ASIC has released a catalogue summarising key legal obligations and regulatory guidance to help private credit fund operators more easily identify and comply with existing regulatory obligations.
The catalogue provides a practical reference point and applies to operators of retail and wholesale private credit funds in Australia. It is also relevant to the broader funds management sector.
This work was flagged in its roadmap for capital markets released last month. This initiative complements issue of principles issued as a benchmark for firms to urgently assess its current practices, lifting them where necessary. This step will enhance trust and integrity in the private credit fund sector.
ASIC also intends to refresh regulatory guidance in 2026-2027 to consider private credit surveillance findings, reflect current risks and apply clearer guidance for wholesale funds.
Earlier this year, ASIC called on the private credit industry to lift its practices following expert observations of poorer practices, which were supported by ASIC’s surveillance findings. If ‘done well’, private credit complements the banking system and provides further opportunities for innovation, employment and growth.
Importantly, the catalogue does not include all applicable legal and regulatory obligations. It is not intended to be a substitute for legal advice.
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Background
In November 2025, ASIC released a report: Advancing Australia’s evolving capital markets: Discussion paper response (REP 823), outlines a roadmap to unlock opportunities and tackle emerging risks in Australia’s public and private markets.
In the report, ASIC encouraged industry to contribute to improving the poor practices identified in private credit and private markets within the next 12 to 18 months.
ASIC also outlined further targeted surveillances of the funds management sector, including private credit funds with a strategy of real estate lending. This surveillance work will also have a focus on distribution, fees, margin structures and management of conflicts of interest.
- 25-209MR ASIC signals opportunity for industry to lift private credit standards
- Advancing Australia’s public and private markets: progress update
- Report 814 Private credit in Australia (REP 814)
- 25-264MR A roadmap for capital markets to grow our economy
- Report 820 Private credit surveillance report: Retail and wholesale surveillance (REP 820)
ASIC is Australia’s corporate, markets and financial services regulator.