The financial services amendments in the FMI Act implement the recommendations of the Council of Financial Regulators. The licensing, supervisory and enforcement powers of the Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) are bolstered to enable better monitoring of entities that make up our financial infrastructure (such as markets, clearing and settlement facilities and derivative trade repositories), risk awareness, and action to mitigate those risks.
ASIC will make new and updated regulatory guides available on its website to assist the financial services sector to comply.
With the passage of the FMI Act, large companies and financial market institutions now also have sustainability reporting and governance responsibilities for reporting period starting on 1 January 2025. Chapter 2M of the Corporations Act covers financial reports and auditing requirements.
Sustainability reporting will be phased in over the next three years. The first set of reporting entities affected are:

• large entities and their controlled entities that meet at least two the following:

1. consolidated annual revenue of at least $500 million;
2. consolidated gross assets of at leas $1 billion at the end of the financial year; and
3. at least 500 employees at the end of the financial year; and

• entities above the threshold in s 13(1)(a) of the National Greenhouse Energy Reporting Act 2007 (Cth).

ASIC’s website has a dedicated page to provide information for entities on how to comply with the reporting obligations and setting out how the laws will be administered. 
In addition, ASIC will be issuing regulatory guidance and conducting consultations with stakeholders.
The affected legislation, including the Corporations Act 2001 (Cth) and the Australian Securities and Investments Commission Act 2001 (Cth), is all available on Westlaw.