Inquiry into ASX
ASIC commenced its Inquiry into the ASX Group (ASX) in July 2025, focusing on governance, capability and risk management frameworks and practices across the group.
ASIC’s Inquiry was led by an expert Panel that made recommendations to address identified shortcomings and deficiencies. The Panel delivered its final report to ASIC on 31 March 2026.
You can find the reports below.
ASX Inquiry Reports
In December 2025, the Panel provided ASIC with an Interim Report setting out key underlying drivers of concern, together with a strategic package of actions that, if implemented, would address the concerns identified and provide a circuit breaker to deliver a stronger pathway forward.
In response to the panel’s Interim Report, ASIC obtained commitments from ASX on a package of actions to strengthen confidence in ASX and Australia’s critical market infrastructure.
On 27 February ASX submitted to ASIC its commitments plan on how it will deliver the strategic package of actions.
In addition, ASIC and the Reserve Bank of Australia (RBA) are in the process of uplifting their joint supervisory model for the Clearing and Settlement facilities.
With the Inquiry complete, there is now a stronger and clearer pathway forward for ASX. The Final Report builds on the Interim Report and provides further detail on observations and recommendations. It provides a roadmap for delivering meaningful and enduring change.
ASX plays a critical role in Australia’s financial markets, and we thank those who shared information or views to assist the Inquiry.
All media enquiries should be directed to media.unit@asic.gov.au.
For more information about the scope of the Inquiry, refer to the Terms of Reference.
Expert panel
The three expert Panel members appointed to conduct the inquiry were Rob Whitfield as Chair, and Christine Holman and Guy Debelle as Panel members – collectively they have broad and deep experience across global markets, banking, regulation, risk management and technology.
The dedicated Secretariat, led by ASIC Senior Executive Jane Eccleston, included representatives from ASIC, the RBA, the Australian Prudential Regulation Authority and the Australian Competition and Consumer Commission.
Related links
ASX Inquiry
- 2 April 2026 - ASIC publishes ASX Inquiry Panel Final Report and acknowledges observations (26-059MR)
- 15 December 2025 - ASIC announces transformational package to safeguard Australia’s financial markets in response to ASX Inquiry interim report (25-303MR)
- 26 June 2025 – ASIC appoints expert panel for ASX Inquiry (25-108MR)
- 16 June 2025 – ASIC launches Inquiry into ASX (25-103MR)
ASIC regulatory actions
- 31 March 2025 – RBA and ASIC act on deep concerns with ASX (25-050MR)
- 25 February 2025 – ASIC makes new clearing and settlement rules to promote competition (25-019MR)
- 14 August 2024 – ASIC sues ASX for alleged misleading statements (24-177MR)
- 7 March 2024 – ASX pays $1,050,000 penalty for order information transparency failure (24-039MR)
- 30 August 2023 – ASIC – RBA issue joint letter of expectations to ASX (23-236MR)
- 22 February 2023 – Further ASIC regulatory response on CHESS Replacement and ASX’s program capabilities (23-035MR)
- 15 December 2022 – ASIC – RBA further regulatory response regarding the ASX CHESS replacement program (22-357MR)
- 17 November 2022 – ASIC-RBA joint statement on ASX CHESS replacement program (22-320MR)
- 24 November 2021 – ASIC imposes additional licence conditions on ASX and issues expectations to improve market resilience (21-313MR)