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Australia: Private Credit – Public Interest?
K&L Gates LLP | English | AcademicThink | Oct. 2, 2025 | UndeterminedFinancial System Problems
In February 2025, the Australian Securities and Investments Commission (ASIC) sought industry input on improving the functioning of both public and private credit markets. On 22 September 2025, ASIC released Report 814, highlighting four primary concerns: conflicts of interest, fees and remuneration, portfolio transparency and valuations, and terminology.
To address these concerns, ASIC outlined best practices including full disclosure of all fees, independent quarterly valuations, detailed quarterly portfolio disclosures, transparent liquidity and redemption policies, restrictions and oversight on related party transactions, clear disclosure of leverage policies, independent governance structures, equal investor treatment regarding fees and terms, clear distribution reporting, and consistent terminology usage.
Simultaneously, ASIC issued interim stop orders against private credit funds for inadequate target market determinations, emphasizing the need for clear risk definitions, appropriate portfolio allocations to preserve capital, specified investment timeframes suitable for retail clients, and mechanisms to prevent investors from over-allocating into funds.
ASIC plans to release further guidance in November 2025, including responses to initial industry feedback, surveillance outcomes, and expert analyses. A regulatory guidance catalogue will follow to help fund managers navigate compliance obligations effectively.