The regulatory constraint: two watchdogs, one concern
What distinguishes the Australian context from peers in China, Japan, or Singapore is that the move toward private markets is occurring under the simultaneous scrutiny of two regulators with overlapping but distinct concerns. The Australian Securities and Investments Commission’s (ASIC) Key Issues Outlook 2026 identified expanding private markets as a system-wide force changing how financial products are distributed, governed, and supervised, noting that private credit and other private market products are becoming accessible to a wider range of investors through expanding platforms, raising risks around disclosure, suitability, and valuation.