midday on 18th March – successful applicants will be advised shortly after 18th March.

Mentors

We are looking for 20+ mentors in both Sydney & Melbourne (numbers dependent on participant numbers), both women and men who have had extensive experience as a public keynote speaker, panel moderator, panelist, presenter, chair, or interviewer to work with a group of women within the program. Mentors will work in pairs with a group of 4-6 participants, helping participants put into practice and build on the skills that are discussed in the group training sessions. We are looking for people who can drive the objectives and impact of the program by bringing their passion and enthusiasm to support our participants.

Participants

Are you, or do you know women with ~5-10+ years’ experience in their field, who are not yet experienced public speakers but are keen to start or accelerate their communications skills journey? We are looking for nominations from right across the industry to participate in this year’s program. You are welcome to nominate yourself or someone you believe would benefit from this program. These women could be portfolio managers, investment analysts, risk managers, investors, allocators, investment consultants, in investor-facing roles, operational functions or any other non-investment function.

Please note that the program is Provided free of charge due to the generosity of our Sponsors and Partners.

2026 Program outline

Opening event Thurs 30 April, Sydney, 5pm – ASX
Group Training 1 “Feeling Prepared”
Group Training 2 “Anticipating Difficult Questions” + Networking drinks
Group Training 3 “Engaging the audience all the way”
Group Training 4 “Nerves Versus Confidence” + Networking drinks
Closing Night Event Melbourne 5pm Weds 24 Jun EY
Closing Night Event Sydney 5pm Thurs 25 Jun EY

If you wish to apply or know someone who should be considered as a mentor or participant, please ask them to apply though the link to the short application for the program.

Participant application: CLICK HERE

Mentor application: CLICK HERE

ACSA Thought Leadership Program

The ACSA Thought Leadership Program has commenced for 2026.

February- T+1 – A Global Perspective

We hosted the ValueExchange for a global T+1update. Globally securities industries have completed or are contemplating a shift to T+1 settlement. There has been real progress and understanding of the impacts of shortening settlement cycles from North America’s successful May 2024 move to T+1. With the UK and European target date locked in for October 2027 focus is shifting to sharpening industry readiness levels across EMEA.

If you missed the webinar, you can see the recording and slides here.

March- Digital Asset Licensing – What does it mean?

Millions of Australians are using or investing in digital assets every year. However, regulations that make this safe and secure as possible, while also encouraging innovation, are only now emerging. Blockchain and digital assets present big opportunities for the Australian economy, the financial sector and businesses. Insto investors will soon be looking at opportunities to invest.
Join us to hear from Industry experts: Alvin Chia, Northern Trust and Michael Mavromatis, Holley Nethercote on the impacts of the new licenses on the custody and investment industries

Sign up for the webinar 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.

Global Perspective

Calastone - ETF Servicing Insights

Calastone has released a forward-looking view on ETFs in 2026, as global assets surpass $17 trillion and the industry enters a critical phase of maturity. The coming year will test whether market infrastructure, standards and operating models can keep pace with rising volumes, increasing product complexity and the continued expansion of active ETFs. From primary market standardisation and servicing competition to T+1 readiness and secondary market reform, the themes point to an industry where scale demands stronger foundations.

Calastone explores how these pressures are playing out across fast-growing regions. From Asia’s rapid ETF expansion to growing momentum in the Middle East, as ETFs evolve from products into core market infrastructure, connectivity, automation and resilience will be central to sustaining growth.

Read more on ETF Serving here.

the ValueExchange Survey – T+! readiness in UK and Europe

The transition to T+1 settlement in the EU, UK and Switzerland is moving from planning into execution. ValueExchange is inviting you to take part in our new T+1 Pulse 2026 Q1 Survey in the EU, UK and Switzerland.

The survey is sponsored by Clearstream, DTCC, Euroclear, SIX and the UK Accelerated Settlement Taskforce. It is supported by leading associations and industry bodies - ISSA, EFAMA, ISITC, ISLA, IA - The Investment Association, AFME, ECSDA, UK Finance and Swiss SPTC.

If you’re interested, take the survey here

Key Events

• 12 March 2025 - ACSA Gala Dinner
  
• 17 March 2026 - ACSA Thought Leadership Series - Exchange Traded Funds: Growth, Innovation and Best Practice
• 27 March 2026 - ACSA Thought Leadership Series - Digital Asset Licensing – What does it mean?

Insights and Updates

• January 2026 - ACSA submission on Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2025
• October 2025 - ACSA response to Treasury on Regulating Digital Asset Platforms – exposure draft legislation
•  November 2025 - ACSA submission regarding Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025
• December 2025 - ACSA Board of Tax Red Tape Reduction Review submission
  

In Focus – Elaine Vaisanen (J.P. Morgan)

Elaine Vaisanen is the Asia Pacific Head of Fund Services Operations for J.P. Morgan as well as the Commercial and Investment Banking (CIB) Operations lead for Australia and New Zealand, where she is responsible for overall operations execution. She is a member of the Asia Pacific CIB Operations Leadership Team and the Australia and New Zealand Location Management and Operating Committees.

Elaine brings 27 years of Securities Services experience, with nearly 25 years at J.P. Morgan Fund Services. Before moving to Sydney from Europe in 2023, she was the head of EMEA Fund Accounting NAV Operations, and head of Luxembourg Fund Services Operations.

Elaine holds an MBA in Business Administration, and a BA Hons from University College Dublin.

Quick fire five

Coffee or Tea? Coffee (and a lot of it)
Tik Tock, Instagram or Facebook? Instagram
Pop, Rock or Rap? Pop
Cocktail or Wine? Wine
Summer or Winter? Winter

First of all congratulations on a very successful career, what have been your career highlights and what are you most proud of when you look back on your career?
One of the areas I most enjoy in my career is working on junior talent programs. Over the past 27 years, I have had the privilege to be involved in quite a number of these initiatives, each bringing its own unique rewards. One of my proudest moments was the launch of an apprenticeship program for school leavers, which we developed in partnership with the Education Ministry in Luxembourg. This program was particularly meaningful because several of the students were refugees, and it provided them with an entry point into financial services—a path that would not have been available to them otherwise. It is incredibly rewarding to see that, four years later, a number of those students are still thriving in banking.

How did you first begin working in financial services/asset servicing?
My move into financial services began when I relocated from Ireland to Luxembourg in 1999. At the time, Luxembourg had a large and vibrant financial industry that was eager to hire young graduates. I consider myself very fortunate, as this opportunity provided a fantastic kick-start to what became a 25-year career in Europe, working with Irish, UK, and Luxembourgish funds.

What was your first role in financial services and how did you end up in your current role?
My first role in the industry was as a fund accountant for a company called Brown Brothers Harriman, which I thoroughly enjoyed. Over the years, I have had the privilege of evolving into many different areas within banking, including transformation, finance, governance, operations, projects, and AML. This broad experience has been incredibly rewarding and has shaped my perspective on the industry. In 2023, I was fortunate to be approached with the opportunity to move to Sydney with my family to lead APAC Fund Services Operations and ANZ CIB Operations—a new and exciting chapter in my career.

You’ve been involved with ACSA for a while now, tell us about that experience and the value ACSA brings to the industry.
I’ve had the pleasure of being on the ACSA Board for over a year now and it has been an incredibly rewarding experience. ACSA plays a vital role in bringing together industry participants to collaborate on key issues, share best practices, and drive positive change across the sector. Through its advocacy, thought leadership, and commitment to professional development, ACSA helps shape the future of the industry and ensures that our collective voice is heard on important regulatory and market developments.

What advice would you give to the younger professionals the industry?
Always be curious – keep asking questions of those around you – it keeps your perspective fresh.

In Focus – Pillar Custodial Services Pty

Pillar Custodial Services Pty Ltd (“Pillar Custodial”)is a purpose built entity created to deliver specialist trustee and custodial services. While Pillar Custodial (wholly owned subsidiary of Boardroom Pty Ltd) is a newly established company, it is underpinned by the systems, infrastructure and trusted experience of our parent company, Boardroom Pty Ltd - one of the leading share registry and corporate services providers in Australia.

Leading our trustee and custodial teams at Pillar Custodial is Shenali De Silva, a seasoned professional with over 17 years of experience in employee share plan trust and custodial services. Prior to joining Pillar Custodial, Shenali headed the trustee services division at MUFG Pension and Market Services (formerly Link Group), where she gained extensive expertise across a wide range of industries and client profiles.

Pillar Custodial Services Pty Ltd recently joined ACSA as an Associate member, what are the benefits of being a member?

The benefits of being a member are:

• Industry Insights & Updates – Access to regulatory, operational and market developments relevant to the custodial and asset servicing sector.
• Participation in Working Groups – Opportunity to join ACSA working groups and contribute to industry discussions and standards.
• Networking & Collaboration – Engagement with custodians, asset managers and service providers across the sector.
• Professional Development – Access to briefings, workshops and knowledge sharing forums.
•  Industry Recognition – Association with the peak body representing Australia’s custodial and asset administration industry.

Tell us about your business’s involvement in asset servicing / financial services? What is your primary focus?
Pillar Custodial Services Pty Ltd is a specialist provider in Australia’s asset servicing and financial services ecosystem. Pillar Custodial will support trustees and fund managers by safeguarding client assets, administering cash movements and ensuring robust operational, compliance and reporting standards.

Pillar’s primary focus is delivering non incidental trustee and custodial services with a strong emphasis on operational integrity, risk management and regulatory compliance, providing clients with a trusted, independent and high-quality trustee and custody solutions.

What industry challenges do you help to solve?
Pillar will help address key industry challenges such as rising regulatory and compliance demands, operational inefficiencies and the need for robust asset safekeeping frameworks. By delivering strong governance, scalable custody and trustee solutions and streamlined operational processes, Pillar aims to enable clients to focus on investment management while ensuring investor assets are protected with integrity and transparency. Pillar’s model enables fund managers and trustees to launch or grow products without the cost or complexity of in-house custody operations.

What excites you about the future of the asset serving/custody industry?
Pillar Custodial is excited about the industry’s shift toward greater innovation, transparency and operational resilience. The increasing adoption of digital solutions, stronger regulatory standards and growing demand for independent custodial oversight create new opportunities to deliver smarter, safer and more scalable services. Pillar Custodial sees a future where enhanced automation, better data quality and more collaborative industry frameworks elevate the overall investor experience and is energised to play a role in shaping that evolution.