In this Issue

• Market update – Strengthening super’s cyber shield and Super Insights for 2026
• Regulatory Update – CGT changes, CoFR market observations and AUSTRAC guidance
• Members Update – ACSA Brand Next Generation Coffee Buddies event and ACSA Thought Leadership Series
• Global Perspective – Global asset manager insights and T+1 European Update
• In Focus – Romilla Mohan (J.P. Morgan)
  
  

Introduction

Welcome to the June 2026 edition of the ACSA Industry Wrap.

In this edition, we share key updates on what the super industry is doing on cyber and insights from Global Asset Managers and super in 2026. We also provide an update on the recent CGT changes in the federal budget. Regulatory observations from the Council of Financial Regulators (CoFR) highlight key market risks and we have further guidance from AUSTRAC.

This issue also features our upcoming Coffee Buddies catch ups and Thought Leadership webinars. Additionally, this month, we are in focus with Romilla Mohan from J.P. Morgan.

Market Update

Strengthening super’s cyber shield

For financial services, the message is clear: AI is changing the speed and scale of cyber risk, but is also reinforcing the need for stronger defences, faster detection and a more coordinated and comprehensive response.
The superannuation sector holds retirement savings for 19 million Australians, making strong cyber and financial crime protections essential to member trust and system resilience.

To support super funds, ACSA is working with ASFA in bringing together the sector to join in the fight against cyber and financial crime through the Superannuation Cyber and Financial Crime Coordination (SC3) Framework. The SC3 Framework is designed to help funds prepare and respond to cyber threats, scams, fraud and financial crime, by sharing insights, improving preparedness and supporting a consistent sector wide response when risk emerge.
The Framework includes the development of a sector-wide threat intelligence capability (subject to authorisation), coordinated incident response planning, exercises and specialist forums to ensure lessons are shared and translated into action.

As frontier AI accelerates both the risk and tools available to bad actors, collaboration across the industry has never been more important.

For more information on the how ACSA is working with ACSA on the SC3 Framework and how you can get more involved, please contact us here.

Super Insights 2026; Elevating performance, experience and trust in superannuation

KPMG recently released their annual analysis of the Australian superannuation industry: the Super Insights 2026 report and interactive dashboard.

Australia’s super industry is at a turning point. With more than $4.5 trillion invested, performance remains strong, but rising regulatory, member and technology pressures are reshaping how funds operate and deliver outcomes.

Market overview:

• Investment performance remains strong, with the median growth fund returning 10.5% in FY25, though recent returns are not expected to be the norm going forward.
  
• Scale continues to concentrate, with the largest 24 APRA regulated funds accounting for around 96% of industry assets.
  
• Regulatory and cost pressures have intensified. Average operating costs increased to $250 per member, driven by technology uplift, cyber resilience and transformation.
  
• Delivery is the real test as Payday Super, higher member service expectations and AI adoption converge.
  

Super industry snapshot:

This year’s report combines annual data with interconnected dimensions shaping sustainable member value, including:

• returns and investment governance
  
• operational efficiency and value for money
  
• system safety and resilience
  
• member experience, advice and service delivery
  
• AI enabled transformation
• retirement outcomes

You can download the full report here.

Interested in joining 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

Capital Gains Tax (CGT) Changes in 2026 Federal Budget

In the 2026-27 Federal Budget, the Australian Government announced significant reforms to Capital Gains Tax (CGT) arrangements, effective for gains accruing from 1 July 2027. The longstanding 50% CGT discount for assets held over 12 months will be replaced by inflation-based cost base indexation (using CPI), paired with a minimum 30% tax rate on net capital gains. These changes apply to individuals, trusts, and partnerships, aiming to tax only "real" gains after inflation and curb speculative investment, particularly in housing alongside negative gearing limits to new builds.

Complying superannuation funds, including SMSFs, are excluded from the new CGT rules and continue under their concessional regime: an effective 10% tax rate on capital gains in accumulation phase (one-third discount) and 0% in pension phase. This preserves super as a tax-efficient long-term savings vehicle relative to direct investments. Widely held trusts and managed investment trusts are also generally excluded from the minimum tax, providing some stability for collective investment vehicles.

However, broader investment funds and platforms face challenges. The shift requires complex tracking of pre- and post-1 July 2027 gains for assets straddling the date, new calculations for indexation, and system updates for distributions and tax reporting. This could increase compliance costs and administrative burdens for custodians and fund managers. Superannuation may also be indirectly impacted by the new CGT rules if they invest in a MIT or AMIT with underlying capital gains.

ACSA has called for a delay in implementation and ACSA urged more time and consultation to allow systems and platforms to accurately calculate and process the policy changes, warning of potential disruptions to investors and operational risks without adequate preparation.

Check out ACSA’s submission on the CGT changes here.

Quarterly Statement by the Council of Financial Regulators

The Council of Financial Regulators (the Council) held its regular quarterly meeting in June 2026. The Council is the main coordinating body for Australia's financial regulators, with the ultimate aim of promoting the stability of the financial system and supporting effective and efficient regulation. It brings together the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Australian Treasury and the Reserve Bank of Australia (RBA).

The Council made the following observations:

• The Australian financial system has remained resilient, but international risks are elevated
  
• Geopolitical risks are elevated
  
• Frontier AI is compounding a more fraught environment for operational risk
  Read the full details here.
  
  

AUSTRAC Changes to transaction and suspicious matter reporting

From 1 July, AUSTRAC has changed its threshold transaction report (TTR) and suspicious matter report (SMR) forms. The new forms are designed to improve data quality to allow AUSTRAC to respond more effectively to financial crime. They also provide reporting entities with greater confidence to meet their reporting obligations.
If you were enrolled on 30 March this year, you can use the existing or the new forms until 30 March 2029.

To learn more about reporting obligations to AUSTRAC, visit our website.

To learn more about the forms, visit the training environment on AUSTRAC Online.

AML/CTF updates now in effect
Updates to AML/CTF obligations came into effect on 31 March 2026. If you’re already reporting to AUSTRAC, the following obligations now apply.

Transitional Rules
Updated transitional arrangements are in place to make the reforms easier to implement. These transitional rules may give you extra time to update your systems, processes and AML/CTF programs, depending on when you enrolled and the services you provide.

Amendments to AML/CTF Rules
AUSTRAC also made several amendments to the AML/CTF Rules, including updates to reporting groups, technical requirements, exemptions and other key areas.

Travel rules
If you transfer or receive money, virtual assets or property on behalf of customers, they may need to collect, verify and share certain information as part of those transactions. These travel rules typically apply to financial institutions, remitters, and virtual asset service providers.

Travel rule quick guides are available for:

• ordering institutions
  
• intermediary institutions
  
• beneficiary institutions

Members Update

ACSA NEXT GEN LEADERS ‘COFFEE BUDDIES’

Here’s how it works:

• Individuals will nominate themselves to be included in the program
  
• The ACSA Next Gen Leaders Working Group will match you with a new buddy from a different house
• You will receive your buddy’s contact details to arrange a coffee or another informal meeting that suits you both

There are many benefits to having a coffee buddy:

• Provides an opportunity to learn about other organisations within the industry and the overall custody industry
  
• Mentorship and career opportunities
  
• An extra friend at the next ACSA industry event
  
• The aim of the program is to enable a way to informally connect with industry colleagues to make the custody industry a great industry to work in.

Interested? Sign up today via the link below.

Timeline:
Registration Close: 15 July
Complete buddy matching: 3 August
Send out Match emails: 3 August
Coffee Buddies Program period (one match): August
Coffee Buddies Program period (multiple matches – one per month): August - October

PLEASE REGISTER HERE


Are you wanting to meet industry colleagues, build your professional network, and learn more about the industry? Join us for the second round of the ACSA Next Gen Leaders ‘Coffee Buddies’ program!

ACSA Thought Leadership Program

Here is an insight into upcoming ASCA Thought Leadership Program webinars:

Artificial Intelligence in Action: How funds are adopting AI

Friday July 31
From experimentation to enterprise capability – what’s happening now, and what’s coming next

Superannuation funds and asset managers are operating in an environment of increasing scale, complexity, regulatory scrutiny, and member expectations. AI is emerging as a critical enabler—supporting better decision making, operational efficiency, and more personalised outcomes, while also introducing new governance, risk, and ethical considerations.

Artificial Intelligence is no longer a future concept for the superannuation and funds management industry. Across investment operations, member engagement, risk management, and core administration, AI is rapidly moving from pilot programs to embedded, business as usual capability.

This webinar brings together industry leaders and practitioners to explore how AI is being used today, where it is delivering real value, and how funds should prepare for a future where AI becomes mainstream infrastructure across the financial services ecosystem.

Attendees will leave with:

• A clear understanding of AI adoption today
  
• Practical insights into Value, Risk and Governance
• A stronger grasp of the future state

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

Expansion Under Pressure: How Leaders Are Realigning Firms for Strategic Growth


New research reveals how asset managers are sharpening their approaches to growth.

Margins are compressed, investors are demanding more and the cost-cutting playbook of the past no longer suffices. SS&C and Ignites spoke to leaders across the globe to find out how top firms are implementing new ways to grow at scale. Read the white paper to find out what they had to say, including:

• Why does it make sense to treat cost efficiency as an outcome rather than a driver.
  
• How vehicle agility and multi-wrapper strategies are reshaping product thinking.
  
• The crucial roles of data, technology and AI in building a scalable operating model.
  
• The new outsourcing mindset: How firms are choosing partners.
  

To learn how leading asset managers are balancing efficiency with expansion, download the white paper here.

Accelerated settlements: T+1 in the EU, UK and Switzerland - Q1 2026 key findings

Value Exchange has updated its research on accelerated settlements: T+1 in the EU, UK and Switzerland and its latest report provides the broadest and clearest picture yet of readiness, dependencies and misalignment.

Based on feedback from over 600 market participants, the data highlights how the continent is progressing towards T+1.

Key findings include:

• Engagement is high across the EU, UK and Switzerland
• Full readiness remains limited
• More key milestones are shifting into 2027
• Investor development work remains uneven
• Service provider readiness is still a concern

You can download the report here.

Key Events

• 31 July 2026 - ACSA Thought Leadership Program - Artificial Intelligence in Action: How funds are adopting AI
• 3 August 2026 - ACSA Coffee Buddies catch ups
  
  

Insights and Updates

• June 2026: ACSA Statement on CGT changes
  
• April 2026: ASIC CP387 Beneficial Ownership Consultation
  
• April 2026: Letter to Treasury re ST FX Election
  
• January 2026: ACSA submission on Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2025
  

In Focus: Romilla Mohan – J.P. Morgan

Romilla is a Vice President in the investment banking sector, with 10 years of industry experience. She holds a Bachelor of Actuarial Studies and Bachelor of Economics from the University of New South Wales.

She began her career in management consulting before transitioning to global markets at Deutsche Bank. Currently, she leads ETF Product Development in the region at JPMorgan, having worked across multiple areas of global fund services over the years.

Alongside her role, she is actively involved in mentoring and industry engagement initiatives aimed at building capability and leadership within the next generation of finance professionals.

Quick fire five
Coffee or Tea? Neither – juice is best!
Tik Tock, Instagram or Facebook? Instagram
Pop , Rock or Rap? Pop
Summer or Winter? Summer

You recently participated in the ACSA next generation leaders’ event, how would you like to see ACSA engaging those new to the industry?
I’d like to see ACSA continue creating inclusive, practical forums that combine education, networking and real‑world insight. Mentoring, career‑path visibility, and opportunities for early‑career professionals to actively contribute to working groups all help build confidence, capability and long‑term engagement with the industry.

Tell us about your career in asset servicing / financial services? What lead you get involved in the custody industry?
My career in financial services began as a graduate in the Global Markets space, which provided a strong foundation and broad exposure to how markets and investment products operate. I later moved into the custody and asset servicing industry when an opportunity arose at J.P. Morgan to work in ETFs. At the time, ETFs was a relatively new product and just beginning their exponential growth, and I was keen to be part of that journey. Being able to learn while contributing to the growth of an evolving product is a great motivator.

Why should people connect and engage in ACSA?
ACSA provides a unique platform to learn, collaborate and shape the future of asset servicing in Australia. Engagement offers access to industry insight, peer networks and thought leadership, while enabling members to contribute to meaningful discussions on market evolution, innovation and best practice.