ACSA Industry Wrap - July 2026
57 minutes ago
(0 Comments)
Posted by: ACSA Admin
|
In this Issue
|
- Market update – ASX CHESS project: key updates
- Regulatory Update – CGT changes, ASIC and APRA updates
- Members Update – ACSA Trustee Companies Forum, ACSA Member Development Series and ACSA
- Thought Leadership Series
- Global Perspective – Digital Assets, DLT and T+1
- In Focus – Rosa Poole (J.P. Morgan)
|
|
Introduction
|
|
Welcome to the July 2026 edition of the ACSA Industry Wrap.
In this edition, we share key updates on the ASX CHESS project, we provide an update on the recent CGT changes in the federal budget and we share regulatory observations from ASIC and APRA.
This issue also features the launch of our ACSA Members Development Series and updates on the ACSA Thought Leadership webinars, and this month we are in focus with Rosa Poole from J.P. Morgan.
|
|
Market Update
|
|
ASX CHESS Project: Key Updates for Industry Stakeholders
ASX has announced the deployment of CHESS Replacement Drop 2 features into the Release 2 Industry Test Environment (ITE2), allowing Software Providers to reconnect and resume their build, test and readiness activities. Notably, Drop 2 enables comprehensive testing of the full Settlement Instructions lifecycle—including both Unilateral and Bilateral Settlement Instructions—and introduces batch settlement processing, further supporting the industry’s drive towards robust operational readiness.
In addition to technical progress, ASX has released the CHESS Release 2 User Technical Documentation (UTD) for Drop 4. This updated documentation provides stakeholders with the latest technical specifications, outlines new functionality, and incorporates refinements based on the most recent solution design. The UTD aims to assist all parties in understanding system changes and preparing for their development, testing, and implementation activities as the CHESS Project advances.
ASX has also announced the closure of Milestone 1 (Development Incentive Pool) within the CHESS Project Partnership Program. This recognises the significant efforts of participating organisations in completing a defined set of test scenarios and program requirements. With verification now underway, ASX will proceed to distribute financial support payments as per the agreed arrangements, marking a significant step in the industry’s collective preparation for CHESS Release 2.
More information on the ASX CHESS Replacement status 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
|
|
Implementation of 2026 Budget CGT Reforms – Consultations and Implications for Investment and Superannuation Funds
The 2026-27 Federal Budget capital gains tax reforms are now legislated following the passage of the Treasury Laws Amendment (Tax Reform No. 1) Act 2026 in late June. From 1 July 2027, the 50% CGT discount for individuals, trusts and partnerships will be replaced by cost-base indexation (so that only real gains above inflation are taxed) together with a 30% minimum tax on those gains. Pre-CGT assets are brought into the regime from the same date, while capital gains accrued before 1 July 2027 generally retain existing treatment. Critically for the funds sector, complying superannuation funds (including SMSFs) are explicitly excluded and continue to access the existing one-third CGT discount in accumulation phase and the pension-phase exemption.
Treasury is currently consulting on the next tranche of implementation measures. Exposure drafts of the Treasury Laws Amendment (Tax Reform No. 3) Bill 2026, released in early August, address the application of the new CGT rules to Attribution Managed Investment Trusts (AMITs), with further work underway to reduce compliance costs for fund managers. Additional consultation is also focusing on the treatment of small and start-up businesses, part-year residency rules, tax consolidation interactions, and exemptions from the minimum tax for genuine testamentary trusts, deceased estates and special disability trusts. Submissions on the latest exposure drafts close on 21 August 2026.
Industry discussions highlight both opportunities and significant operational challenges. Superannuation funds with direct investments remain relatively insulated from the headline changes, preserving their concessional CGT treatment. However, investment funds, including indirect investment vehicles, structured as trusts face increased complexity in calculating and attributing gains, managing unit-holder tax statements, and reviewing systems ahead of the commencement date.
ASCA has provided ca regulatory response that the implementation timeline should be deferred by 12 months to allow sufficient time for the necessary system, process and data changes across the custodial and investment administration sector.
Check out ACSA’s submission on the CGT changes here.
ASIC Market Integrity Update – Key Developments
In its latest ASIC Market Integrity Update (Issue 177 – June 2026), ASIC has extended its no-action relief for digital asset businesses by three months to 30 September 2026. This gives firms additional time to apply for or vary an Australian Financial Services (AFS) licence, while also broadening the relief to cover certain authorised representative and intermediary arrangements. The extension is intended to support an orderly transition to the new licensing regime without compromising investor protection or market integrity.
ASIC is also calling on all AFS licensees and market participants to urgently strengthen their cyber resilience as artificial intelligence accelerates cyber threats. In an open letter to industry, ASIC expects entities to reassess cyber plans, protect critical assets, tighten core controls, minimise attack surfaces, manage third-party risks, and ensure robust incident response capabilities. Boards and risk committees are required to table the letter, with ASIC emphasising that proportionate, effective cyber safeguards are essential to protect clients and maintain trust in the financial system.
Read the full details here.
APRA publishes new Statement of Expectations and Statement of Intent
The Statement of Intent (SoI) sets out how APRA will meet the Government’s expectations across its role and responsibilities, policy priorities, regulatory approach, relationships with external stakeholder and organisational matters. It also reaffirms APRA’s commitment to being a high-performing prudential regulator that serves the interests of the Australian community.
View the updated SoI on APRA’s website: Government expectations of APRA
ASIC published its updated Statement of Intent in response to the Government’s Statement of Expectations.
The Statement of Intent outlines how ASIC will achieve its objectives, carry out its responsibilities and exercise its powers. It should be read alongside the Statement of Expectations, as well as the laws that apply to ASIC and those which it administers. The Statement sets out ASIC’s role in accordance with the legislation, the Government’s policy priorities, ASIC’s regulatory approach, stakeholder relationships and how ASIC functions as an organisation.
Through its Annual Performance Statement, ASIC will publicly report on the implementation of the Statement of Expectation through the Corporate Plan. View the ASIC Statement of expectations and intent.
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
|
|
Trustee Companies Coming Together
ACSA is pleased to announce the launch of the ACSA Trustee Companies Forum, designed to foster collaboration and meaningful discussion amongst trustee companies across the industry. One Investment Group CEO Frank Tearle will serve as the first chair, bringing his wealth of experience and leadership to guide these discussions. The forum aims to provide a platform for trustee companies to share insights, address challenges, and collectively shape responses to regulatory and industry developments.
ACSA welcomes interest from those wishing to engage on trustee-related matters, whether you are keen to raise specific topics or simply network with peers in the sector. If you’re interested in participating or contributing to the Trustee Companies Forum, please get in touch at admin@acsa.com.au. This initiative is an ideal opportunity to connect, collaborate, and ensure your voice is heard in shaping the future of trustee services.
ACSA Members Development Series
ACSA is excited to announce the 2026 Members Development Series, a professional development program designed to equip members with practical career skills that enhance personal effectiveness.
This series focuses on bringing timely, high-value topics directly to members, supporting continuous learning and personal growth in a rapidly evolving industry. Key themes include navigating the impact of artificial intelligence, mastering meeting preparation and facilitation, handling difficult conversations and structuring impactful keynote messages—skills that help members remain adaptable, influential and “irreplaceable”.
Our facilitator is Arabella Macpherson, Founder and Director of Resonate Communication. Arabella specialises in creating high-performing hybrid teams. Her focus is on making sure each individual is being heard. She does this by training them on how to present with impact, have influential conversations and lead more effectively.
Register today at the links provided below.
Upcoming Events
Friday, 21 August 2026
ACSA Member Development Series: Irreplaceable in the Age of AI
21/08/2026
Time: 12-1pm AEST
Friday, 18 September 2026
ACSA Member Development Series: Bullet Proof Meeting preparation
18/09/2026
Time: 12:00 PM
Friday, 16 October 2026
ACSA Member Development Series: Running meetings that work
16/10/2026
Time: 12:00pm-1:00pm AEST
Friday, 13 November 2026
ACSA Member Development Series: Difficult conversations
13/11/2026
Time: 12:00pm-1:00pm AEST
Friday, 4 December 2026
ACSA Member Development Series: Structuring keynote messages
4/12/2026
Time: 12:00pm-1:00pm
ACSA Thought Leadership Program
Here is an insight into upcoming ASCA Thought Leadership Program webinars:
Webinar – DLT in the Real World
ACSA will 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 Tokenisation, DLT (Blockchain) and digital assets.
With over five years of research and monitoring of global developments,
this session answers the critical questions: How, where, and why is digital asset utilisation emerging in 2026? What are the most promising use cases for Tokenisation and DLT in financial services?
In Australia we have seen
increasing discussions about bond and equity market tokenisation and the impacts of stable coins in wholesale market settlements. International market shifts will be important to understand and connect to local initiatives in the foreseeable
future
Don’t miss this opportunity to access the results of ValueExchange’s comprehensive Q2 2026 market survey, featuring detailed perspectives from respondents worldwide. Whether you’re making the case for digital transformation
or looking to stay ahead of the curve, this webinar will equip you with the market-wide clarity you need.
Date: Friday 28 August 2026
Time: 12:00pm-1:00pm AEST
Where: Online - Teams
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
|
|
Digital Assts, DLT and T+1
Value Exchange has recently released two surveys providing insights into the evolving landscape of digital assets, distributed ledger technology (DLT), and market readiness for accelerated settlements in Europe.
The "DLT in the Real World 2026" research, conducted with Accenture, Broadridge, ISSA and Taurus, highlights the growing adoption of DLT, with firms ramping up budgets, clearer use cases, and increased live activity. Notably, 20% more is being spent on DLT and digital assets compared to last year, and 71% of firms plan to use stablecoins, while 47% are preparing for a digital Euro. The survey also reveals expectations for significant growth in transaction volumes and collateral tokenisation in the coming year. For full details, readers can download the key findings here.
The second survey, the "EU T+1 Industry Committee readiness survey – H1 key findings", developed in partnership with the EU T+1 Industry Committee and supported by ESMA and national authorities, sheds light on Europe’s progress toward T+1 settlement. With 83% of firms actively engaged and planning levels doubling over six months, the survey identifies dependencies on counterparties and vendors as significant concerns and notes that over half have not yet received IT guidance. The findings offer a practical perspective on milestones, risks, and areas where firms rely on external support to move forward. To explore the survey further, download the key findings here.
|
|
In Focus: Rosa Poole – J.P. Morgan
|
|
|
|
I joined J.P. Morgan’s Sydney office on 1 October 2023, permanently transferring from the Bournemouth office into a new role as a Compliance Risk Management Lead. I spent almost 26 years in Bournemouth across Payments (17 years), Internal Audit (6 years) and Markets (3 years). During my time in Payments, I held a range of roles including Payment Operations, training and developing new hires, Quality Assurance, Project Management, and Governance & Controls. In 2015, I moved into Internal Audit, covering Back Office Market Operations and managing global audits primarily across FX, OTC Derivatives, Collateral, and the Futures & Options teams. In my last role as a Payments Controls Manager within the OTC Derivatives back office, I led a proactive program of work to strengthen the payments controls culture, enhance technology design and improve the operating model and best-practice framework.
I’ve been married to Ken for 33 years and we have two children, Sam and Georgia, who both moved to Sydney before we did. Sam relocated in 2019, and Georgia followed in 2022 after two years in Canada and a season at Camp America. Once they were both settled in the same place, we decided to join them after a wonderful Christmas/New Year visit in 2022/ 2023. Four months later I’d secured a role, and the rest is history. We all love Sydney and feel incredibly fortunate to live somewhere so diverse—offering stunning outdoor lifestyle alongside big-city energy. With the harbour, beaches, coastal walks and national parks, plus great restaurants, cafés and major events right on your doorstep, it’s easy to see why. Ken and I spend as much time as we can travelling in our campervan, and most weekends you’ll find us out on a hike—pure bliss.
|
|
Quick fire five
Coffee or Tea? Tea (I’m British Afterall)
Tik Tock, Instagram or Facebook? (Facebook – old school)
Pop, Rock or Rap? Rock (hard choice love all music)
Cocktail or Wine? Wine (easy choice)
Summer or Winter? (Summer – why I emigrated)
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?
I’m most proud of building my career while raising my two children. They’re both grown now and recognise how hard my husband and I worked—not only to progress in our careers, but also to ensure they had every opportunity to pursue their sporting ambitions. It was challenging and exhausting at times—no easy feat—but absolutely worth it!
How did you first begin working in financial services/asset servicing?
From a young age, I knew I wanted to work in banking, and during school I completed work experience at a local retail bank—which I really enjoyed. After finishing further education and moving to Guernsey, I had the opportunity to join a merchant bank.
What was your first role in financial services and how did you end up in your current role?
My first role was on the Fixed Deposit Desk at Hambros Bank (Channel Islands) Ltd, Guernsey many years ago. The process was entirely manual where my colleague and I would review a report generated of fixed deposits due to mature. We would contact clients to get their instructions on whether they wanted to roll the deposit, mature the deposit, change the term, take the interest, fx into another currency etc.
Many years later the MT321 was developed by SWIFT to automate the process but I learnt a lot from doing processes manually back in the Hambros days.
Tell us about your involvement with ACSA and the value ACSA brings to the industry.
When I joined the Sydney branch, my manager encouraged me to join the ACSA Regulatory Working Group to quickly build my understanding of Australian regulations affecting the Custody business. Within a few months, the J.P. Morgan co-chair, who was nearing the end of her two-year term—approached me about stepping into the role. Tina asked me to consider becoming co-chair and, candidly, I wasn’t sure I could live up to all she had achieved.
At the time, I was new to Custody, new to Sydney, and still finding my feet in the ACSA Working Group. But with the support of my excellent co-chair, Sylone, and the guidance of former co-chairs Tina and Clare, I’m learning a great deal—and I’m grateful to be here today.
ACSA brings real value to the industry by giving members a place to come together and talk through the regulatory and market-practice changes that affect custody services. Through its working groups and forums, it helps people share what they’re seeing, compare approaches, and get on the same page about how to implement change in a practical way. It also creates a useful channel for engaging with regulators and other stakeholders, while strengthening connections and networks across the market.
What advice would you give to the younger professionals the industry?
If there’s one thing I’ve learned throughout my career, it’s the value of networking. I wouldn’t be in my role in Sydney today without a network of people I could reach out to for guidance and opportunities.
|
|
Print Page
Email to a Friend
