Introduction

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

In this edition, we provide members with key updates on market infrastructure and regulatory developments shaping Australia’s custody and investment services landscape. Highlights include the latest progress on ASX CHESS Release 1, insights from ASIC’s ASX Inquiry Panel Final Report, and important rregulatory updates from the COFR and AUSTRAC.

This issue also reflects on a significant milestone for the Association with a recap of ACSA’s 30 Year Celebration Gala Dinner, it outlines upcoming ACSA Thought Leadership Series events, and shares relevant global insights on next-generation middle office outsourcing. We also welcome WTax as a new Associate Member.

Market Update

CHESS Release 1 – progress update.

ASX continue to target CHESS Release 1 Go-Live on Monday 20 April 2026 and are progressing with internal governance activities. ASX expect to provide the next update on CHESS Release 1 on Tuesday 14 April 2026.

Key industry engagements leading to Go-Live:

• Technical Committee meeting
  
• AMO Acceptance forum (input into Go/No-Go meeting)

Further information on CHESS Release 1 can be located here. Further information on the ASX Technical

Committee and its working groups can be located here.

Should you have any questions, feedback, or additional considerations, please reach out via email to the CHESS Stakeholder Engagement Team or bilaterally with your ASX Stakeholder Engagement representative.

ASIC publishes ASX Inquiry Panel Final Report and acknowledges observations

ASIC has published the ASX Inquiry Panel’s (the Panel) Final Report into the Australian Securities Exchange (ASX) group. This follows the Panel’s nine-month analysis, focusing on governance, capability and risk management frameworks and practices across the group.

The Panel conducted more than 140 stakeholder interviews, reviewed submissions and an expert technical report of the CHESS system, undertook international benchmarking, held focus groups with ASX staff, and reviewed over 10,000 documents.

The key observations of the Final Report are consistent with the Interim report, and include that:

• Resilience of critical market infrastructure has been compromised to deliver high shareholder returns
  
• Governance arrangements fail to provide the necessary focus on critical market infrastructure
• ASX lacks the aspiration to be a steward of critical market infrastructure
• Capability and cultural barriers are hindering transformational change.

In addition to the Interim Report, the Panel observed that:

• ASX’s risk management and compliance practices need to mature to become fit-for-purpose and embedded in business processes. This contributed to ASX being overly reactive and tactical in its response to incidents and identified gaps
  
• An area that requires more reflection is the execution of ASX’s own market supervision responsibilities to monitor, supervise and enforce compliance with Operating and Listing Rules by participants and listed entities.

You can read the full ASIC report here, and also read the ASX response 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

COFR – Quarterly Update

The Council of Financial Regulators (the Council) held its regular quarterly meeting in March 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 continued its discussion on the rapidly evolving international risk environment, following its meeting with the Treasurer, Assistant Treasurer and the Australian Competition and Consumer Commission (ACCC) last Friday. Global financial stability risks were elevated, following the escalation of conflict in the Middle East. Geopolitical risk had been a focus for the Council for some time; CFR agencies were engaged with industry and closely coordinating in assessing the implications for the Australian financial system.

Key matters discussed included:

• Systemic risks and vulnerabilities
• Crisis preparedness and coordination
• Cyber and operational resilience
• Better regulation
• Other initiatives
  

To access the full meeting minutes click here.
COFR also issued minutes of a Trans-Tasman Banking Supervisors meeting which can be found here.

AUSTRAC – Reminder of Reporting Entity obligations.

AUSTRAC has issued a reminder that from 31 March 2026 current reporting entities (‘Tranche 1’ entities) should not retain copies of full ID documents for AML/CTF record-keeping purposes. The AML/CTF regime does not require copies full ID documents to be kept, and entities obligations under the Privacy Act require them to minimise the data they’re retaining.

Entities must also have clear and accessible privacy policies and collection notices explaining how personal information is handled – unless issuing a notice would breach statutory tipping-off restrictions.
Privacy Commissioner @CarlyKind said, "One of the most significant risks to Australians’ privacy is the unnecessary retention of ID documents, which are some of the most important pieces of personal information Australians possess. Holding onto copies of ID documents not only creates risks to individuals, it creates risks for businesses, which will be more exposed in the event of a data breach. This new guidance provides important clarity of expectations that AML/CTF rules do not require such records.”

Find out whether you may have AML/CTF obligations on AUSTRAC's website: https://www.austrac.gov.au/amlctf-reform

Read OAIC guidance and privacy essentials checklist here: https://www.oaic.gov.au/privacy/privacy-guidance-for-organisations-and-government-agencies/organisations/privacy-guidance-for-reporting-entities-under-the-anti-money-laundering-and-counter-terrorism-financing-act

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 Gala Dinner recap

The Australian Custodial Services Association’s 30 Year Celebration Gala Dinner was a landmark occasion—bringing together industry leaders, past and present contributors, partners and friends to reflect on three decades of progress and to look confidently toward the future of custody and investment services in Australia.

Hosted by Effie Zahos, the evening marked a proud milestone for ACSA and the broader custody and investment services community. It was both a celebration of the association’s origins, achievements and the role custodians will continue to play at the centre of the Australian financial system.

Read more about the event here, or access the event gallery below.

Event Gallery
Check out the gallery of photos and videos from the evening below.

Professional Pics
Photobooth

ACSA Thought Leadership Program

The ACSA Thought Leadership Program continues, ACSA has hosted two insightful webinars so far in 2026 if you missed these you can see the recording on the ACSA Website here.

• T+1 – A Global Perspective
  
• Digital Asset Licensing – What does it mean?
  

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

Exchange Traded Funds: Growth, Innovation and Best Practice

Friday 8th May 2026

Exchange Traded Funds (ETFs) have become one of the fastest growing segments of Australia’s investment landscape — reshaping how investors access markets, manage risk, and implement portfolio strategies.

This ACSA webinar will explore the continued growth of the ETF industry, spotlight current hot funds and product trends, examine best practice operational and governance approaches, and provide insights into the ACSA ETF Working Group’s focus and priorities.

Join us to hear from Industry experts: Rota da Silva - Ernst & Young,  Marsha Lee -  Calastone and Nicola Evans - J.P. Morgan.

Sign up for the webinar here.

2026 Fiscal Finale – ACSA Pre year-end tax update

Friday 22nd May 22nd

As the financial year draws to a close, the tax leaders of ACSA are sharing insights on key tax matters for ACSA members and their clients.

This update provides important information from industry tax leaders on regulatory change, emerging trends, and potential implications for ACSA members and their clients. With the ever-evolving landscape of tax laws and regulations, staying informed is paramount to ensure compliance and strategic tax planning.
Join us to hear from the ASCA Tax Working Group on key issues for financial year end.

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

Three Key Drivers of Next-Generation Middle Office Outsourcing

Why fund managers are shifting from cost savings to strategic advantage.

Middle-office outsourcing is no longer just about reducing costs. As complexity, regulation and trading volumes increase, fund managers are turning to outsourcing as a strategic lever for growth and operational resilience.

SS&C has released a white paper that explores how AI, automation and modern operating models are redefining outsourcing and why many firms plan to increase reliance on third-party providers in the coming years.

The three key drivers reshaping outsourcing: focus on core competencies, technology and scalability. How AI-powered operations improve data quality, transparency and decision-making. What to look for in a next-generation outsourcing partner.

Download the white paper here.

Key Events

• 8 May 2026: ACSA Thought Leadership Series - Exchange Traded Funds: Growth, Innovation and Best Practice
• 22 May 2026: ACSA Thought Leadership Series - 2026 Fiscal Finale – ACSA Pre year-end tax update
• 12 June 2026: ACSA Thought Leadership Program – Climate Reporting
  
  

Insights and Updates

• January 2026 - ACSA submission on Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2025
  
• December 2025 - ACSA Board of Tax Red Tape Reduction Review submission

Associate Member Profile – WTax

WTax manages and maximises withholding tax and class action recoveries for investors and financial institutions. We consistently increase investment performance by up to 52 basis points per annum for over 1000 clients globally, through optimising market coverage, shortening recovery timelines, and improving cash flow.

Bryan Gray | Brand Ambassador – Asia Pacific

Bryan Gray serves as the Brand Ambassador – Asia Pacific for WTax, where he plays a pivotal role in elevating the company’s profile among institutional investor clients and driving strategic growth across the region.

He brings over 35 years of industry experience in Australia and New Zealand, having held senior management, client services, and sales leadership positions at State Street Bank and JP Morgan, where he helped grow the business into the largest custodial services provider in Australia with over $1 trillion in assets under custody. Bryan has also served twice as director and chairman of the Australian Custodial Services Association and is a Chartered Accountant (Australia and New Zealand).

WTax recently joined ACSA as an Associate member, what are the benefits of being a member?

WTax’s recent membership in the Australian Custodial Services Association (ACSA) brings several meaningful advantages, particularly given our role in the custodial and investment administration ecosystem.
As an Associate Member of ACSA, WTax benefits from being part of a leading industry body representing more than 30 organisations within Australia’s custodial and investment administration sector. Membership provides us with access to industry insight, peer collaboration, and opportunities to participate in working groups, taskforces, and technical forums, helping us stay aligned with evolving market standards and regulatory developments.

It also strengthens our engagement with custodians and investment administrators - key partners in the foreign withholding tax recovery process - allowing us to collaborate more effectively, share expertise, and contribute to operational efficiency across the ecosystem. Through ACSA’s networking events and member forums, we can deepen relationships with industry professionals and remain connected to the issues shaping Australia’s financial services landscape.

Ultimately, our ACSA membership enhances our ability to support better withholding tax recovery outcomes for Australian investors, contributing both to improved client value and broader market efficiency.


Tell us about your business’s involvement in asset servicing / financial services? What is your primary focus?

WTax is a specialist provider in the asset servicing and wider financial services ecosystem, focused on cross-border withholding tax and securities class actions, and supports investment managers, asset owners, and custodians with an end-to-end recovery service.
Our primary focus is simple: enable investors to maximise investment returns while reducing operational and compliance burden across their withholding tax and class action recovery activities, delivering performance uplifts of up to 52 basis points per annum.

Our model is technology led, and expert driven. We develop our own platforms in-house, embedding AI and automation into every stage of the process, from data ingestion and entitlement analysis to claim filing and query management. This reduces manual workload for our clients by an average of 94 per cent, mitigates operational risk , and gives full transparency from initial claim to final payment.

This technology is underpinned by deep technical expertise. WTax has a global team of more than 250 experts globally and currently supports one in four of the world’s largest institutional investors.


What industry challenges do you help to solve?

Across withholding tax and class actions, investors face similar obstacles: intensive paperwork, varying language and form requirements, and limited in-house capacity, leading to unpursued claims, errors, or focus on only a few basic recovery markets.

In withholding tax recovery, rising scrutiny has increased queries, rejections, and evidence requests. Investors must provide detailed supporting documentation to demonstrate reclaim eligibility, but the required information is often dispersed across intermediaries and internal systems.

In class actions recovery, investors often lack a coordinated framework to track cases globally, assess eligibility using reliable data, enrol efficiently where there is clear value, and prepare and manage claims through multi-year processes, so a meaningful share of potential recoveries is never realised

This is exacerbated by fragmented reporting across intermediaries and investment markets, which makes it difficult to see what has been recovered and what remains outstanding.

WTax tackles these challenges by serving as a single specialist partner across both areas, delivering recovery solutions powered by purpose-built technology, AI, and technical expertise, to shoulder the operational burden, efficiently process reclaims, manage documentation and queries, optimise recoveries and deliver consolidated, transparent reporting.


What excites you about the future of the asset serving/custody industry?

The most interesting development in asset servicing and custody is the shift to genuinely data-led models. Automation, machine learning and generative AI are replacing manual, document-heavy workflows with systems that validate data, identify anomalies and keep complex processes moving with far less human intervention. For withholding tax and securities class actions, this means faster recovery times, improved consistency and the ability to scale across more investors and investment markets.

Another important trend is the rise of specialist providers. Instead of relying solely on broad asset servicing platforms, clients are selecting dedicated providers for specific domains like tax, class actions or compliance, and then integrating these capabilities into their existing infrastructure to achieve better client outcomes.

Within withholding tax and securities class actions, this is translating into demand for partners who can go well beyond basic reclaims. Investors want support for new markets, evolving asset types and complex investment structures, as well as the capability to utilise specialised claim types, such as legal claims via the European Court of Justice.

The direction of travel is clear: investors will operate in a market with far greater choice, where specialised offerings set a higher bar for accuracy, scalability and cost efficiency.

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.

Celebrating our success

Limited Tickets Available

We’re celebrating 30 years of service, innovation, and leadership within Australia's custody and investment services industry.

Since its founding in 1996, the Australian Custodial Services Association (ACSA) has been the trusted voice of the custody sector - championing excellence, driving collaboration, and supporting the evolution of financial markets.

This milestone Gala Dinner will bring together industry leaders, members, and key stakeholders from across the financial services landscape to reflect on ACSA's achievements, acknowledge contributions, and look ahead to the future of custody in Australia.

Date: 12th March 2026
Time: 6:00 PM - 10:30 PM
Venue: Doltone House Hyde Park, 3/181 Elizabeth St, Sydney NSW 2000
Dress Code: Black Tie / Formal

Don’t miss out, limit tickets are left. Get your ticket here.

30 Years supporting the custody and investment services industry

This year marks a significant milestone - 30 years since the founding of the Australian Custodial Services Association (ACSA).

Since 1995, ACSA’s mission has been clear: to advance the custodial services sector in Australia. Three decades on, that remains as vital as ever, guiding our efforts to set operational standards, nurture professional growth, and advocate for the evolving needs of custody and investment services providers. The world of custody has expanded dramatically.

Today, custodians in Australia oversee more than $5 trillion in assets, process millions of trades annually and operate across 100+ markets. Their reach now spans public and private markets, digital assets, and a diverse array of investment product structures.

With this growth comes an explosion of data, insight, and responsibility. Custodians are no longer just the backbone of financial operations, they are strategic partners, trusted advisors, and innovators at the heart of the investment ecosystem. Custodians have moved beyond the back office, supporting clients in digital transformation, data strategy and regulatory compliance, including ESG and sustainability. The rise of generative AI and DL T is reshaping how custodians deliver value, offering new ways to streamline operations, enhance transparency, whilst collecting, maintaining, and protecting vast sets of data.

There has never been a more exciting - and demanding – time to be in custody and investment servicing. Clients expect more than operational excellence; they look to their custodians for leadership, agility, and insights into a world defined by rapid technological change and market complexity. To meet these expectations, custodians must master not only the traditional elements of custody but also data and risk analytics, AI, and process automation, and new market opportunities.

We invite our members, their clients, industry supporters and sponsors to celebrate ACSA’s 30th anniversary as ACSA reaffirms its commitment to leading the industry into a future defined by excellence, innovation, and enduring partnership. 

Hear from Industry Leaders and ACSA

We look forward to celebrating with the industry.

The dinner will include brief formalities from ACSA, ACSA’s annual awards and a panel discussion to celebrate the achievements of ACSA, the current industry dynamics and what the future looks like. The evening will be facilitated by our Master of Ceremonies, Effie Zahos (Chanel 9 finance reporter).
Our panel discussion will include representatives from ACSA and our Platinum Event Sponsors:

• Nadia Schiavon, Managing Director, Head of Securities Services, Australia & NZ, J.P. Morgan
• Leon Stavrou, Senior Vice President, Managing Director, Country Executive Australia and New Zealand, Northern Trust Corporation
• Sally Surgeon, ACSA Chair

The formalities of the evening will be followed up by a night of networking and dancing.
Grab your ticket before the event is sold out. 

Event Sponsors

ACSA thanks our generous sponsors for their invaluable support in making our 30 Year Celebration Gala Dinner a success. The sponsorship contributions not only helped create a memorable celebration at Doltone House Hyde Park but also reinforced the strong partnerships that continue across our vital industry. We are truly grateful for this partnership and look forward to the Gala Dinner success.

Platinum Sponsors

Northern Trust has a long-established presence in Australia, servicing clients in the Australian and New Zealand markets since 1993 and operating from Melbourne as a key regional hub. Through its Australian operations, Northern Trust provides institutional investors, asset owners, fund managers and family offices with asset servicing, asset management and capital markets solutions, combining global capabilities with deep local market expertise. The bank's Melbourne and Sydney offices support clients across custody, fund services, investment operations and data-driven solutions tailored to the needs of sophisticated institutional investors in the region.

Gold Sponsors

HSBC is one of the world’s largest financial organisations, serving around 41 million customers across 57 markets. HSBC is one of Australia’s leading international banks offering services across retail, private banking, asset management, and corporate and institutional banking (CIB). Our CIB business partners with corporate, government and institutional clients to deliver trade finance, treasury and financial markets, global payments solutions, research and analysis, and securities services and custody.

State Street Corporation is a premier global financial services provider and one of the world's leading custodians and asset managers, headquartered in Boston, Massachusetts. Through its core divisions—including Investment Servicing (encompassing custody, fund administration, accounting, and global markets capabilities) and Investment Management via State Street Investment Management (formerly State Street Global Advisors). The company delivers mission-critical solutions to institutional investors such as asset managers, asset owners, insurers, official institutions, and central banks. Operating in over 100 markets with approximately 52,000 employees worldwide, excelling servicing areas such as ETFs, risk analytics, and innovative platforms that drive operational efficiency, regulatory compliance, and better investment outcomes. As a trusted partner in an evolving financial landscape, State Street empowers clients to navigate complexity, mitigate risks, and capitalise on opportunities across traditional and alternative assets, private markets, and digital innovations—leveraging its scale, technology, and expertise to help create better outcomes for investors and the people they serve.

Calastone is the largest global funds network, connecting the world’s leading financial organisations. Our mission is to help the funds industry transform by creating innovative new ways to automate and digitalise the global investment funds marketplace, reducing frictional costs and lowering operational risk to the benefit of all. Through this, we make investing more accessible, generating the opportunity for the industry to deliver greater value for the investor. Over 4,500 clients in 58 countries and territories benefit from Calastone’s services, processing £250 billion of investment value each month. Calastone is headquartered in London and has offices in Sydney, Luxembourg, Hong Kong, Taipei, Singapore, New York, and Milan.

Silver Sponsor

FRS has over 26 years of experience delivering high-scale investment administration solutions to asset managers, life and pension companies, superannuation funds and wealth managers across the UK/Europe, Australia and North America. Our clients include MetLife, State Street, Zurich and Prudential UK. FRS is wholly owned by Constellation Software Inc. and is headquartered in Dublin, Ireland, with offices in Boston, London and Melbourne.

Introduction

Welcome to the December 2025 edition of the ACSA Industry Wrap. This edition includes reflections for 2025 from the ACSA Chair and ACSA CEO, including how ACSA is celebrating its 30 years supporting the Australian Custody and Investment Administration Services industry. We update you on the ASX CHESS Project announcements and some key regulatory updates.

This issue also provides details of our latest Thought Leadership whitepaper – The New Custodian: Platform, Partner, Pioneer and shares some interesting global content on T+1 in Europe.

This month our In Focus is with Lisa Simmons from Ashurst

Season’s greetings from the Chair

2025 has been another dynamic year – custody never stands still! This year was particularly special as ACSA celebrates 30 years of supporting the Australian Custody and Investment Administration Services industry. It’s a milestone we’re proud of, and you can read more about our journey on the ACSA Website. We’ll be marking the occasion in March 2026 with a Gala Dinner, and I really look forward to seeing everyone there to celebrate this important milestone for our industry.

Over the last year, we’ve made significant progress together. APRA’s CPS230 prudential standard on operational risk has been front and centre for ACSA members and their clients. We also engaged actively with the ASX as they progressed the CHESS Replacement project whilst other regulators maintained a positive agenda for regulatory change. Collaboration remains at the heart of what we do, and it’s been inspiring to see how we’ve come together to deliver value to our people and clients.

As I wrap up my fourth year as ACSA chair, I’m very proud of what we’ve achieved together. We have maintained focus on our strategic priorities, welcomed new members and strengthened industry connections. Looking ahead, we’re turning our attention to emerging challenges around ETF’s, private assets and proxy voting – areas that will shape the future of our industry.

I want to extend my heartfelt thanks to the Executive Directors, CEO, David Travers,the Working Group Chairs and every member who has contributed their time , attended member Events and webinars and shared their expertise. Your commitment and drive all make a difference to ensure the industry continues to manage through ongoing change and take regulatory initiatives head on for the benefit of our member houses, our clients, and our people. The efforts of so many on a volunteer basis is appreciated and makes a huge difference in our ability to execute on our key priorities.

A special acknowledgement goes to NAB Asset Servicing (NAB) for their contribution to ACSA over the last 30 years. NAB has been a cornerstone of a strong, competitive landscape, and their impact and legacy will remembered for years to come.

As we head into the holiday season, I hope that you can take some time out to enjoy the break with family and friends. Thank you again for your support and collaboration. I am excited for what 2026 holds for us as we continue to deliver on ACSA’s mission.

Thank you again and best wishes.

Sally

“Our mission is to promote efficiency and international best practice for members, our clients and the market through a united voice for the custody and investment administration industry in Australia.”

2025 - a year in review

This year marks a significant milestone - 30 years since the founding of the ACSA. Since 1995, ACSA’s mission has been clear: to advance the custody services sector in Australia. Three decades on, that mission remains as vital as ever, guiding our efforts to set operational standards, nurture professional growth, and advocate for the evolving needs of custody and investment services providers.

To celebrate this milestone, we recently released a whitepaper, The New Custodian: Platform, Partner, Pioneer. This forward-looking whitepaper from industry leaders explores the opportunities and direction of custody and investment services industry in the next 30 years.

In March 2026, we’ll come together for a Gala Dinner to mark 30 years of service. I hope you’ll join us for what promises to be a memorable celebration.

Throughout 2025, ACSA remained focuses on delivering efficiency and best practices across the custody and investment administration. Our working Groups have been instrumental in driving engagement with regulators and shaping industry priorities. The level of regulatory engagement has been significant and I want to extend my sincere thanks to all working group members, and especially the chairs for their leadership and commitment.

This year also brought change, one of our founding ACSA members, NAB Asset Servicing (NAB) stepped away following changes to their business. NAB has been a strong supporter of ACSA throughout our history, and their contributions will be missed.

At the same time, we welcomed new members - Novigi, Evolution Trustees, Thompson Reuters, S&P Global, WTax. This reflects the growing interest in ACSA’s role and the value we bring to the industry. We’re delighted to have these organisations join our community.

We also delivered a successful series of 13 webinars, offering thought leadership, new industry insights, and personal development opportunities. Thank you to our partners - Resonate Communications, DTCC, BNP Paribas, J.P. Morgan, PwC, SS&C and ValueExchange - for making these sessions possible.

Finally through our InFocus series we celebrated the people who make this industry exceptional. Karen Gilbert (State Street), Bruce Walker (BNP Paribas), Sarah Reynolds (Northern Trust), Jane Wang (State Street), Bryan Gray (Ex ACSA Chair), Marian Azer (BNY, ex ACSA Deputy Chair), David Knights (Ex ACSA Chair), Andrew Sexton (Northern Trust), and Mark England (Citi). Their individual journeys remind us that our industry is built on talent, collaboration and passion.

Thank you to the ACSA Board, Kate Dent and all Working Group members for your dedication and support throughout 2025. Together we’ve achieved a great deal, and I look forward to continuing this journey with you in 2026.

David
CEO, ACSA

Market Update

ACSA shares details of ASIC’s ASX Inquiry Panel Interim Report, ASX CHESS Project updates on testing and Project Partnership Program.

ASIC ASX Inquiry Panel Interim Report



Australian Securities and Investments ...

ASIC has announced a transformational package to safeguard Australia’s financial markets in response to ASX Inquiry interim report. ASIC has obtained commitments from ASX Group (ASX) on a package of reforms including:

Strengthening the independence and governance of ASX’s Clearing and Settlement Facilities Boards

A strategic reset of ASX’s transformation program ‘Accelerate’, with clear milestones and accountability for delivery

The imposition of an additional $150 million capital charge on ASX Limited to ensure ASX maintains robust financial resources until remediation is complete

A commitment to stronger leadership


View the full media release.

CHESS Release 1 Implementation Dress Rehearsal 1 successfully completed

ASX announced that they held the first of two scheduled Implementation Dress Rehearsal (IDR) events for CHESS Release 1 over the 15-16 November 2025 weekend and successfully completed all planned test cutover activities.
The objective of the IDR is to simulate the Go-Live cutover process in the To-Be Production environment to mitigate the risks associated with the transition to the Release 1 Clearing Service. Successful completion of the IDR is also a lead-in activity for the AMO Parallel Test phase which is the final mandatory test phase for AMOs. This phase enables the validation of trade registration and pricing messages running in parallel between current CHESS and the Release 1 Clearing Service deployed in the To-Be Production environment.

ASX advised this is a significant milestone in preparation for the Go-Live of CHESS Release.

CHESS Project Partnership Program – confirmation of Milestone 1 requirements.

CHESS Project Partnership Program – confirmation of Milestone 1 requirements.

ASX has published an industry update detailing the requirements for additional financial support payments to be made for Milestone 1 under the Development Incentive Pool.

The industry update provides:

• the subset of test scenarios requiring completion under Milestone 1
• the requirements of Milestone 1
• the intended allocation of funds under Milestone 1 as well as the expected timing for payment.
  

The proposed milestone structure, requirements and allocation of funds are intended to recognise the effort required of eligible Development Incentive Pool Program participants, and to incentivise progress towards the successful implementation of Release 2 of the CHESS Project.

The ASX industry update 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

COFR Quarterly meeting

The Council of Financial Regulators (the Council) has released minutes from their December 2025 meeting which you can find here.

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).

Topics discussed at the meeting included:

• Regulatory reform initiatives: Review of small and medium sized banks; roadmap for better regulation of the financial system; improving efficiency without compromising financial stability.
• Systemic risks and vulnerabilities: Domestic and international risk environments; geopolitical, operational and cyber risks; strengthening of resilience in financial system.
• Private credit markets: Governance, disclosure and valuation practices
   
  
  

AUSTRAC Industry update – Current reporting entities – Banking and Finance sector 

AUSTRAC has provided an Industry Engagement update. AUSTRAC has highlighted key developments and upcoming events relevant to the banking and finance sector. 
  
The new AUSTRAC Online (AO) platform – keep yourself informed. Information is available on the AUSTRAC Online section of their website 
 
Core guidance. If you have any questions on how AUSTRAC has interpreted the AML/CTF laws, they encourage you to check their core guidance. You can learn more about how to use the guidance here.
 
Key dates and timeline 
 

You can also visit AUSTRAC’s Reforms hub to stay up to date on newly released information. 

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 Thought Leadership Paper – The New Custodian: Platform, Partner, Pioneer

ACSA has launched a forward-looking white paper setting out the changing role and future expectations of custodians within the financial services ecosystem. The release of the paper - The New Custodian: Platform, Pioneer, Partner - coincides with the 30th anniversary of ACSA’s founding in 1995. Informed by senior leaders of ACSA member organisations including BNP Paribas, Citi, Clearstream, HSBC, J.P. Morgan, Northern Trust and State Street. The paper charts the transformation of Australia’s custody and investment servicing industry in recent decades and a bold future vision for the industry. Among highlights from the paper:

• Australian custodians oversaw A$5.6 trillion in assets under custody and A$6.6 trillion under administration as at June 2025, operating across more than 100 markets and processing over 12.5 million trades annually.
  
• Custodians have evolved from back-office operators to indispensable strategic partners, and have become deeply embedded in clients operating models and front-office decision making.
  
• Clients are demanding far broader services – from middle-office outsourcing and liquidity management to advanced data analytics, AI-driven insights and private markets administration.
  
• The industry is leading innovation driven by digital assets, tokenisation, distributed ledger technology (DLT), Artificial Intelligence (AI) and the explosive growth of alternate and private assets.
  
• By 2030, up to 10% of global market turnover is expected to involve digital assets and tokenised securities, with custodians playing a pivotal role in building safe and scalable infrastructure.
  
  

You can download the white paper here.

Gala Dinner - Celebrating 30 Years of ACSA 🎉

Join us as we celebrate 30 years of service, innovation, and leadership within Australia's custody and investment services industry.

Since its founding in 1996, the Australian Custodial Services Association (ACSA) has been the trusted voice of the custody sector - championing excellence, driving collaboration, and supporting the evolution of financial markets.

This milestone Gala Dinner will bring together industry leaders, members, and key stakeholders from across the financial services landscape to reflect on ACSA's achievements, acknowledge contributions, and look ahead to the future of custody in Australia.

Date: 12th March 2026
Time: 6:00 PM - 10:30 PM
Venue: Doltone House Hyde Park, 3/181 Elizabeth St, Sydney NSW 2000
Dress Code: Black Tie / Formal

Get your tickets to the Gala Dinner here.

Join the discussion.  

Global Perspective

ISSA Accelerated Settlements: T+1 in the Europe & UK

Progress, pressure, and the road to 2027 – new data reveals how far firms have come and where work is needed.
The Key Results of ISSA’s latest “Accelerated Settlements: T+1 in the EU & UK” pulse survey, provides a clear picture of how the EU and UK are progressing toward accelerated settlement. The research was conducted in collaboration with the Value Exchange, and in partnership with T+1 Accelerated Settlement Taskforce, DTCC, Euroclear and Clearstream, and backed by other leading industry associations EFAMA, ISITC, ASIFMA, IA, ECSDA and EBF. 

Based on feedback from over 350 market participants, the data highlights both momentum and mounting complexity across the region.

Key findings for the UK:

• 66% of the industry is now in project mode for T+1 in the UK, a positive position compared with the North American transition this far ahead of the deadline 
• The UK industry plan is on-track for 2027, although the Asia-Pacific region has work to do to catch up
• Less than a third of firms are confident that service providers will be ready to support T+1 in the UK

Key findings for the EU:

• 65% of firms are engaged on T+1 in the EU 
• 65% of EU T+1 project work is expected to be completed by the end of 2026, with counterparty testing slated for 2027
• Settlement efficiency, after years of investment, is the single biggest area of impact for T+1 in the EU

For additional findings, download the Key Findings Report.

Key Events

• 12 March 2025 - ACSA Gala Dinner
  

Insights and Updates

• October 2025 - ACSA response to Treasury on Regulating Digital Asset Platforms – exposure draft legislation
• November 2025 - ACSA response to Treasury Law Amendments (Strengthening Financial Systems and Other Measures) Bill 2025
• December 2025 - ACSA Thought Leadership Paper– The New Custodian: Platform, Partner, Pioneer

In Focus – Lisa Simmons (Ashurst) - Long term ACSA supporter 

Lisa Simmons became involved with the custody industry shortly after returning to Australia from London in 2001, where she worked with fund managers, banks and others as part of the financial services team at Hogan Lovells.

Lisa has been actively involved with ACSA over many years. The firms of which she has been a partner, Corrs Chambers Westgarth and Ashurst, were associate members of ACSA and Lisa herself was involved as a member and chair of the Regulatory Working Group.

Separately Lisa has acted as legal adviser to many ACSA members and keenly followed the evolution of the industry, from the introduction by ACSA members of new services including middle office, collateral management and portfolio and transaction monitoring to ACSA member mergers, closures and corporate restructures.

She received the award from the Australian Custodial Services Association, for services to the custody industry, in February 2010.

Quick fire

In 3 words describe:
The custody industry -Evolving
ACSA -Impactful
The Future of Custody – Emerging services

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


What was your involvement with ASCA?

I have been involved with ACSA for many years, primarily as a member and for a time as chair of the Regulatory Working Group. Over that time, I also provided legal services to ACSA members, so needed to be across the latest regulatory developments affecting the industry. ACSA has been fortunate to have so many terrific lawyers and compliance people involved in the Regulatory Working Group over the years. I have been honoured to work with so many great people through my involvement with ACSA.

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

I started work as a partner at Corrs Chambers Westgarth on 1 July 2001 and my first task was to assist RBC Australia to complete its acquisition of the Perpetual back office, including its custody and administration operations. I had a strong background in funds, financial services and trust law (among other corporate and commercial legal experience) and so really found my niche working for custodians.

Obviously my lens is focussed on regulatory matters, but major achievements for the industry (and ACSA) since 2001 include:
- participating in the Parliamentary inquiry into the Trio collapse with its calls for heightened regulation and responsibility for 'gatekeepers' like custodians
- responding to RG 133 and its associated Class Orders, to drive sensible changes to the initial ASIC regulatory proposals
- responding to RG 166 and its associated Class Orders for responsible entities, IDPS operators and licensed custodians, including to advocate for sensible additions to the definition of 'excluded assets'
- facilitating amendments to AML/CTF Rules to avoid unexpected outcomes for the custody industry from the AML/CTF regime's applications to trusts and IDPS, and KYC of underlying investors
- implementation of SPS 231 (Outsourcing) and now of SPS 230 (Operational Risk Management).

ACSA has always been instrumental in providing education and resources on custody and other funds operational services. While ACSA has focussed its attention on members and their employees, it has also provided valuable guidance to the broader financial services industry on how and why custody services are provided as well as on the significance of certain industry developments.

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

When I look back on some of the issues that were considered by the Regulatory Working Group in the last 25 years, it has been so important to the industry that ACSA members were able to work together to analyse the implications of various reforms and develop submissions to Treasury and regulators that reflected balanced positions that worked practically for the industry. The Regulatory Working Group was only able to achieve what it did because each of the members of the Working Group was able to share experiences (taking into account commercial confidentiality and the importance of not behaving in anti-competitive behaviours) and because those members were willing to participate collectively in the process of writing submissions and driving change.

Treasury and the regulators value having a single point of contact into industry as it makes their own consultation processes that much more efficient. ACSA has provided that point of contact for the custody industry.

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

Well, I doubt that the industry will become less-regulated…

There was a time when the increasing debate about the benefits of distributed ledger technology and market and clearing access, I wondered whether there would be less opportunities for custodians to expand. But this has not been the case. Innovation around emerging operational and enhanced reporting and monitoring services in particular seems to be driving growth in the custody industry's offerings.

There are significant costs and risks of developing and implementing the technologies required to hold and deal in massive portfolios of financial assets, to track investments and monitor compliance with prescriptive mandates, to accurately determine portfolio values, track performance and calculate unit prices and provide add-on services which are essential to modern day investment. If anything, I would say there are more opportunities now than ever for existing, well-resourced custody and administration providers to expand their offerings and continue to be core to Australian institutions who provide essential financial solutions to Australian retail investors.

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

It's very easy to get involved – the Working Groups are always looking for more support and it is just a matter of getting your name on the member list and turning up to the meetings. Once there, volunteer your views – its really important for the health of the Working Groups and the industry as a whole that members are actively represented. The best outcomes have arisen when there are a number of people on the Regulatory Working Group that have been willing to actively participate and share their thoughts.

Any other thoughts on ACSA?

ACSA is essential to the development and future of the custody industry in Australia and the ability of members to conduct their businesses in an environment which allows for the importance of custody and administration functions to the financial services industry as a whole. I can only say that my own career has been significantly helped by my involvement in ACSA. So, as I approach my retirement, I just want to wish ACSA and its members all the very best for the future.

Introduction

Welcome to the October 2025 edition of the ACSA Industry Wrap. Don’t miss the ACSA Members Event photos as we celebrated 30 years supporting the industry. In this edition we update you on the ASX CHESS Project announcements, upcoming changes in ASX leadership and some key regulatory updates.

This issue also shares some interesting global content on Global Asset Servicing, plus there are details of our ACSA thought leadership series and a new initiative, ACSA Speed Networking.

This month we are In Focus with Mark England from Citi.

Market Update

Change log now available – CHESS Project User Technical Documentation

As part of the ASX ongoing commitment to transparency and continuous improvement, they have announced that a change log will now accompany the CHESS Project User Technical Documentation.
This initiative reflects the evolving nature of CHESS project documentation - driven by industry feedback and shaped by ASX’s regular quality reviews.

You can access the latest change log and documentation via the CHESS User Technical Documentation site, accessible via the CHESS Release 2 stakeholder engagement page.

More information can be found here.

ASX Group Executive, Securities & Payments to retire in June 2026.

Following a successful career in financial services, and most recently at ASX as Group Executive, Securities and Payments, Clive Triance has announced his intention to retire in June 2026.

ASX Managing Director and CEO Helen Lofthouse said: “Having served on ASX’s Executive Leadership Team for the past 2 years, Clive has played a critical role in driving our strategy, including leading the CHESS project. He’s a valued member of the senior leadership team, and I am grateful for his leadership, dedication and contribution to ASX.”

Mr Triance joined ASX in 2023, and since then has been responsible for supporting and leading the CHESS project as well as the Securities and Payments business. He will depart ASX in June 2026 following the go-live of CHESS Release 1.

An internal and external search process will be undertaken to replace the role.

You can read the full ASX media release 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

ALERT: ATO Updates

Short Term FX Election – Technical amendments de-announced

The ATO provided an update to the ACSA Board in September. This included the de-announcement of various historical legislative amendments, as part of the Federal Budget Oct 2022-23, a number of which are relevant to ACSA members and their clients.

One of the de-announced measures relates to Short Term FX Election (s775-80 ITAA 1997). It was originally announced in 2004 (and confirmed in 2004-2005 and 2016-17 Federal Budgets) to extend the availability of the Short-Term FX Election (s775-80 ITAA 1997) beyond the period originally legislated. (We note this technical amendment announced in 2004 was the result of extensive lobbying by industry peak bodies including ACSA).  Taxpayers have been relying on the 2004 announcement – and the associated protection afforded by PS LA 2007/11 - in continuing to make the election, where relevant to their fund’s circumstances.  Recent Combined Assurance Reviews (CARs) appear to have create focus on this issue.

ACSA believes this de-announcement has material consequences to ACSA members and their clients. ACSA Tax Working Group representatives are engaging with ATO and Treasury representatives to continue to advocate for a technical amendment. ACSA members are encouraged to highlight this risk to their clients, especially for funds launched since the de-announcement of the technical amendments in Oct 2022.

More information please contact your tax team or ACSA Tax Working Group member.

Revised Div 296 proposal to tax superfund balances over $3m

The government announced its proposed Better Targeted Superannuation Concessions (BTSC) measures on 13 October 2025. Key features of the proposal include the introduction of two thresholds - $3 million and $10 million - based on each member’s aggregated superannuation balances across all funds. Balances between $3 million and $10 million will be subject to a 30% concessional tax rate, while balances above $10 million will attract a 40% rate. Both thresholds will be indexed over time, and tax will be calculated on realised earnings rather than notional balances.

Concerns have been noted that, for Division 296 purposes, realised gains and losses may be calculated from 1 July 2026, implying that the tax cost of assets could be reset to market value on this date, potentially requiring updates to custodian CGT and TOFA systems.

Initial industry consultations have commenced to agree acceptable definitions and methodologies for attributing the share of realised earnings at the fund level to members.

More information please contact your tax team or ACSA Tax Working Group member.

Availability of franking credits in relation to positions in shares – Draft TD and PCG pending

Recent developments suggest the Australian Taxation Office (ATO) is revisiting its interpretation that a net position in relation to shares, or an interest in shares, should include all positions held in respect of those shares. The ATO is now reviewing taxpayers with broad ASX exposure and derivatives that reduce that economic exposure to determine whether a related payment has occurred.

In particular, the ATO is reviewing arrangements where long and short positions are undertaken contemporaneously to determine whether the resultant parcel of shares is a ‘position’, rather than the aggregate of the delta of all long positions.  A draft tax determination and practical compliance guideline are expected to be delivered in the coming weeks. Federal Court cases are also pending addressing similar issues.

For more information, please contact your tax team or ACSA Tax Working Group member.

More information please contact your tax team or ACSA Tax Working Group member.

AUSTRAC AML/CTF reform program core guidance

October marked a major milestone in AUSTRAC’s AML/CTF reform program with the release of their reforms guidance.  The in-depth material was designed to help prepare current and future reporting entities for the upcoming changes to AML/CTF laws with information on: 

• The summary of obligations
• What will change for current REs

Much consideration has been given to the digital experience for readers of this guidance. Before you start reading, be sure to read AUSTRAC’s handy Learn how to use this guidance (Reform)page to: 

• Learn how to use the guidance 
  
• Understand the language we use
• See the recommended reading order  

AUSTRAC will continue to share more resources over the upcoming months including fact sheets, e-learning modules and sector-specific guidance.  

If you notice anything in the guidance that you consider may require correction or clarification, please contact the AUSTRAC Guidance team at workinggroups@austrac.gov.au. 

You can also visit AUSTRAC’s Reforms hub  to stay up to date on newly released information. 

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

🎉 Celebrate 30 Years of ACSA🎉

ACSA celebrated their 30^th Anniversary Celebration in October! It was a great event highlighting the contributions of past leaders to ACSA and the many achievements over the years.

We thank those that joined the event and picked up the ACSA merchandise. We are sure you will display proudly as a key contributor and supported of ACSA.

Check out the photos from the event:

ACSA Speed Networking:

Are you eager to connect with and gain insights from senior leaders within the Custody Industry? Or a senior leader who wants to engage and held develop the industries next generation of leaders? The ACSA Next Generation Leaders Working Group is delighted to invite you to our upcoming Speed Networking event in Melbourne.
 
This event offers a unique opportunity for meaningful networking and mentorship, bringing together experienced industry leaders and professionals who are new to the field. Whether you are seeking guidance, inspiration, or new connections, we encourage you to take part in this valuable experience.
 
Date: 19th November 2025
Time: 4:30-6:00pm
Location: Northern Trust's office - Level 12, 120 Collins Street, Melbourne VIC 3000.
 
To secure your place, please register here by 14th November 2025.

ACSA Thought Leadership Program

The ACSA Thought Leadership Program has the following exciting events.

8th November 2025

“Inside the Superannuation Policy Agenda”

Join James Koval, Chief Policy & Advocacy Officer at ASFA, and Nick Paparo, Head of Securities Services Sales at J.P. Morgan, for a fireside chat exploring the latest policy and regulatory developments impacting Australia’s superannuation system. They will discuss key advocacy themes and what these changes mean for custodians and investment administrators looking ahead.

You can register for this webinar here.

Keep an eye out for registration links in email and through LinkedIn.

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

ISSA publishes Broadening Asset Servicing in 2025 Key Findings: asset servicing volumes surge but automation lags

ISSA, in partnership with The Value Exchang and Broadridge, has released its Broadening Asset Servicing in 2025 Key Findings, based on insights from 272 leading experts across issuers, agents, FMIs, custodians, brokers and investors, on the state of corporate actions and asset servicing in 2025.

Asset servicing volumes are growing at significant rates — up 25% year-on-year across core corporate action categories. Yet automation is failing to keep up with the pace, with brokers and European participants in particular, reporting declines. Rising costs, persistent manual errors, and regional fragmentation are shaping an increasingly complex landscape for investors and intermediaries alike.

Key Findings include:

• Asset servicing volumes growing 25% year-on-year across mandatory, income, and voluntary events.
• APAC volumes are growing at nearly double the pace of other regions.
• The majority of brokers are seeing their automation levels decline.
• Up to 67% of errors are driven by data issues.
• Cost growth is being driven mainly by event processing and data sourcing.
  

Read more here.

Key Events

• 19th November 2025 - ACSA Thought Leadership Program - The Evolution of Transfer Agency (Unit Registry)
• 23rd October 2025 - ACSA Thought Leadership Series - Inside the Superannuation Policy Agenda

Insights and Updates

• September 2025- ACSA response to the Attorney general on AML/CTF Transitional Rules
• October 2025 - ACSA response to Treasury on Regulating Digital Asset Platforms – exposure draft legislation

In Focus – Mark England (Citi)

Mark England, Co-Head of Services, Australia and Zealand at Citi
Mark has over 25 years financial services experience and is responsible for delivering Citi’s holistic solutions to clients and driving growth across Australia and New Zealand.
Mark re-joined Citi in 2020 from State Street where he served in various Client Coverage roles since 2015, most recently as APAC Head of Client Executives.

Mark is very familiar with Citi having worked in a variety of roles within the firm over an extended period. He worked within Securities Services beginning with Operations in Dublin in 1998 and moved to London and New York in the new business implementations team from 2002 to 2010 before joining the client Sales Management team in Hong Kong.

Mark holds a B.A. degree from the University of Queensland, Australia.

Quick fire

Coffee or Tea? Coffee
Tik Tok, Instagram or Facebook? Instagram
Pop, Rock or Rap? Rock
Cocktail or Wine? Wine
Summer or Winter? Summer

Can you briefly describe your role and responsibilities?
I lead the Citi investor services team in Australia and New Zealand. Our team has a broad remit, spanning across custody services, fund administration, ETF Services, FX, middle office, collateral management and more. My role focuses on overseeing business strategy and ensuring our team works across our diverse offering to bring the best to our clients.

What is the most satisfying part of your role?
I get the most satisfaction from two sources: the exceptional team I collaborate with daily and our valued clients. One of the features of our industry is the nature and tenure of these relationships. This really gives me the opportunity to develop a profound understanding of our clients' businesses and instils a commitment to deliver strategically. Developing plans to meet client requirements and to attract new clients, then working with a team to accomplish those plans, is truly rewarding.

How do you motivate yourself and your team?
Ultimately, it's about fostering a shared sense of purpose and demonstrating how each individual contribution directly fuels our collective success.

What’s excites you about the future of our Industry? (Include role of ACSA)
We're in an era where advancements in areas like AI, data analytics, and automation aren't just incremental improvements, but fundamental shifts that will redefine how we operate and create value. I have no doubt that ACSA will continue to have a pivotal role to play in helping the industry come together to find consensus around key structural challenges.

What are some of the exciting places your career has taken you?
I've had the privilege of working in Dublin, London, New York, Hong Kong, and across Australia. Each new location has provided unique insights into international markets, and it’s been fascinating understanding each very different regulatory environment. My role has also taken me to over 50 countries, including Kuwait, Bermuda, Japan and Indonesia.

What advice would you give your 21-year-old self?
If I were to give my 21-year-old-self career-related advice, I would say to stay open-minded and work hard. It is fundamentally important to keep an open mind to challenges and diverse perspectives. Equally the important of dedication, hard-work and building a reputation for reliability is crucial for succeeding in the workplace.

In this Issue

• Market update – RBA review of ASX Clearing and Settlement, ASX CHESS Release 2 Testing Approach
• Regulatory Update – ASIC exemptions for Stablecoin distributors
• Members Update – ACSA Members Event – Celebrating 30 Years, ACSA Thought Leadership Program.
• Global Perspective – Empowering Digital Distribution: Tokenised Funds
• Upcoming Events
• Industry Insights
• In Focus – David Knights (Former ACSA Chair) and Andrew Sexton (Northern Trust)
  

Introduction

Welcome to the September 2025 edition of the ACSA Industry Wrap. This month, we’re looking ahead to a major milestone – the ACSA Members Event in October, where we’ll be celebrating 30 years of supporting and shaping the industry. We hope to see you there.
In this edition:

• We bring you the latest on the RBA ASX Review and ASX’s Chess Release 2 testing approach.
• Explore global insights on Empowering Digital Distribution.
• Catch up on highlights from our ACSA Thought Leadership Series.
  

This month we are In Focus with David Knights, ACSA Chair and long-time advocate of the industryand Andrew Sexton from Northern Trust.

Market Update

Assessment of ASX Clearing and Settlement Facilities – September 2025

The Reserve Bank of Australia has released the 2025 Assessment of the ASX Clearing and Settlement (CS) Facilities. This assesses the performance of the ASX CS Facilities against the Bank’s Financial Stability Standards (Standards).

ASX has considerable work to do to meet the Bank’s expectations for an operator of critical market infrastructure. Recent shortcomings in risk management – particularly the December 2024 CHESS batch settlement incident – have highlighted that ASX must make foundational changes to its governance, culture and risk management processes. ASX must also accelerate its uplift of operational and financial risk management, while meeting key milestones for its major technology projects. Delivering on these initiatives will require appropriate resourcing and the RBA will be closely monitoring progress over the coming year.

RBA Assistant Governor (Financial System) Brad Jones said: ‘ASX is not currently meeting the regulators’ expectations for an operator of critical national infrastructure. Resilient and secure CS facilities are crucial to the stability of the Australian financial system.

More information can be found here.

ASX CHESS Release 2 Industry Test Approach

The ASX CHESS Release 2 Industry Test Approach is now available.

The purpose of the Industry Test Approach is to inform the market of the approach ASX will be taking to facilitate industry testing for Release 2 of the CHESS Project.

The Approach document summarises the test phases, activities planned, expected outcomes and schedule for Release 2 industry testing, and is intended to inform the industry’s own change programs to achieve a Q2 2029 go-live. Additionally, the Approach provides the schedule for when detailed information relating to each Release 2 industry testing phase is planned to be made available.

The details are available through an ASX Online subscription and can be accessed 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

ASIC exemptions for secondary distribution of stablecoins

ASIC has announced an important step in facilitating growth and innovation in the digital assets and payments sectors.

ASIC has granted class relief for intermediaries engaging in the secondary distribution of a stablecoin issued by an Australian financial services (AFS) licensed issuer. As and when more issuers of eligible stablecoins obtain an AFS licence, ASIC will consider extending the above relief to intermediaries distributing those stablecoins.

ASIC is committed to supporting responsible innovation in the rapidly evolving digital assets space, while ensuring important consumer protections are in place by having eligible stablecoins issued under an AFS licence.

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.

Members Update

ACSA Members Event 🎉 Celebrate 30 Years of ACSA with Us – 23 October 2025! 🎉

We are excited to invite you to a truly special Member Event in October – the 30th Anniversary Celebration of the Australian Custodial Services Association (ACSA)! Join us as we celebrate three decades of supporting and advancing the custody industry with an event filled with reflection, recognition, and celebration of the past and the future.

Event Details:
Date: Thursday, 23 October 2025
Venue:
MELBOURNE: Northern Trust, Level 12, 120 Collins Street Melbourne
SYDNEY: BNP Paribas, Level 6, 60 Castlereagh St, Sydney
Registration from 15:30
Event: 16:00-17:30
Refreshments: 17:30 – 18:30

As a valued member of our industry and a key contributor’s to ACSA’s success, we want to celebrate with you. You have helped shape the custody industry, and to show our appreciation, we also have a special gift just for you!
Spaces are limited, so don’t miss out on this incredible opportunity to connect, reflect, and celebrate with your industry peers.

Follow the link here to register.

ACSA Thought Leadership Program

The ACSA Thought Leadership Program has the following exciting events.

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 .

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

Empowering Digital Distribution: The Strategic Rise of Tokenised Funds

A new era of fund distribution is emerging. Asset managers are racing to tokenise money market and private asset funds, while DeFi platforms are eager to adopt these products to manage billions in treasuries and attract new investors. For the first time, two financial worlds that have long operated apart - traditional asset management and decentralised finance - are converging at scale.

To understand this transformation, Calastone, in partnership with ValueExchange, surveyed global asset managers and DeFi platforms. The findings reveal a projected $235bn opportunity by 2029, highlighting why tokenised distribution is becoming the industry’s gateway into digital assets.

An interesting read and helpful in understanding the future of tokenised funds

Read more here.

Key Events

• 17 October 2025 - ACSA Thought Leadership Program - The Evolution of Transfer Agency (Unit Registry)
• 23 October 2025 - ACSA Member Event – Celebrating 30 years of industry support

Insights and Updates

• 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
• September 2025 - ACSA -AML/CTF Transitional Rules

In Focus – David Knights on the history of ACSA

I entered the Custody industry in 2013, after a decade of experience across retail and business banking in various roles in Nab. I was attracted to the Custody industry as it is a growing sector of financial services, supporting the Australian (and global) superannuation system which only commenced in 1992. Nab offered the opportunity to work in an end to end business, working closely with institutional clients to grow the retirement savings of Australia.

My first position was managing the investment administration team for Nab Asset Servicing (NAS), with over 250 investment professionals. I then moved into strategic and transformational roles, taking on additional responsibilities of product management, transitions and sales before being appointed the Executive for NAS in 2023. NAS offered me a tremendous breadth of different opportunities to continuously learn and build enduring relationships with colleagues and clients.

Quick fire

In 3 words describe:
The custody industry - Critical, enabling, safeguarding.
ACSA – Collaboration, connection, advocacy.
The Future of Custody – Assets, data, insight.


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

What was your involvement with ASCA?

Chair of ACSA 2015 to 2021, director to 2023.

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

I was curious to learn more about the industry (and custody) being fresh into the industry, and became the nominated director for Nab on the ACSA board… and about two months after I became the chair!

ACSA is a fantastic organisation to be involved with and relies on like-minded individuals that are prepared to contribute their time and skills to develop the industry, solve collective challenges and provide a unified industry voice in the shaping of regulatory and tax reforms on the industry.

ACSA achieved many things during my period on the board, installing the inaugural CEO, Mr Rob Brown, implementing the stronger super reforms, ASIC portfolio holdings disclosure, AMIT reforms, CCIVs….the list goes on. We are at our best in a crisis, and ACSA played a pivotal role in the Covid pandemic, ensuring clear communication and priorities across the industry and with government regulators to help provide business continuity for the industry. The teamwork across the industry was exemplary and is testimony to the high calibre of individuals involved with ACSA.

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

Critical – it is industry collaboration, and the different perspectives from the many different players in the industry that help develop the unified solutions to challenges and opportunities. It also provides the opportunities for people to build their own networks to navigate their career and the industry.

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

Custody and investment services are a critical enabler to a growing, increasingly complex global investment industry. Whilst not widely known by the end investor, the custody industry is integral to providing confidence and safety to the end investors and will continue to play this key role, as we adapt to a more diverse range of asset classes, increasing digitisation, transaction speeds and enabling technologies.


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

Don’t get involved just to put it on your CV, get involved because you want to contribute to the industry, learn from others and build your networks. Respect the competition laws and be prepared to have a crack to help progress the industry & make a difference. We can’t have just one person on the shovel, with 10 people watching…

Any other thoughts on ACSA?

What you will get out of your involvement with ACSA will be proportionate to what you put in and contribute. Have the confidence to listen, learn, speak up and contribute respectfully to the debate and shaping of industry reforms. In return, ACSA provides the opportunity to build enduring networks and friendships across the industry that you will have for life!!

In Focus – Andrew Sexton, Northern Trust

Andrew Sexton is the Outsourcing Framework Manager at Northern Trust based in Melbourne and has been there for nearly 10 years. He is a member of the Institute of Chartered Accountants and holds a double degree in Bachelor Accounting and Bachelor Banking and Finance.

Prior to his current role at Northern Trust he worked in the Corporate Finance team with roles as a Senior Accountant and Management Reporting Manager as well as the client implementation team as the Financial Reporting and Tax SME.

Andrew began his career as an auditor at DFK International and KPMG and worked within the retail and financial services sectors and gained overseas experience in New York.

Andrew is known for his driven personality, collaborative nature, proactive risk management and advanced excel skills whilst building strong relationships.

Quick fire five
Coffee or Tea? Coffee – everything coffee whether its as a drink or simply as a flavour
Tik Tock, Instagram or Facebook? Not a big social media fan but Facebook is the only account I have.
Pop, Rock or Rap? Pop but anything with a beat that gets adrenaline going.
Cocktail or Wine? Big red wine fan
Summer or Winter? Summer as I love the outdoors


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?

Working in New York is a career highlight. Not only was I able to travel and see parts of the world but I was able to broaden my skillset in working with the US GAAP and NASDAQ clients. In addition, in my penultimate university year I was able to secure an internship experience working at Rio Tinto which had a crazy financial environment on the mines. In my career looking back I am most proud of ensuring that in my foundational career years I diversified and built a broad range of skills that is adaptable to an ever changing regulatory and technology landscape.

How did you first begin working in financial services/asset servicing?

I first started working in the financial services industry as an audit manager at KPMG. I ran external audits and got to understand the industry and the complexities it often faced.

What was your first role in financial services and how did you end up in your current role?

Through a KPMG and Northern Trust relationship I moved into a Senior Accountant role at Northern Trust as my first financial services role. My current role came about when I moved internally to enhance an Outsourcing Framework to ensure oversight was performed to APRA’s expectations for the assets servicing operations, third party vendors and related entities. Following this today I am leading the CPS230 Service Provider Management implementation.

You’ve been involved with ACSA for a while now, tell us about that experience and the value ACSA brings to the industry.

Working in ACSA has been an experience which has further helped develop my understanding of the Custody industry. It has enabled me to comprehend that the way Custodians can do things can be very different but also can be collectively right. It brings value as it provides a connection for all members in the industry to provide insights and ideas to help everyone that operates within it. Everyone in the industry is seeking efficiency and ACSA helps facilitate it.

What advice would you give to the younger professionals the industry?

Three things, firstly be a sponge by cultivating curiosity through learning from experienced team members within and beyond your team. Secondly, be persistent in your efforts and embrace diverse experiences to build a broad understanding of the industry. Focus on gaining valuable experience and building your network to create opportunities. Thirdly, I was once given really helpful advice that I have always followed that when someone gives you a task to complete always give it your best go rather than seeking help if unsure. Often how to do something isn’t always overt for anyone and by simply trying to do something you can create the nucleus and be the pioneer.

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.

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.

In this Issue

• Market update – ASX Pricing policy, Chess Release 1 regression testing guide and cutover approach
• Regulatory Update – ASIC appoints ASX Inquiry Panel and CFR Quarterly Statement
• Members Update –ACSA Member Development Program, ACSA Thought Leadership Program Elevating Women’s Voices Program and Next Gen Catch up
• Global Perspective – ISSA DLT in the Real World, SS&C Transfer Agency evolution
• Upcoming Events
• Industry Insights
• In Focus – Jane Wang (State Street)
  

Introduction

Welcome to the June 2025 edition of the ACSA Industry Wrap. As we approach financial year-end, we hope this update provides timely and relevant insights to support your planning and priorities.

In this edition, we bring you on the latest on the ASX Clearing and Settlement Pricing Policy and progress on CHESS Release 1 progress. We also explore global perspectives on rethinking unit registry and DLT innovation, alongside local regulatory developments including ASIC’s inquiry into ASX and AUSTRAC’s consultation on AML/CTF rules.

You’ll also find updates on ACSA’s member development initiatives and thought leadership programs , plus an In Focuswith Jane Wang from State Street. And, don’t miss the photo highlights from recent industry events.

Market Update

ASX Cash Equities Clearing, Settlement and Issuer Services Pricing Policy

ASX has published its Cash Equities Clearing, Settlement and Issuer Services Pricing Policy, which will be effective from 1 July 2025. The content of ASX’s new Pricing Policy has not changed from the version published in the 30 May in Response to Feedback report.

You can access the Cash Equities Clearing, Settlement and Issuer Services ASX Pricing Policy here.

ASX CHESS Project Release 1 Regression Test Guide

ASX has released its CHESS Project Release 1 Clearing Regression Test Guide. The Clearing Regression Test Guide (the ‘Guide’) provides an overview of the purpose, approach, scope and mandatory scenarios required to be completed by Clearing Participants in the Clearing Regression phase of CHESS Release 1.

The Guide is intended for technical and operational staff of Clearing Participants, software vendors and Settlement-Only Participants supporting Clearing Participant testing, as well as AMOs.

You can view the Guide here.

ASX CHESS Project Release 1 Cutover Approach

ASX has released its CHESS Project Release 1 Cutover Approach.  The CHESS Release 1 Cutover Approach outlines the approach, governance, and timeline for transitioning to the CHESS Release 1 Clearing Service, including the cutover weekend schedule, dress rehearsal and Go-Live dates.

It is primarily intended for Approved Market Operators (AMOs) and their software providers, who are responsible for executing cutover activities in coordination with ASX. The document ensures all stakeholders understand their roles, readiness criteria and high-level communication protocols, to support a smooth and risk-mitigated Go-Live.

You can view the document 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

ASIC Appoints expert panel for ASX Inquiry

ASIC has announced the appointment of 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 Christine Holman and Guy Debelle as panel members. The Inquiry panel will be asked to make recommendations to address any identified shortcomings or deficiencies in relation to governance, capability and risk management within ASX group.
The Inquiry panel will provide a report to ASIC by 31 March 2026 which will inform the next steps ASIC may take. ASIC will make this report public.

You can read more about the Inquiry panel here.

Quarterly Statement by the Council of Financial Regulators – June 2025

The Council of Financial Regulators (the Council) held its regular quarterly meeting on Wednesday, 11 June.
The Council is the main coordinating body for Australia's financial regulators, with the ultimate objective 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).

It commented on the following matters:

• Systemic risks and vulnerabilities;
• CFR review into small and medium sized banks;
• Geopolitical risks;
• Housing related risks; and
• Other initiatives.
  

You can access the CFR Quarterly meeting statement 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.

Members Update

ACSA Member Development Program

ACSA’s Member Development Program continues July 11 with a focus on building leadership through communications – choosing the right question. This is the final session in the current program.

Most of the time, we’re making proposals that are unlikely to be accepted. Why? Because we don’t understand how the other person/party is making decisions. When you first question what’s important to them by finding out their values, what order those values are in in terms of priority and what those values means, then you’re able to make an offer that satisfies their needs.

Find out:

● The most effective question structures to elicit the answers you need
● How to use the questioning process to find out their motivations
● The most effective technique for summarising their thoughts to get confirmation
● The top technique for dealing with difficult questions

If you have missed any of the ACSA Member Development Series Program and wish to catch up you can view the videos in the “members only” section of the ASCA website in the Event/Webinar tab

You can register for the upcoming July session here.

ACSA Thought Leadership Program

The ACSA Thought Leadership Program has the following exciting events.

18 July 2025

“CPS230 -Where to now”

A panel discussion on APRA CPS230 Operational Risk Management Prudential Standard covering the current regulatory requirements, including risk management frameworks, contingency planning, international experiences, and the necessity for continuous audits and assessments.

You can register for this webinar here.

15th August 2025

Digital Assets and Tokenisation

SWIFT will be sharing insights into current industry innovation on digital assets and tokenisation as the RBA runs various proof cases with industry through their Project Acadia.

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 .

2025 Elevating Women’s Voices Program – Graduate Celebration

It was fantastic to see strong support from ACSA members in sponsoring the Elevating Women’s Voices Program, with a growing and vibrant cohort of participants and mentors contributing to its success.

Delivered in collaboration with AIMA, 100WF, CFA and ACSA, the program culminated in an inspiring closing event where participants showcased their learnings and shared how they plan to apply them in their professional journeys.

If you’re interested in finding out more, please connect with ACSA here. The next program will run in early 2026.

Next Generation Leaders catch up

The Next Generation Leaders Working Group hosted a small gathering of Working Group members in June to celebrate their successful Coffee Buddies program and to engage on their forward-looking agenda for engagement on new members into ACSA. The event was hosted by Maduranga Priyankara one of the Working Group Co Chairs.

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

Rethinking Unit Registry

For many years, transfer agency (unit registry) has been treated as a back-office function, critical but largely operational. That perception is shifting.

As regulation intensifies, investor expectations evolve and digital transformation accelerates, transfer agency is emerging as a key enabler of competitive advantage. It’s no longer just about efficient processing. It’s about delivering insights, enabling scale and creating experiences that build long-term investor trust.

Yet while the industry moves forward, not all providers or models are keeping up. Today’s strategic leaders are asking sharper questions. They’re challenging legacy assumptions. And they’re aligning their servicing model to meet tomorrow’s needs, not yesterday’s standards.

Read more about SS&C’s perspective here.
 

An Aussie takes the helm at ISSA.

ISSA has released the results of its 2025 "DLT in the Real World" industry wide survey. This was supported by Accenture, Broadridge, and Taurus, and managed by the ValueExchange.

The survey has reached across the entire industry to provide uniquely comprehensive industry benchmarks around how we are planning, progressing and realising DLT ambitions in the real world. This survey was designed to provide you with unique, actionable insights on how DLT is being used across the world, giving you the chance to learn from your customers and your peers where DLT is solving real world problems, where it is not and how people are making the most of this technology.

Find out more about the insights by contacting ValueExchange and following this link.

Key Events

• 11 July 202 - ACSA Member Development Program – Topic 4 Dissect: Questions
• 18 July 2025 - ACSA Thought Leadership Program – CPS230: Where to now?
• 15 August 2025 - ACSA Thought Leadership Program – Digital Assets and Tokenisation
  

Head to our events page to find out more and register.

Insights and Updates

• February 2025 - ACSA response to ASIC on Consultation Paper 381 - Updates to INFO 225: Digital assets, financial products and services
• June 2025 - ACSA response to AUSTRAC AML/CLT Phase 2 Consultation
  

In Focus - Jane Wang

Jane Wang is currently a Senior Client Service Manager at State Street Australia, overseeing custody and administration services for one of Australia’s largest superannuation funds and leading key initiatives such as merger and restructure transitions on the account.

Jane began her career in State Street’s operations hub in China, supporting a large sovereign wealth fund within the fund accounting team. A six-month assignment to Sydney in 2013 introduced her to the world of superannuation funds and became a turning point in her career. She returned to China and went on to lead a fund accounting team of 20, supporting superannuation clients. In 2019, she relocated permanently to Australia and transitioned into client service — a move that broadened both her professional and personal horizons.

With experience spanning both operations and client-facing roles across China and Australia, Jane brings a unique blend of technical insight and client service excellence. She is known for her technical depth, collaborative mindset, and ability to deliver outcomes while fostering strong client relationships.

Quick fire five
Coffee or Tea? Tea — I’m all about that calm energy boost, with a side of cozy vibes.
Tik Tock, Instagram or Facebook? Facebook — where I keep up with friends and the good old classic updates.
Pop , Rock or Rap? Pop — catchy tunes that get stuck in your head (in a good way). Perfect for background vibes or an instant mood lift!
Cocktail or Wine? Cocktail — I enjoy the creativity and mix of flavours, especially with good company.
Summer or Winter? Summer — ice cream, beautiful sunshine, a dip in the water … can winter really compete?


You participated in the AIMA ACSA Elevating Women’s Voices Program, why did you nominate for the program?
For much of my career, I focused on doing my job well and letting the results speak for themselves. But over time, I’ve realised that how you present is just as important as what you deliver. I joined the program to challenge myself, learn from others, and improve the way I present and connect with different audiences.

Tell us about your career in asset servicing / financial services?

 I started my career in asset servicing at State Street’s operations hub in China, working in fund accounting for a large sovereign wealth fund. After about a year, I was lucky to be selected for a six-month assignment to the Sydney office, where I was introduced to the world of superannuation funds — a pivotal moment in my career. Since then, I’ve focused on servicing Australian superannuation funds and permanently relocated to Australia at the end of 2019 to join the client service team. In my current role as Client Service Manager for one of the largest superannuation funds, I work closely with my client across key custody& accounting services and lead merger and restructure transitions on the account.

The custody industry hasn’t just shaped my career — it’s taken me across continents and has been an incredible journey, both professionally and personally.

What led you to get involved in the custody industry?

To be honest, before I joined State Street, I didn’t really know what a custodian bank did. When State Street came to my university to present about the company, I was drawn to its global presence and the opportunities that come with working for an international firm. I thought, hey, this could be a great place to learn and explore different paths, so I took the leap and applied.

What are the benefits the Elevating Women’s Voices Program brought to you?

For me, the biggest benefits were finding my voice and building genuine connections with other amazing women in the industry.

Finding my voice – As a non-native speaker, I used to think I needed to sound as fluent as a native speaker to communicate effectively. But through observing the diverse and compelling presentations in the program, I’ve come to appreciate that there’s no single “right” way to present. Each of us brings something unique, and what we often perceive as differences can actually be strengths. We can tell our own stories and shine in our own way.
Building connections – One of the most valuable parts of the program was the people. I met incredible women from across the industry, listened to their stories, and learned from their journeys. The relationships we formed have become a lasting source of encouragement, inspiration, and community—well beyond the program itself.

Why should people consider joining the Elevating Women’s Voices Program?

Off the top of my head, three reasons:

1. The coach – I’ve joined a few similar training programs before, but I’d say Arabella Macpherson is second to none. She not only offers practical and effective communication skills but also brings humour and energy that make every session engaging. She has a lovely character; I genuinely like her both professionally and personally.
   
2. The format and the mentors – The small group sessions every other week, following the broader group training, give you the space to dive deep into each topic. Your group mentor guides you thoughtfully, helping you grow session by session.
   
3. The network – You’ll meet incredible women across the industry and build meaningful connections that stay with you long after the program ends.

You recently participated in the ACSA 30 Year Video. How was that experience?

 It was a really memorable experience. We each took turns filming, and after my part, David Travers asked me how it went. I told him it felt a bit unnatural speaking in front of the camera. He said, “Maybe it helps when you truly believe what you say.” That moment stayed with me — simple but meaningful. It reminded me that sincerity is what connects most.

In this Issue

• Market update – ASX Cash Equities Clearing and Settlement Pricing Policy and superannuation insights
  
• Regulatory Update – AUSTRAC Consultation on AML/CTF rules
  
• Members Update –ACSA Member Development Program, ACSA Thought Leadership Program and Elevating Women’s Voices Program
  
• Global Perspective – Economies of digitisation in asset management and an Aussie takes the helm at ISSA
  
• Upcoming Events
  
• Industry Insights
  
• Member Profile – Thompson Reuters
  
• In Focus – Sarah Reynolds
  

Introduction

Welcome to the May 2025 edition of the ACSA Industry Wrap. In this edition we update you on the ASX Clearing and Settlement Pricing Policy and insights into superannuation.

This issue also shares some interesting global content on the economies of digitisation in asset management and AUSTRAC’s consultation on AML/CTF rules, plus details of our ACSA’s member development and thought leadership programs.

This month we are In Focus with Sarah Reynolds from Northern Trust and our member profile is Thomson Reuters.

Market Update

ASX Cash Equities Clearing and Settlement Pricing Policy

ASX has published its Response to Feedback on the Cash Equities Clearing, Settlement and Issuer Services Pricing Policy Consultation Paper which was published on 16 September 2024.

ASX’s new Pricing Policy is designed to ensure that the revenue we expect to receive from cash equity clearing and settlement services, and issuer services, reflects the efficient costs of providing those services, including a return on investment commensurate with the commercial risks involved.

The published paper summarises the feedback received, provides responses with further supporting information, sets out a clear and transparent process and timeline for the remaining steps in finalising the Pricing Policy and related ancillary documentation.

To find out more follow the link here.

APRA Superannuation Statistics

The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication report for the March 2025 quarter.

Total superannuation assets declined by 0.8 per cent over the quarter to $4.1 trillion as at March 2025, of which $2.9 trillion was in APRA-regulated funds.

Total contributions increased by 14.4 per cent to $202.8 billion in the year ending in March 2025. Of this, employer contributions increased by 10.3 per cent over the year to $147.1 billion. Member contributions increased by 26.9 per cent over the year to $55.7 billion.

Full details are available on APRA’s website at: Quarterly superannuation statistics.

KPMG Australian superannuation industry insights and analysis

KPMG recently released its superannuation insights and market analysis using APRA data including fees, industry flows and expenditure, plus Chant West investment performance figures.

As of 30 June 2024, total assets in the superannuation system have grown from $3.5 trillion to $3.9 trillion, largely due to another strong year in investment returns. However, the market conditions post 30 June 2024 have been volatile, and there have been fluctuations in monthly returns over the course of FY25 to date. The global economic headwinds and the impact of economic policies, such as tariffs, have significantly affected both global and domestic equity markets, resulting in less favourable returns for Australian superannuation funds. This year has also seen intense regulatory scrutiny.

To find out more follow this link to the KPMG report.

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 AML/CTF Rules Consultation

In late 2024 AUSTRAC consulted on new draft Anti-Money Laundering and Counter-Terrorism Financing Rules (AML/CTF Rules).

AUSTRAC is now providing an updated exposure draft for a second round of public consultation.

AUSTRAC encourages industry association and reporting entities to submit a response via the AUSTRAC Rules consultation page on our website. The earlier you submit a response, the sooner we can commence working on any further adjustments.

What has changed

The updated draft AML/CTF Rules include the topics in the first exposure draft with updates to address feedback.

This includes updates to:

• allow delayed initial customer due diligence in a wider range of circumstances.
  
• provide greater flexibility in determining the lead entity of reporting groups
  
• provide more detail on how to form reporting groups
  
• clarify definitions relevant to value transfer and travel rule requirements
  
• where possible, address challenges businesses may have implementing or complying with the AML/CTF Rules.

The second exposure draft of the AML/CTF Rules also contains new requirements on:

• reportable details for threshold transaction reports and suspicious matter reports
• information required for enrolment and registration applications.

AUSTRAC has also released a separate exposure draft that sets out amendments to current rules-based exemptions that will be retained, called the AML/CTF Rules (Class exemptions and other matters) 2007.

The consultation responses are due by 27 June 2025. You can read more about the consultation 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.

Members Update

ACSA Member Development Program

ACSA’s Member Development Program continues on June 13 with a focus on concise communications.

When people get stressed, they often ramble. This then affects not only their confidence, but also their personal and professional brand. When they know how to prepare short, concise statements using impromptu speaking techniques, they’re able to get their point across easily and professionally. These leaders are then more likely to influence those around them. Use core and advanced techniques to answer difficult questions and you’ll never be afraid of looking or sounding incompetent. Finally learn a ninja technique to answer any difficult question and you’ll feel confident speaking to any group in any context.

The program continues in July and the theme will centre around questioning techniques, equipping you with skills to dig into what people value most and are looking for in their engagement with you.

You can join the June session here.

ACSA Thought Leadership Program

The ACSA Thought Leadership Program has the following exciting events. You can access all the events at the ACSA events page.

20 June 2025

“PwC Global Wealth and Asset Manager Survey”
PwC shares feedback from their Asset and Wealth Management Survey of asset managers and institutional investors will showcase how disruptive technologies are reshaping investor expectations, expanding the frontiers of innovation, and unlocking new, untapped markets.

18 July 2025
“CPS230 -Where to now”
A panel discussion on APRA CPS230 Operational Risk Management Prudential Standard covering the current regulatory requirements, including risk management frameworks, contingency planning, international experiences, and the necessity for continuous audits and assessments.
If you have any suggestions for topics please email admins@acsa.com.au .


2025 Elevating Women’s Voices Program – Underway

It was great to see so many ACSA members sponsoring the Elevating Women’s Voices Program in 2025 and a growing cohort of participants and mentors.

The Alternative Investment Management Association (AIMA), 100 Women in Finance (100WF), CFA and Australian Custodial Services Association (ACSA), recently launched the Elevating Women’s Voices Program for 2025 and look forward to the contribution of the participants to the industry on the successful completion of the program.

The program closing event in late June. If you’re interested in attending the closing event follow the links below.

TO REGISTER CLICK HERE FOR MELBOURNE JUNE 25th 5pm

To REGISTER CLICK HERE FOR SYDNEY JUNE 26th 5pm

If you’re interested in finding out more, please connect with ACSA 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

Decoding the Economics of Tokenisation: Transforming Cost Dynamics in Asset Management

The economics of asset management are shifting. Calastone recently released a white paper providing in-depth analysis of fund operating costs and how tokenisation can reshape financial dynamics across the industry. The paper breaks down the true cost structure of an average fund, the projected rise in expenses, and the potential for tokenisation to drive efficiency and profitability.

Key findings include:

• Fund operating costs currently stand at 0.74% of AUM and are set to increase by 32% over the next three years
  
• Tokenisation can cut fund operating costs by 23%, delivering savings of 0.13% of AUM
  
• Industry-wide, these efficiencies could generate $135bn in cost reductions
  
• Time to launch a new fund is expected to drop from 12 weeks to 9 weeks, with a 24% decrease in seed funding requirements
  
• Lower costs allow for more competitive fee structures, driving AUM growth and market expansion
  

The paper presents a data-driven view of how asset managers can integrate tokenisation into their strategy to unlock long-term value and navigate an evolving financial landscape.

Read more about Calsatone’s perspective here.

An Aussie takes the helm at ISSA.

Colin Parry has retired from the International Securities Services Association (ISSA) after leading the organisation for the past 6 years. ISSA has announced that Julia McKenny will be taking up the role.


I am sure many of you will know Julia from her time working in the Australian custody industry. Julia has both a Bachelor of Education from Sydney University and a Bachelor of Laws from Newcastle University (Australia).

Julia started her custody career at JP Morgan in November 2004 before joining Northern Trust as General Counsel Asia Pacific leaving there in 2012 and joining State Street. She lefty State Street to join Standard Chartered in Singapore in 2013 and remained in Singapore until joining TMF Group in London and the Channel Islands in 2019. Julia then joined Accenture in 2021 and has remained at Accenture, with a brief interlude in Morgan Stanley, since. Julia is a regular contributor to Global Custodian and other Securities Services publications.

ACSA looks forward to continuing the positive engagement with ISSA with Julia in charge and thank Colin for his support and engagement.

Find out more about ISSA and Julia McKenny in the latest ISSA newsletter.

Key Events

• 13 June 2025 - ACSA Member Development Series: Building leadership through communication – Concise Communication
• 20 June 2025 - ACSA Thought Leadership Program - PwC Global Wealth and Asset Manager Survey
• 11 July 2025 - ACSA Member Development Program – Topic 4 Dissect: Questions 
• 18 July 2025 - ACSA Thought Leadership Program – CPS230: Where to now?
  
  

Head to our events page to find out more and register.

Insights and Updates

• February 2025 - ACSA response to ASIC on Consultation Paper 381 - Updates to INFO 225: Digital assets, financial products and services

Business Profile –Thomson Reuters

Thomson Reuters is a global leader in delivering intelligent information and technology solutions to professionals in legal, tax, accounting, and financial sectors. Our Corporates division supports financial institutions and superannuation funds with advanced tools to manage regulatory complexity, ensure compliance, and boost operational efficiency. We combine deep industry expertise with innovative platforms to help clients stay ahead in a rapidly evolving landscape.

Thomson Reuters recently joined ACSA as an Associate member, what are the benefits of being a
member?

Thomson Reuters is proud to partner with the Australian Custodial Services Association (ACSA) as an Associate Member, engaging directly with industry superfunds and custodians in the financial services sector. Through our involvement in ACSA’s Tax Working Group, we contribute thought leadership and insights on key challenges including regulatory complexity, risk management, governance, and ongoing tax compliance. This collaboration reinforces our commitment to supporting the superannuation industry with expert guidance and innovative tax
technology solutions.

Tell us about your business’s involvement in asset servicing / financial services? What is your primary focus?

Thomson Reuters provides advanced tax technology solutions for financial services, focusing on mid-to-large investment fund managers, custodians, superannuation fund administrators, and superannuation funds. Our ONESOURCE Trusts (Managed Funds) and ONESOURCE Superannuation platforms streamline tax planning, compliance, and reporting by managing high volumes of financial data with precision. These solutions support digital transformation initiatives, including mergers, by embedding tax governance into broader financial strategies.
With tools that enhance data accuracy, transparency, and proactive risk management, Thomson Reuters helps organisations meet complex regulatory requirements and improve operational efficiency in the evolving superannuation landscape.

What industry challenges do you help to solve?

Thomson Reuters' ONESOURCE is the industry's most powerful corporate tax technology platform, designed to meet the complex compliance and reporting needs of mid-to-large investment fund managers, custodians, and superannuation funds. With comprehensive tools and seamless data integration, ONESOURCE streamlines tax planning and compliance processes, reducing errors and ensuring data integrity. By leveraging Thomson Reuters' expertise and staying up-to-date with legislative changes, ONESOURCE provides a trusted and reliable solution for managing complex tax obligations. Whether you're a fund manager, custodian, or superannuation fund administrator, ONESOURCE is your partner for every step of your tax, accounting, and finance journey, empowering you to make informed decisions and drive global compliance and reporting excellence.

Our ONESOURCE Trusts and Superannuation solution optimises and streamlines tax distribution calculations, superfund tax preparation, planning and compliance requirements. ONESOURCE Indirect Tax Compliance (OITC) is a web-based solution enabling automated data upload capabilities to ensure data integrity from numerous data sources. The built-in exception reports facilitate in-depth tax analysis and customised management reporting to stay up to date with the GST position. It automates the BAS preparation process and provides the ability to lodge the GST returns with the ATO electronically. HighQ for Corporates, is a data management workflow solution helping legal, tax and finance teams with overview of the various groups to manage their processes including obligations and distribution management.

What excites you about the future of the asset serving/custody industry?

Thomson Reuters actively contributes in providing professionals across the legal, tax, audit and accounting industries with the latest cutting-edge tools they need to thrive and add value to their organisations, Our ONESOURCE software solutions, the industry’s most powerful corporate tax technology platform, drives global compliance, reporting, and accounting decision making around the world. ONESOURCE is a purpose-built solution there for every step of your journey, helping to serve the complete needs of each stakeholder in superannuation tax compliance needs. We are excited to be thought leaders in this space and look forward to servicing the tax compliance and governance requirements of industry superannuation funds.

In Focus -Sarah Reynolds

Sarah is a Relationship Manager for Northern Trust based in Sydney.

Sarah has over 20 years’ experience in the Banking and Financial Services sector working with institutional clients in Australia and the UK. Prior to joining Northern Trust in 2021, Sarah worked for a decade at Westpac Institutional Bank in Account Management and Customer Experience and previously worked for Northern Trust in London as a Senior Account Manager.

Sarah is committed to Diversity, Equity and Inclusion and is the Chair of Northern Trust Australia’s Working Families Business Resource Council.

Quick fire five
Coffee or Tea? Coffee
TikTok, Instagram or Facebook? Insta
Pop, Rock or Rap? Pop
Cocktail or Wine? Cocktail
Summer or Winter? Summer

Can you briefly describe your role and responsibilities?
I am a Relationship Manager, responsible for client relationships in Northern Trust’s Asset Servicing division. My role is to understand my client’s business objectives and strategic priorities to ensure that our business understands these so we can meet the client’s long term needs.

What is the most satisfying part of your role?
I love my job as it allows me to develop strong and authentic relationships with clients, partners (this is what NT call employees) and industry members. There is nothing more satisfying than being able to turn a challenging relationship into a positive and productive one.

How do you motivate yourself and your team?
Success for NT and the client go hand in hand. I like put myself in the client’s shoes and encourage NT partners to keep asking questions until they get to the “why”. Answering a client question is easy but if you don’t understand the “why” the questions will return and often multiply!

What are some of the exciting places your career has taken you?
When working in London I had clients in Sweden, Norway, Switzerland & The Netherlands. I always enjoyed the chance to travel to see my clients face to face – especially in an exotic location!

What advice would you give your 21-year-old self?

• Be authentic – you will be more happy and successful in all aspects of life when you are true to yourself.
• Drive your own career – don’t wait for opportunities to come to you.
  
• Take accountability – everyone makes mistakes; owning up to them quickly shows integrity and builds trust.
  
• Step out of your comfort zone – you will learn so much more when you challenge yourself.

What’s excites you about the future of our Industry? (Include role of ACSA)
Technology has played a large part in the evolution of the industry over my career and will continue to, but people will always be our strength. I am proud that we have an increasing acceptance of diversity, and look forward to that continuing so we have an industry that celebrates all differences. Seeing increased visibility and representation of women through initiatives like Elevating Women’s Voices, which is supported by ACSA, shows the Industry is genuinely committed to tackling gender diversity.

In this Issue

• Market update –Accelerating Settlements in the UK
• Regulatory Update – Australia’s evolving capital markets and AUSTRAC’s reporting entities forum
• Members Update –ACSA Member Development Program, ACSA Thought Leadership Program and Elevating Women’s Voices Program
• Global Perspective – Trends affecting global payments
• Upcoming Events
• Industry Insights
• Member Profile – Calastone
  

Introduction

Welcome to the April 2025 edition of the ACSA Industry Wrap. In this edition we update you on the changes to UK settlements and the evolution of capital markets in Australia.
This issue also shares some interesting global content on trends in global payments and AUSTRAC forums on reporting entities, plus details of our ACSA’s member development and thought leadership programs.

This month our member profile is Calastone.

Market Update

Accelerated Settlement in the UK

How ready is the global finance community for a transition to T+1 settlements in the UK?
Led by the UK Accelerated Settlement Taskforce, with the support of Euroclear, DTCC and an extensive range of industry associations around the world, this latest ValueExchange pulse survey provides fresh, statistical insights on where and how the journey towards T+1 in the UK is progressing.
These key findings are based on the results of our pulse check conducted in February 2025, drawing on insights from over 557 financial services professionals around the world. The survey results are full of useful insights.

To find out more follow the link 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

Australia’s evolving capital markets

ASIC recently announced its preliminary views on the opportunities and risks emerging from shifts in public and private capital markets and called for feedback and debate on key questions as part of a discussion paper launched today.

The paper, Australia’s evolving capital markets: A discussion paper on the dynamics between public and private markets opens a discussion on ASIC’s regulatory approach and seeks actionable ideas for it to consider to enhance the operation of Australia’s capital markets.

The paper explores the changing dynamics in capital markets, in Australia and abroad, including declining listings on public markets, the rapid growth in investment capital allocated to private markets and the influence of superannuation funds on markets.

 
In May and June, AUSTRAC will host the virtual AUSTRAC Reporting Entity Forum. The AUSTRAC Reporting Entity Forum is a series of webinars where your members can hear directly from AUSTRAC about a number of important regulatory topics.

At the AUSTRAC Reporting Entity Forum, reporting entities will hear about:

• findings from our supervision teams, including any AML/CTF compliance issues we’ve identified in your sector
• findings from the 2024 Compliance
• Report key changes for reporting entities ahead of reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime
  

Register now to attend an AUSTRAC Reporting Entity Forum webinar

You can access more details on the discussion paper here.
Find out more 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.

Members Update

ACSA Member Development Program

ACSA’s Member Development Program continues on May 16 with a focus on meeting preparation. One of the greatest fears people have is that they’ll bore others. But if your meeting centres around and answers the meeting invitees’ greatest questions, they can’t help but listen to you. This webinar will help you prepare properly, know exactly who you’re meeting with, what their problems are and what’s most important to them. By answering their most pressing questions and solving their biggest problems, they will not only trust you and respect you but will also want more of you.

The program continues in June and the theme will centre around concise communication, equipping you with techniques to convey your message clearly and effectively. Finally, in July we will focus on setting up successful meetings, providing strategies to engage stakeholders and keep discussions on track.

You can join the May session here.

ACSA Thought Leadership Program

The ACSA Thought Leadership Program has the following exciting events. You can access all the events at the ACSA events page.

23 May 2025
“2025 Fiscal Finale – ACSA Pre year-end tax update”
This update provides important information from industry tax leaders on regulatory change, emerging trends and potential implications for ACSA members and their clients. With the ever-evolving landscape of tax laws and regulations, staying informed is paramount to ensure compliance and strategic tax planning.

30 May 2025
"Navigating the Future: Global and Local Post-Trade and Securities Processing Trends”
Hear insights from DTCC on the evolving landscape of post-trade processes and securities handling. The session will provide valuable insights into emerging trends and their impact on market efficiency and operational risk reduction.

20 June 2025
“PwC Global Wealth and Asset Manager Survey”
PwC shares feedback from their Asset and Wealth Management Survey of asset managers and institutional investors will showcase how disruptive technologies are reshaping investor expectations, expanding the frontiers of innovation, and unlocking new, untapped markets.

18 July 2025
“CPS230 -Where to now”
A panel discussion on APRA CPS230 Operational Risk Management Prudential Standard covering the current regulatory requirements, including risk management frameworks, contingency planning, international experiences, and the necessity for continuous audits and assessments.
If you have any suggestions for topics please email admins@acsa.com.au .


2025 Elevating Women’s Voices Program – Underway

It was great to see so many ACSA members sponsoring the Elevating Women’s Voices Program in 2025 and a growing cohort of participants and mentors.

The Alternative Investment Management Association (AIMA), 100 Women in Finance (100WF), CFA and Australian Custodial Services Association (ACSA), recently launched the Elevating Women’s Voices Program for 2025 and look forward to the contribution of the participants to the industry on the successful completion of the program.

The program closing event in late June. If you’re interested in attending the closing event follow the links below.

TO REGISTER CLICK HERE FOR MELBOURNE JUNE 25th 5pm

To REGISTER CLICK HERE FOR SYDNEY JUNE 26th 5pm

If you’re interested in finding out more, please connect with ACSA 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

Trends shaping global payments

The global payments landscape is like a puzzle. Lots of different pieces that, when connected in the right way, add up to something much greater than the sum of its parts. Looking at four major trends influencing global payments today, it’s clear that this puzzle is only getting bigger. Putting the pieces together will be crucial for financial institutions, businesses, and consumers alike to thrive.

SWIFT recently outlined the four trends are shaping the payments landscape. Accelerating innovation; rising customer and regulatory expectations; new players and networks; and changing trade and economic relationships.

Read more about SWIFT’s perspective here.

Member Profile – Calastone

Calastone is the largest global funds network, connecting the world’s leading financial organisations.
Our mission is to reduce complexity, risk and costs, enabling the industry to deliver greater value to investors. 4,500 clients in 56 countries and territories benefit from Calastone’s services, processing over £250 billion of investment value each month.

Marsha Lee is the Managing Director, Head of Calastone Australia and New Zealand and is responsible for nurturing a strong and collaborative client relationship in the region. This is in addition to growing our footprint in AUNZ and driving into new segments of the market.

With more than 20 years of experience in the securities and managed funds industry, Marsha has a broad understanding of various segments of the Australian market. Prior to Calastone, Marsha held a range of roles in custody securities and funds settlements and relationship management with current focus in Fintech.

Calastone joined ACSA as an Associate member, what are the benefits of being a member?

Calastone has been a member of ACSA as an Associate member since 2017, gaining access to a network of industry professionals, resources, and opportunities to influence industry standards and practices.
ACSA provides a platform for market participants to come together to solve challenges existing in the environment we are operating in. The variety of working groups that we are actively involved in provides an opportunity to focus on certain aspects of the industry where we can add value through insights and collaboration.

Tell us about your business’s involvement in asset servicing / financial services? What is your primary focus?

At Calastone, we’ve made it our mission to reduce complexity, risk, and cost, enabling the industry to deliver greater value to the investor.

As the largest global funds network, our primary focus is on transforming how the investment industry operates, removing friction from core processes and enabling seamless, automated connectivity between all participants in the fund ecosystem.

Through our network, we help asset managers, platforms, and service providers improve operational efficiency, scale more easily, and gain real-time visibility into transaction flows, all without the need to overhaul existing infrastructure.

We support a broad range of asset types, including mutual funds, ETFs, and money markets, and continue to evolve our services to meet the needs of a rapidly changing market environment. This allows our clients to focus on strategic decision-making, ultimately enhancing their service delivery and client satisfaction.


What industry challenges do you help to solve?

Calastone tackles key challenges in the funds industry, such as lack of connectivity, slow processes, risk, integration, and manual errors. By automating these processes, we enhance connectivity, boost efficiency, and reduce costs, complexity, and risk.

We continuously innovate to streamline the global investments marketplace, including mutual funds, ETFs, and money markets. Our vision is a seamless, fully automated, globally connected, and frictionless marketplace. We empower all market participants to evolve their business models, enabling them to scale and innovate effectively.


What excites you about the future of the asset serving/custody industry?

What excites us about the future of the asset servicing and custody industry is the transformative potential of digitalisation and automation. We envision a future where the asset management industry is fully automated, globally interconnected, and free of friction, empowering all market participants to innovate and scale. This vision excites us because it represents a significant advancement in industry operations, ultimately delivering greater value to investors and fostering a more dynamic and efficient marketplace.

Most recently, we have sought new ways to leverage our technology to enhance fund distribution and reach emerging investor segments. This has led to the launch of Calastone Tokenised Distribution, a groundbreaking solution that allows asset managers to tokenise any fund operating on our network and distribute it seamlessly across blockchain-based channels. The service integrates effortlessly with existing processes and service provider relationships, enabling funds to be accessed by digital-native investors without any operational disruption. Through smart contract-powered tokens and blockchain-native infrastructure, asset managers can dramatically expand their reach, reduce costs, and future-proof their distribution strategy in an increasingly digital investment landscape.

In this Issue

• Market update – ASX CHESS Incident, Valuexchange survey on Transformation of Securities Processing
• Regulatory Update – CFR Central Clearing Bonds and Repos, AUSTRAC tipping off offences, ASIC Sustainability Reporting
• Members Update – ACSA Awards, ACSA Members Event, ACSA Member Development Program and ACSA Thought Leadership Program
• Global Perspective – Evolution of digital asset in the EU
• Upcoming Events
• Industry Insights
• New Member and Business Profile – Evolution Trustees
• In Focus – Bruce Walker

Introduction

Welcome to the March 2025 edition of the ACSA Industry Wrap. In this edition we update you on the December ASX CHESS Incident and a survey on Transformation of Securities processing.

This issue also shares some interesting global content on the economics of tokenisation, plus details of our recent Members Event, ACSA Award winners and ACSA’s member development and thought leadership programs.

This month we are In Focus with Bruce Walker from BNP Paribas and share details of a new ACSA member – Evolution Trustees.

Market Update

CHESS Incident - RBA and ASIC respond

ASX has confirmed it has received a joint letter from the RBA and ASIC outlining regulatory action following the CHESS batch settlement incident on 20 December 2024. The settlement incident led to the delay in settlements across the cash equity market to the next settlement date. The ASX has previously released an incident report in relation to the matter.

The letter notes that the RBA has conducted an out-of-cycle assessment of ASX Clear Pty Limited (ASX Clear) and ASX Settlement Pty Limited (ASX Settlement) against its Financial Stability Standard for Operational Risk. As a result of the review, the RBA has revised its rating for the Operational Risk standard to “not observed” and made recommendations for ASX in response to the CHESS incident. You can read the joint letter here.

The ASX has also received a notice from ASIC directing ASX Clear and ASX Settlement to appoint an expert to conduct a technical review of CHESS and provide a report to ASIC within 150 days of appointing the expert. The ASIC notice can be found here.

Follow the link here to read the ASX response.


Transformation of securities processing - Survey

With the securities processing industry set to undergo a radical transformation in the coming years, Valuexchange is seeking industry input into preparations for the changes. Securities processing is at a turning point and insights and input from industry practitioners will help influence and guide future market developments.

Valuexchange would like to hear from industry practioners in Australia through an exclusive survey on the future of securities processing, run in partnership with FIS®. This 15-minute survey will further allow you to benchmark your transformation plans against those of your global peers.

Why participate?
✔ Gain insights into industry-wide transformation trends.
✔ Receive a personalised benchmarking scorecard to inform your 2030 strategy.
✔ Help shape the future of securities operations.
✔ See how your firm is positioned against other market participants.

To complete the survey, follow the link 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

Council of Financial Regulators (CFR) response to central bond and repo clearing consultation

The CFR conducted a public consultation on the case for central clearing of bonds and repurchase agreements (repos) in Australia. The consultation sought views from respondents on a range of related issues including:

(i) the costs and benefits of central clearing in these markets
(ii) market functioning and financial stability considerations, and
(iii) issues related to a prospective service being provided from overseas. This paper provides the CFR's response to the public consultation.

The CFR agrees with respondent feedback that the introduction of central clearing could enhance the efficiency and stability of the Australian bond and repo markets. The CFR supports the industry exploring the introduction of central clearing in the Australian bond and repo markets where the benefits are likely to outweigh the costs. The CFR does not consider there to be a compelling case for regulatory intervention to introduce central clearing in these markets at this time.
You can access more details on the CFR response here.

AUSTRAC Tipping off offences

Changes to the tipping off offence came into effect on 31 March to reflect amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

The changes focus on whether disclosing suspicious matter report information would or could prejudice an investigation, rather than the disclosure of information itself.

Information protected by the tipping off offence includes:

• information about a suspicious matter report (SMR)
• information about notices given to you under sections 49 or 49B of the AML/CTF Act, and
• information about suspicious transaction reports under the (now repealed) Financial Transaction Reports Act 1988.

AUSTRAC has published guidance to help understand the changes and comply with their AML/CTF obligations.

Read the tipping off guidance here.

ASIC Sustainability Reporting

ASIC has published a regulatory guide on sustainability reporting following an extensive public consultation with stakeholders.

Regulatory Guide 280 Sustainability reporting (RG 280) provides guidance for entities that are required to prepare a sustainability report containing climate-related financial information. This may include companies, registered schemes, registrable superannuation entities, and retail corporate collective investment vehicles.

RG 280 includes guidance on determining who must prepare a sustainability report, the content required in the sustainability report, disclosing sustainability-related financial information outside the sustainability report (such as in disclosure documents and product disclosure statements), and ASIC’s administration of the sustainability reporting requirements

Find out more 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.

Members Update

ACSA Awards

ACSA recently announced its annual award winners for 2024. The ACSA Awards acknowledge industry peers who have demonstrated exceptional performance in the past year or have made a notable ongoing contribution to the industry. The ACSA Chair Award is a nomination by the Chair of ACSA for significant industry contribution.

ACSA is pleased to recognise the following ACSA Award Winners:

• ACSA Award - Karen Gilbert, Stats Street Head of Risk in Australia
  
• ACSA Service to Industry Award – Josephine Maiorana, BNP Paribas Securities Services Head of Regulatory Watch and Market Advocacy -APAC
  
• ACSA Service to Industry Award – Elaine Cheung, JP Morgan Executive Director, product Manager Australia and New Zealand
  
• ACSA Service to Industry Award – Fergus Walshe, BNP Paribas Securities Services Tax product Manager (now retired)
  
• ACSA Chair Award – Andrew Gibson, State Street APAC Custody Product Head

ACSA Award Winner – Karen Gilbert

The ACSA Award goes to Karen Gilbert, State Street Head of Risk in Australia who has led a significant piece of work for ACSA in 2024 related to Operational Resilience.

With a new piece of legislation coming into effect in July 2025, which has a major impact on the ACSA industry, Karen stepped up and led the ACSA working group for CPS 230 throughout 2024 and onwards.

Within this body of work, ACSA has been viewed as an industry leader in providing open and transparent communication and solutions to ACSA’s APRA regulated clients.

Karen, as head of the ACSA CPS 230 Working Group has facilitated collaboration between the largest custodians in Australia, as well as with their clients, the regulator and other industry bodies.

In viewing the regulatory challenge, leadership of this group has been instrumental in considering solutions from a client perspective, adding value, efficiencies and simplification.


ACSA Service to Industry Award Winner – Josephine Maiorana

Josephine Maiorana, BNP Paribas Securities Services Head of Regulatory Watch and Market Advocacy – APAC, has been an chairing ACSA working groups for a few years with strong enthusiasm and dedication the Regulatory Implementation and Data Working Group; as such, she has been monitoring and following-up on a permanent basis many new or updated important regulations for the whole benefit of our industry and our clients (especially, recently the APRA Superannuation Data Transformation programs and the APRA CPS 230 Operational Risk Management).

Josephine’s strong working group management, along with her deep understanding and knowledge of the Australian financial industry has allowed all ACSA members to be provided with or get insightful information. Josephine has also engaged in smooth and efficient communication with regulators when needed and has contributed to guidance papers to ACSA members as key regulations have unfolded.

Service to Industry Award Winner - Elaine Cheung

Elaine Cheung, JP Morgan Product Manager, is the Deputy Chair of the ACSA Regulatory Implementation and Data Working Group and is an active member of the APRA Superannuation Data Transformation Sub Working Group.

Elaine has been instrumental in advancing the industry wide regulatory agenda, including:

• Submitting a comprehensive response to the consultation on the exposure draft of the Treasury Laws Amendment Bill 2024: Climate-related Financial Disclosure (Draft Legislation), demonstrating her expertise and commitment to shaping future regulatory frameworks, and

• ACSA’s detailed response to the APRA Superannuation Data Transformation Phase 2 Depth
Consultation, providing valuable insights and recommendations that reflect industry wide strategic priorities.

Elaine’s contributions have not only advanced business objectives but have also positively impacted the broader industry landscape. Her dedication and expertise have been essential to our success and the advancement of industry standards.


ACSA Service to Industry Award Winner – Fergus Walshe



Fergus Walshe, BNP Paribas Securities Services Tax Product Manager (now retired) made exceptional contributions to the ACSA Tax Working Group over the past seven years. Since joining the group in 2017 and assuming the role of Deputy Chair in March 2024, Fergus was an invaluable asset, leveraging his extensive experience in the financial services industry.

Fergus’ calm and considered approach has been instrumental in advancing the group's objectives and in recent months, has been at the forefront of several key initiatives. He has expertly overseen the ATO submission on AMIT deemed payments, negotiated pragmatic guidance on ATO Trust tax return disclosures and led constructive discussions and feedback on the FSC’s draft custodian tax governance questionnaire. His leadership in these areas has ensured that the submissions were comprehensive, well-researched, and effectively communicated the group's positions.

Fergus provided strategic guidance and technical expertise across a wide range of topics, including the analysis of foreign CGT adjustments under the Burton's decision case, non-cash collateral and other tax challenges.

ACSA Chair Award – Andrew Gibson

Andrew Gibson, State Street APAC Custody Product Manager has made an immeasurable contribution to ACSA, the custody industry at large and the careers of the countless people that have had the pleasure of working for, beside and with him over the course of his distinguished career.

Andrew has been at the forefront of the development of the custody industry, driving important changes at all levels that benefit custodians, clients and the financial services industry.

Andrew served on the ACSA Executive Board for around 8 years, was an Executive Sponsor of the Operations Working Group and has participated in various engagements with ACSA’s key industry stakeholders including the ASX.

He remains a mentor for many, is a constant positive, constructive and pragmatic voice.

ACSA Members Event

ACSA recently hosted its first Members networking event for 2025.
At the event, ACSA shared details of its focus and priorities for 2025, hosted Benji Brown, a Senior Relationship Manager at Pride and Diversity and announced the 2024 ACSA Award winners.

ACSA thanks all those involved for attending and those who assisted in organising the event.

ACSA Member Development Program

ACSA launched the ACSA Member Development Program in March – Connecting and Building Rapport. The program was delivered by Arabella Macpherson from Resonate Communications. If you missed the first webinar the video is available here (note access is only for registered ACSA website members)

The second webinar is on the 11th April focusses on Meeting preparation. One of the greatest fears people have is that they’ll bore others. But if your meeting centres around and answers the meeting invitees’ greatest questions, they can’t help but listen to you. This webinar will help you prepare properly, know exactly who you’re meeting with, what their problems are and what’s most important to them. By answering their most pressing questions and solving their biggest problems, they will not only trust you, respect you, but will also want more of you.

The program continues in May and the theme will centre around concise communication, equipping you with techniques to convey your message clearly and effectively. Finally, in June, we will focus on setting up successful meetings, providing strategies to engage stakeholders and keep discussions on track.

You can join the April session here.

ACSA Thought Leadership Program

The ACSA Thought Leadership Program is getting underway again in April, watch out for the event announcements.

Upcoming Webinar - May

"Navigating the Future: Global and Local Post-Trade and Securities Processing Trends”

This webinar will provide insights from DTCC on the evolving landscape of post-trade processes and securities handling. The session will provide valuable insights into the T+1 settlement cycles being implemented in the U.S. and Europe, explaining the transition, expected benefits, and challenges faced during implementation. Furthermore, the webinar will explore Central Bond Clearing in the US and the need for Trade Matching systems in Australia, highlighting their impact on market efficiency and operational risk reduction.

Future Webinars

We’re currently working on thought leadership content on climate reporting, asset management trends, CPS230 and Generative AI in Financial Services. We will update details on Linkedin and the ACSA website as we get the topics and presenters locked in.

If you have any suggestions for topics please email admins@acsa.com.au

2025 Elevating Women’s Voices Program – Ready to launch



It was great to see so many ACSA members sponsoring the Elevating Women’s Voices Program in 2025 and the organisers appreciate the number of nominations

On behalf of Alternative Investment Management Association (AIMA), 100 Women in Finance (100WF), and Australian Custodial Services Association (ACSA), we would like to invite you to join us to celebrate the opening event of 2024 Elevating Women's Voices, a communications course designed for women in the financial services industry.

Register to attend 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

Economics of Tokenisation

  

The economics of asset management are shifting. A recent whitepaper from Calastone provides in-depth analysis of fund operating costs and how tokenisation can reshape financial dynamics across the industry. It breaks down the true cost structure of an average fund, the projected rise in expenses, and the potential for tokenisation to drive efficiency and profitability.

Key findings include:

• Fund operating costs currently stand at 0.74% of AUM and are set to increase by 32% over the next three years
• Tokenisation can cut fund operating costs by 23%, delivering savings of 0.13% of AUM
• Industry-wide, these efficiencies could generate $135bn in cost reductions
• Time to launch a new fund is expected to drop from 12 weeks to 9 weeks, with a 24% decrease in seed funding requirements
• Lower costs allow for more competitive fee structures, driving AUM growth and market expansion

Download the Calestone whitepaper here.

Business Profile – Evolution Trustees Limited

Rupert Smoker, CEO
Rupert founded Evolution Trustees with a view to creating a corporate trustee whose focus was on providing market leading client service through expertise and professional passion. Prior to this he was the head of a corporate trustee business (Responsible Entity and Managed Investment Trusts) within ASX listed corporate trustees Perpetual Limited and The Trust Company Limited and acted in a variety of management roles with ASIC. Rupert holds degrees in law, commerce and finance and is a registered legal practitioner in NSW.

Yvonne Kelaher, Director of Custody
Yvonne is responsible for Evolution Trustees’ custody business, with over 26 years’ expertise in corporate trusteeship, custody and debt capital markets. Yvonne has a proven track record in business management, development, transaction management, operations and client management. Before joining Evolution Trustees, Yvonne was head of the former Australian Executor Trustees Corporate Trust business. Prior roles were at State Street and Westpac Institutional Bank.  

Evolution Trustees recently joined ACSA as an Associate member, what are the benefits of being a member?
Being a member of the ACSA ensures that we have direct access to industry experts, regulatory updates and technological developments, along with the opportunity to join working groups. Members also benefit from training and development and participate in networking events.

Tell us about your business’s involvement in asset servicing / financial services? What is your primary focus?
Evolution Trustees focuses on providing services to managers of private and alternative assets leveraging a balanced combination of purpose-built technology and people with strong industry know how. A significant part of our business is supporting international organisations safely manage their Australian assets in an efficient and transparent manner. We are excited by the growth of the Australian superannuation sector and the ever-increasing shift to assets classes outside of publicly traded securities and bonds.

What industry challenges do you help to solve?
Evolution Trustees provides trust structures and a compliance framework to an array of asset classes, allowing the asset manager to focus on investment management.

What excites you about the future of the asset serving/custody industry?
The future of the asset servicing and custody industry is incredibly exciting. The market is bifurcating between large global players with international connectivity focused on the larger institutions and smaller local players with more bespoke offering for non-market traded assets. We think we have a lot to offer both the custodial services industry and the funds management world with our technical experience holding less commoditised assets like real estate, infrastructure, private equity/debt and other emerging assets.

In Focus - Bruce Walker

I have been in custody for approximately 40 years after first starting out in settlements at the AMP Society. Subsequent roles were many and varied from Fund Accounting to Unit Pricing to IT as well as my first taste of being a Client Service Manager.

In 2002, BNP Paribas acquired Cogent from AMP Capital and it’s at BNP Paribas where I am today. I think it’s at this stage where I say – where did the last 22 years go to?

From managing different teams of client facing experts to a stint as a Relationship Manager and with much more in between, recent years have finally seen me settle into what I like doing best which is my current role of being a Client Service Manager. I look after several large superannuation funds and insurance clients, and really enjoy the challenges that every day brings along with the client contact and friendships you make.

Can you briefly describe your role and responsibilities?
As a Client Service Manager, I am responsible for ensuring overall satisfaction of my client base across the full scope of services delivered by BNP Paribas’ Securities Services business both locally and globally. This includes escalation of day-to-day operations, monthly action log, service review meetings, and maintenance of SLAs, being across all key services and projects as well as conducting annual due diligence reviews.

It is my role to champion the client experience to achieve a desired level of service across the entire organisation. By understanding the client’s business and service expectations, I can translate this into service delivery requirements for each accountable team.

What is the most satisfying part of your role?
It’s probably two-fold. Firstly, knowing that what I am doing is assisting a colleague or fellow Client Service Manager in their day-to-day roles, and secondly knowing what we do as an organisation and me as an individual goes a long way to helping my clients meet their goals.

What are some of the exciting places your career has taken you?
Soon after BNP Paribas acquired Cogent, I was lucky enough to travel for two weeks to London, Paris, Portugal and then back to London. It was my first time in Paris and the whole trip was a great experience seeing the footprint of BNP Paribas globally. Since then, I have been lucky enough to also travel to Chennai twice – both times with client prospects.

What advice would you give your 21-year-old self?
Probably two things - be prepared for and accept change as this is the industry for it and be prepared for a wild ride at times – both good and bad. However overall, Bruce stick it out no matter what - for what you put in you will more than get back in great experiences, exciting times, friendships and wonderful achievements along the way.

What excites you about the future of our Industry?
The heart of what we do is for our clients. So, I am excited to see them continue to grow and explore new opportunities when they arise, for them to accept the challenges of the industry and finally adapt to ever evolving regulatory changes. This is where ACSA can assist on so many fronts.

In this Issue

• Market update – ASX CHESS Replacement Assurance Plan and Release 1 Consultation
• Regulatory Update – Government Response to CHESS Replacement Inquiry
• Members Update – ACSA Members Event, ACSA Member Development Program and Elevating Women’s Voices
• Global Perspective – Evolution of digital assets in the EU
• Upcoming Events
• Industry Insights
• In Focus – Karen Gilbert

Introduction

Welcome to the February 2025 edition. In this edition of the ACSA Industry Wrap we update you on ASX CHESS Replacement Assurance Planning, Release 1 consultation and the government’s response to CHESS Replacement.

This issue also shares some interesting global content on the evolution of digital assets in the EU and details of our next Members Event being ACSA’s member development program and the Elevating Women’s voices program.

This month we are In Focus with Karen Gilbert from State Street.

Market Update

ASX Assurance Plan for CHESS Replacement.

The ASX published its seventh independent expert report on the assessment of ASX’s Assurance Plan for the implementation of the CHESS replacement project.

The purpose of the independent assessment was to evaluate the governance processes over the ASX Assurance Plan for the CHESS replacement project and to assess the appropriateness of the completed assurance activities in the six-month period to determine whether the Assurance Plan continues to be “fit for purpose”. The independent expert defines “fit for purpose” as the extent to which the coverage, nature, extent, timing, sequencing and governance of the Assurance Plan is suitable for the size and complexity of the project.

You can access the report here.

The ASX also issued a consultation paper on CHESS Replacement Release 1 – Rules and Procedures, AMO Contractual Terms.

To facilitate the implementation of CHESS Replacement Release 1, ASX is required to amend the ASX Clear Operating Rules; ASX Clear Operating Rules Procedures; and ASX Operating Rules Procedures.
The objective of this consultation is to seek feedback on the operation of the proposed rule amendments and any unintended consequences. You can access more details on the consultation 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

Government response: Inquiry into the CHESS replacement project

Following its statutory inquiry into the Australian Securities and Investments Corporation (ASIC), the Takeovers Panel, and the corporations legislation, the Parliamentary Joint Committee on Corporations and Financial Services published its report, Competition in clearing and settlement and the ASX CHESS Replacement Project: The CHESS Replacement Project is too important to fail in April 2024.

The Parliamentary Joint Committee Report made twelve recommendations seeking to strengthen the oversight and regulation of Australia’s financial market infrastructure. The government responded to the report on February 27.

You can access more details on the government response 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.

Members Update

ACSA Members Event

ACSA Member Event 

ACSA’s next Members Event, to be run concurrently between Sydney and Melbourne, is on Thursday 13th March 2025.

ACSA’s Executive board invites you to join them for an industry celebrate on our 30th year. You can hear about our 2024 ACSA Award winners and an external speaker on Diversity, Equity and Inclusion, plus connect and network with your peer’s and colleagues from the industry.

When: 13th March 2025, 4.30pm – 6.30pm

Agenda: Industry update and guest speaker followed by a networking cocktail event.

Sydney: JP Morgan, 85 Castlereagh Street, Sydney

Melbourne: Northern Trust, Level 12, 120 Collins Street Melbourne

Please register here, selecting your preferred location to attend in Sydney or Melbourne.

ACSA Member Development Program

ACSA is thrilled to announce the launch of the ACSA Member Development Program, a comprehensive initiative designed to assist in enhancing the skills, confidence, and professional growth of our working group participants and members. This program focuses on building trust, preparing effectively, communicating concisely and ensuring successful meetings. All while addressing the unique challenges faced by our community.

Each month, we will explore a different theme to empower you with the tools and techniques needed to excel in your professional endeavours.

In March, we will dive into the art of connecting and building rapport which will help you forge strong relationships based on trust. April will be dedicated to preparation, ensuring you can answer your colleagues most pressing questions and problems with confidence. May's theme will centre around concise communication, equipping you with techniques to convey your message clearly and effectively. Finally, in June we will focus on setting up successful meetings, providing strategies to engage stakeholders and keep discussions on track.

You can join the March session here.

2025 Elevating Women’s Voices Program – Do you want to be a participant or mentor?

NB: The only way to apply is through this short application process.

Participant application: CLICK HERE
Mentor application: CLICK HERE

This year, we are once again improving by expanding the program further into Melbourne and are looking for both mentors (female and male) and participants. Please note, the program is only available to staff members of AIMA, ACSA and members of 100 Women in Finance or CFA Australia.

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

2025 applications for Mentor and Participant Nominations will open 26th February 2025 and close 14th March 2025 – successful applicants will be advised shortly after 14th March 2025.

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. Participation is free (for AIMA/100 Women in finance/ACSA members and CFA) and participants must commit to participating in the full program outlined below, be prepared to give public speaking a go, and be willing to provide feedback to help us evolve and improve the program for future cohorts. We are capping the program at 60 participants this year in Sydney and a similar number in Melbourne. Please note that the program is Provided free of charge due to the generosity of our Sponsors and Partners.

Mentors
We are looking for 20+ mentors in Sydney & Melbourne (numbers dependent on participant numbers), of 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. Responsibilities include:
Attending the training sessions, and ideally the launch and closing events outlined below,
Co-leading the four mentor sessions,
Liaising with the Elevating Women’s Voices committee on any questions, suggestions and feedback

The program runs from 1st May 2025 to 26th June 2025 and requires a commitment to all sessions. Please follow the links to find out more on the session details.

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

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

European Union’s Digital Future

In 2024, 64 entities (including central banks, issuers, banks, market infrastructures, investors, and technology providers) participated in the ECB DLT trials led by the European Central Bank.
The ValueExchange interviewed 32 of these participants in November/December 2024 to gather their insights into the ECB DLT trials and their views on the future of DLT in Europe.

Download the key findings report here to get The Value Exchange 's view on the current state and outlook for DLT across the European Union.

In this Issue

• ACSA Celebrates 30 years of service
• Market update – ASX CHESS Batch Settlement incident, The Network Forum meeting in March
• Regulatory Update – AUSTRAC AML/CTF reforms
• Members Update – ACSA Members Event, ACSA Member Development Program and ACSA Thought Leadership
• Global Perspective – Insight on Central Depositories and sustainability in Securities Services
• Upcoming Events
• Industry Insights
• Member profile – Novigi
  
  

ACSA Celebrates 30 Years of Service

In 2025, the Australian Custodial Services Association (ACSA) marks an impressive milestone, celebrating 30 years of dedicated service and commitment to the Australian custody and financial services industry.

Since its inception in 1995, ACSA has been at the forefront of advocating for best practices, fostering innovation, and promoting the interests of its members. Over the past three decades, the Association has played a crucial role in shaping the industry’s landscape, ensuring that it remains robust, efficient, and responsive to the evolving needs of the market. Through its unwavering commitment to excellence, ACSA has facilitated the advancement of custody and financial services, providing an invaluable platform for collaboration, education, and professional growth.

As it commemorates this significant anniversary, ACSA continues to uphold its mission of driving industry standards and supporting its members in navigating the complexities of the financial services sector. ACSA will provide more information on celebrating this commitment through monthly Industry Wraps, member events and through LinkedIn.

Introduction

Welcome to the first Industry Wrap for 2025. In this edition, we update you on ASX CHESS Batch Settlement Incident and share details of AUSTRAC’s AML/CTF reforms.

March is a busy month! We’re launching two exciting programs - the Elevating Women’s Voices Program and our new ACSA Members Development Program. Also, get involved by coming along to our Members Event on 13 March.

This issue also shares some interesting global content on Central Depositories and Sustainability in Securities Services, plus details of our next Members Event and what’s next for the ACSA Thought Leadership Series.
This month we share a profile on New Member – Novigi.

Market Update

ASX CHESS Batch Settlement Incident.

ASX has recently shared details on the CHESS Batch Settlement Incident from 20 December 2024.
On Friday 20 December, 2024 ASX CHESS Batch Settlement could not proceed because a critical step in the settlement process generated an error that prevented completion. ASX was not able to resolve the error before the relevant cut-off time and therefore rescheduled settlement obligations to the following Business Day, Monday 23 December 2024.

ASX’s incident report can be found here.

In addition, ASX has confirmed that ASIC has commenced an investigation into the Batch Settlement Issue. Further details can be found here.

ACSA and its members continue to engage with the ASX to understand the incident and ASX actions to prevent future incidents.

The Network Forum Australasia Meeting 2025

ACSA is pleased to support The 2025 Network Forum Australasia Meeting on 4-5 March 2025, which is being held at the ASX in Sydney.

The Network Forum have curated an impressive lineup of domestic and global speakers. They will address a diverse range of topics related to equity post-trade, including settlement compression, operations risk and resilience, post-trade technology, and market commentary.

As a prominent player in the post-trade events arena, The Network Forum is excited to follow up its successful 2024 Australasian meeting in a global series.

ACSA members are able to take advantage of an ACSA member discount of 10% by using the code TNFAUACS25.

GET YOUR TICKETS 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 new AML/CTF laws

On 29 November 2024, Parliament passed the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill, amending the AML/CTF Act 2006. The new laws reform Australia’s AML/CTF regime to ensure that we can more effectively deter, detect and disrupt crimes like money laundering, terrorism financing and proliferation financing.

To support the reforms, AUSTRAC is updating the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1), often referred to as ‘the Rules’. These are subsidiary legislative instruments that provide detailed information in relation to specific requirements under the AML/CTF Act. A Future Laws Compilation of the AML/CTF Act containing the amendments within the existing AML/CTF Act 2006 is available to assist you to understand and familiarise yourself with the reforms.

The consultation closes on 14 February 2025. Details of the consultation can be found here.

AUSTRAC 2024 Compliance Report.

Have you submitted your 2024 compliance report to AUSTRAC yet? Submit on time to avoid a penalty

Your AUSTRAC compliance report for the 2024 calendar year is due by 11:59 pm on 31 March 2025.

There may be penalties for failing to submit by the due date as AUSTRAC can issue you with a remedial direction and/or an infringement.

Separate penalties can also apply for failing to update your enrolment details. Find out more about the consequences of not complying.

How to submit your AUSTRAC compliance report

1. Log in to AUSTRAC Online
2. Go to ‘My Business’
3. Click the plus sign (+) next to ‘My Business’ to see more menu options
4. Select ‘Compliance Reports’
5. Select ‘Open Compliance Report’ for 2024.
   

If you have questions about the compliance report, visit AUSTRAC’s compliance report page, email contact@austrac.gov.au or call the AUSTRAC Contact Centre on 1300 021 037.

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

2024 ACSA Awards

ACSA Member Event – 13 March

ACSA’s Members Event which will run concurrently between Sydney and Melbourne, is on Thursday 13 March.
ACSA’s Executive Board invites you to join them to celebrate our 30th year, hear about our 2024 ACSA Award winners and learn about Diversity, Equity and Inclusion from our guest speaker. Plus, you get the opportunity to connect and network with your peers and colleagues from the industry.

When: 13th March 2024, 4.30pm – 6.30pm

Agenda: Industry update and guest speaker followed by networking cocktail event.

Sydney: JP Morgan 85 Castlereagh St, Sydney

Melbourne: Northern Trust, Level 20, 120 Collins Street Melbourne

Please register here, choosing your preferred location to attend for Sydney or Melbourne.

ACSA Member Development Program

ACSA is thrilled to announce the launch of the ACSA Member Development Program, a comprehensive initiative designed to assist in enhancing the skills, confidence, and professional growth of our Working Group participants and Members. This program focuses on building trust, preparing effectively, communicating concisely, and ensuring successful meetings, all while addressing the unique challenges faced by our community.

Each month, we will explore a different theme to empower you with the tools and techniques needed to excel in your professional endeavours.

Here’s a sneak peek of what’s to come:

• March - a dive into the art of connecting and building rapport, helping you forge strong relationships based on trust.
• April will be dedicated to preparation, ensuring you can answer your colleagues' most pressing questions and problems with confidence.
• May's theme will centre around concise communication, equipping you with techniques to convey your message clearly and effectively.
• Finally, in June, we will focus on setting up successful meetings, providing strategies to engage stakeholders and keep discussions on track.

Watch for emails and updates on LinkedIn to join us on this journey to unlock your full potential and become an influential leader within the ACSA community. The program is free to all ACSA members and their teams.

2025 Elevating Women’s Voices Program – Do you want to be a participant or mentor?

INFORMATION WEBINAR 12pm 26 February - register here.

The highly successful Elevating Women’s Voices program is back once again in 2025 - Do you want to be a participant or mentor?

Over the last 3 years the “Elevating Women’s Voices” program has seen more than 150 participants and 60 mentors come together for formal group sessions, mentoring sessions and an opening and closing event over a 10-week period.

This year, we are once again improving and expanding the program further in Melbourne and are looking for both mentors (all genders) and participants.

We would like to invite all interested parties to an information gathering webinar to be held on 26 February from 12pm to 1pm (AEDT time).

Please note, the program is only available to staff members of AIMA, ACSA and members of 100 Women in Finance.

It is provided free of charge due to the generosity of our Sponsors and Partners.

2025 Elevating Women’s Voices Program Overview

Created as a result of the shortage of women available to speak to and on behalf of the finance industry, this program aims to:

• Provide support, guidance, confidence and opportunities to enable our highly competent and capable women to contribute more actively in a variety of settings
• Provide the Australian business community with a wealth of female voices, opinions and approaches to creating, managing, and transforming industry conventions.
• Encourage more active participation in the Financial Services Industry by deepening the pool of women speakers willing to drive conversations across the industry.
  

Please refer to this pack to learn more about the program.

ACSA Thought Leadership Webinar Series

The 2024 ACSA Thought Leadership Program has been a great success delivering ACSA members with insight and addressing the industry's most pressing topics and future trends. The program has included:

• Exploring the move to a shorter settlement cycle and its implications.
• Delving into the rise and regulation of cryptocurrency exchange-traded funds.
• Understanding the evolving landscape of climate-related financial disclosures.
• Staying informed about the latest changes in tax policies affecting the industry.
• Examining new requirements and the operational resilience framework.
• Analysing insights from the latest asset management survey.
• Assessing practical applications of blockchain technology beyond cryptocurrencies.
• Navigating the complexities of digital asset regulation.

As we look ahead, ACSA aims to build on last years insights and topics. Some of the key themes we plan to cover include:

• Operational Resilience (CPS230)
• Global Clearing
• Alternate Asset Valuation
• Digital Asset Tokenization
• Climate and ESG
  

If you have any suggestions for topics, please send your suggestions and feedback to contact@austrac.gov.au

Look out for emails and LinkedIn post promoting webinars.

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

Central Depositories and Sustainability

ISSA recently released papers on Central Depository Best Practices and the impacts, challenges and opportunities for sustainability in Securities Services.

ISSA published a new paper from its CSD Working Group (WG): Best Practices for Frontier and Emerging Markets attracting foreign portfolio investment. This paper is targeted at helping CSDs and local authorities attract more foreign portfolio investment and makes a series of observations and recommendations to that effect.
Amidst the evolving landscape of global markets, the integration of Environmental, Social, and Governance (ESG) factors has emerged as a pivotal force reshaping business worldwide. Nowhere is this transformation more profound than within the Securities Services industry, where the principles of ESG are catalysing a paradigm shift in business practices, product strategies, and compliance and regulatory frameworks. ISSA’s Sustainability in Securities Services Working Group (WG) assessed impacts ESG in the context of Securities Services. Here is their recent report.

Asset Servicing Automation

ISSA and The Value Exchange, with sponsorship from Broadridge and DTCC, recently completed an “ASSET SERVICING AUTOMATION in 2024” study which highlights a decrease in industry automation rates as firms struggle to accommodate significant volume growth.

The research gathered insights from over 270 teams and departments across the capital markets globally and has been supplemented by interviews with industry professionals to incorporate their unique perspectives on the findings.
This research highlights the critical need to redefine what we mean by industry-wide cooperation as we look to resolve the asset servicing challenge.

The Asset Servicing Automation Study’s key findings can be accessed via this link.

In this Issue

• Season’s greetings from the Chair
• 2024 - A year in review
• Market update – ACSA Unit Price Data Standard and CHESS Replacement
• Regulatory Update – Treasury beneficial Ownership and CPS230
• Members Update – ACSA Awards, ACSA Thought Leadership and Annual Stats
• Industry Insights
• Upcoming Events
• Member profile – DTCC
• In Focus – Tim Helyar, State Street
  
  

A word from our CEO

IIn this edition of the ACSA Industry Wrap we cover the ACSA Unit Price Data Standard, ASX CHESS replacement, the Treasury beneficial ownership reforms and ACSA’s focus on CPS230 guidance.

This issue also shares what’s next for the ACSA Thought Leadership Series and our ACSA Awards are now open.

This month we are In Focus with Tim Helyar from State Street, and we share a profile on New Member – DTCC.

Season’s greetings from the Chair

2024 has been another active year for ACSA, a year where the ASX progressed the CHESS Replacement project, regulators maintained a positive agenda for regulatory change and we continued to work collaboratively across the industry to deliver value to our people and clients.

My fourth year as ACSA chair has delivered further accomplishments for ACSA. We have worked successfully to define our strategic priorities and and extend our industry connections with new members and new cohorts. In particular, we have turned our focus to the Next Generation.

My thanks go to the Executive Directors and David Travers, CEO of ACSA, the Working Group Chairs and members of the Working Groups for your commitment and drive to ensure the industry continues to manage through change and take regulatory initiatives head on for the benefit of our member houses, our clients, and our people. The efforts of so many on a volunteer basis is appreciated and makes a huge difference to our ability to get things done.

A special call out to Andrew Gibson from Citi and NAB Asset Servicing who have been tireless contributors to ACSA for many years - your contributions will be missed. I also welcome Janelle McCoy (HSBC), Chris Moore (Citi) and Elaine Vaisanen(JP Morgan) to the Board and look forward to working closely going forward to deliver on ACSA’s vision and strategy.

I wish you all the best for the holiday season and hope that you can take some time out to enjoy the break with family and friends. I look forward to continuing to work with you in 2025 on what is expected to be another year of opportunity for us to deliver on the ACSA mission.

Thank you again and best wishes.

Sally

“Our mission is to promote efficiency and international best practice for members, our clients and the market through a united voice for the custody and investment administration industry in Australia.”

2024 - a year in review

ACSA maintained its priorities in 2024 in line with its mission to focus on efficiency and best practices across the custody and investment administration industry to support members and their clients.

ACSA Working Groups continued to drive industry and regulatory engagement around ACSA priorities and industry focus. The level of regulatory engagement has been at record levels with over 12 regulatory submissions completed in 2024 (7 in 2023). I thank all the Working Group members for their ongoing support and contribution to ACSA, further a special thanks to the Working Group chairs who take the lead on the Working Group agendas.

After 9 years Andrew Gibson has ended his time with ACSA. I thank Andrew for his outstanding contributions and also extend a big thank you to one of our founding member organisations, NAB Asset Servicing, who have recently changed their level of engagement with ACSA as their business evolves.

Interest from market participants in the contributions of ACSA continued this year and we saw DTCC re-join as Associate Members and MUFG, XChequer and Holley Nethercote join as new ACSA members. Welcome to these organisations.

We delivered a successful series of webinars, bringing thought leadership and new industry insights to members. . The partners for our 11 webinars included: SWIFT, Citibank, Coinbase, KPMG, Holley Nethercote, ValueExchange, and EY.

Throughout the year, we also issued a series of whitepapers and guides covering T+1, CPS230 and a Unit Price Data Standard.

ACSA has engaged regularly with the ASX on several matters around CHESS Replacement and Pricing. We will continue to actively engage with the ASX and fully support the need to have stability and resiliency in the ASX listed settlements.

Finally, in 2024 we got to know some of our industry people in InFocus, including Alvin Chia (Northern Trust), Fiona O’Sullivan (State Street), Priyankara Maduranga Haputhanthrige (HSBC), Michelle Cross (Automic), Janelle McCoy (HSBC), Andrew Gibson (Citi), Praveen Wijesekera (NAB), Leon Stavrou (Northern Trust), Nadia Schiavon (JP Morgan), Harpreet Ahuja (HSBC).

Thank you to all Working Group members, the ACSA Executive Board and Kate Dent for your efforts and support in 2024.

David

CEO, ACSA

Market Update

ACSA Unit Price Data Standard

ACSA set up a working group to identify how the standardisation of unit price data could improve the efficiency, timeliness, and accuracy of unit price processes across the investment services industry.

The objective is to create an operating environment where fund unit price data elements are digitally exchanged and can be interpreted without ambiguity delivering greater integrity, timeliness and consistency of unit price data including both CUM and EX pricing and distribution CPU amounts.

You can find out more about the ACSA Unit Price Data Standard here.

CHESS Replacement Insights

On 26 November 2024, ASX released two responses to consultation feedback. The first is ASX’s response to consultation feedback on the Consultation on the scope and implementation of CHESS replacement Release 2 (settlement and sub register) published on 2 August 2024.

The second is ASX’s response to consultation feedback on the consultation on the Development Incentive Pool future milestones for the CHESS replacement Partnership Program published on 17 April 2024. Both papers summarise the feedback received and provide ASX’s responses.

ACSA responded both these consultations and our responses can be found here.

Join the discussion.

If you’re interested in joining in ACSA’s response to these consultations, please connect to us at admin@acsa.com.au.

Regulatory Update

Enhanced beneficial ownership disclosure for listed entities.

Treasury is consulting with industry on the implementation of a public beneficial ownership register. This will improve transparency of corporate structures by showing who ultimately owns, controls, or receives profits from companies.

The first stage of reform is legislation focusing on listed companies. The reforms propose amending the Corporations Act 2001 to:

• increase the disclosure of ownership information for listed companies
• broaden the Australian Securities and Investment Commission’s regulatory enforcement powers.

ACSA is preparing a response to the consultation and you can find out more here.

APRA – ACSA response to Operational Resilience Standard CPS230.

ACSA members continue to engage on the industry response to CPS230 and how the industry can provide guidance to assist clients in meeting their operational resilience obligations.

ACSA has now released guidance in Critical Operations, Tolerance Setting and Oversight if Material Service Providers, follow the links to the ACSA Guidance Notes:

ACSA CPS230 Guidance note on Critical Operations
ACSA Guidance Note on Tolerance Setting
ACSA Guidance Note on Oversight of Material Service Providers

Council of Financial Regulators – Quarterly Statement

The Council of Financial Regulators (the Council) recently released minutes from its quarterly meeting where they discussed a range of current and emerging risks and vulnerabilities that could lead to, or amplify, financial instability in Australia.

The discussion also covered longer-run structural trends for the Australian financial system relating to digitalisation, the environment and the evolving international security landscape, including the increasing interconnection between banks and superannuation in the provision of market liquidity. Follow this link to read more.

Members Update

2024 ACSA Awards

Nominations are now open for ACSA Awards 2024

The ACSA Awards recognise outstanding individual contribution to the Association, wider industry and key stakeholders. For over 12 years these coveted Awards have showcased outstanding individuals and the value they bring to industry collaboration and focus on positive change.

Eligibility

Any person who makes a significant contribution to the industry and Association is eligible.

Nomination Process

Nominations should be made by completing the Nomination Form and return no later than 30 January 2024 via email to:

Kate Dent
ACSA Executive
admin@acsa.com.au

Nominations must include details of the individual’s specific contribution (see instructions regarding the citation).
Full details of the process and the Roll of Honour of past recipients can be viewed here.

Award Presentation

Recipients will be notified in February, and the Awards will be presented at ACSA’s first members event for 2024 in March which will be held concurrently in Sydney and Melbourne.

ACSA Thought Leadership Webinar Series

The next topic in the ACSA Thought Leadership series is ACSA Thought Leadership Series: T+1 in the United Kingdom – When, why and how?.

The UK has announced that it will move to T+1 no later than 31 December 2027, and will continue to explore opportunities for close collaboration with the EU and other European jurisdictions. The EU has now proposed October 2027 as their transition date.

The move to T+1 presents a major industry transformation that will require significant investment from firms to upgrade post-trade systems and processes as well as related technology. There will also be implications from a trading, funding and market liquidity perspective, which need to be carefully considered. ACSA is actively involved in the discussions on T+1 representing members’ views and concerns.

Please join Andrew Douglas, the chair of the UK T+1 Taskforce Technical Group in a dialogue with Chris Moore, Citi Custody Country Head, Australia and New Zealand to discuss the UK’s move to T+1, the interlock with Europe, and what it might mean for Australian and New Zealand investors.

When: 13 Dec 2024 from 10-11am AEDT
Where: Virtually via Teams

REGISTER NOW

Key Events

• 13 December 2024: ACSA Thought Leadership Series: T+1 in the United Kingdom – When, why and how?
• March 2024: ACSA Member Event
  

Head to our events page to find out more and register.

Insights and Updates

• October 2024 - ACSA response to Treasury Law Amendments (Mergers& Acquisitions) Bill 2024

• October 2024 - ACSA response to ASX Consultation on Cash Equities and Settlement New Pricing policy
  

Member Profile –DTCC

With more than 50 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 20 locations around the world, DTCC, through its subsidiaries automates, centralises, and standardises the processing of financial transactions, mitigating risk, increasing transparency, enhancing performance and driving efficiency for thousands of broker/dealers, custodian banks and asset managers.

Industry owned and governed, DTCC innovates purposefully, simplifying the complexities of clearing, settlement, asset servicing, transaction processing, trade reporting and data services across asset classes and bringing increased security, enhanced resilience and soundness to financial markets.

Fatosh Lord is a Senior Relationship Manager at DTCC, based in Sydney, Australia. Fatosh brings more than 25 years of experience in financial markets to her role in managing client relationships for DTCC in Australia.

Fatosh commenced her career in commodities trading before moving to strategic business development roles at the ASX, where she managed the ASX 24 Futures client segment and contributed to the development of its Interest Rate Futures products. In her current role at DTCC, she collaborates closely with DTCC’s clients in Australia to understand their evolving needs in the delivery of services and develops strategies to address their challenges across financial markets.

As Co-Chair of the DTCC Australia Advisory Council, Fatosh is supported by a diverse team across DTCC’s functional business lines, including Relationship Management, Clearing & Securities Services, Data, Consulting, Digital Assets and Trade Reporting.