Archive: 2022

1
ASIC gears up enforcement activity
2
United States: SEC Throws a Flag on Red Flags Programs
3
Australian Regulatory Update – 28 November 2022
4
Australian Regulatory Update – 21 November 2022
5
Australian Regulatory Update – 14 November 2022

ASIC gears up enforcement activity

By Jim Bulling and Anabelle Weinberg

1. ASIC takes further action on greenwashing

ASIC has issued three infringement notices to investment manager Vanguard Investments Australia Ltd (Vanguard) in further action against alleged greenwashing.

ASIC was concerned that Product Disclosure Statements for the Vanguard International Shares Select Exclusions Index Funds may have misled the public by overstating an investment screen which claimed to prevent investment in companies involved in significant tobacco sales. 

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United States: SEC Throws a Flag on Red Flags Programs

By: Jessica D. Cohn and Keri E. Riemer

On 5 December 2022, the staff of the Division of Examinations (Staff) of the Securities and Exchange Commission (SEC) issued a risk alert identifying practices that are inconsistent with Regulation S-ID, thereby exposing retail customers to potential identity theft.

Regulation S-ID, which applies to SEC-regulated entities that are financial institutions or creditors under the Fair Credit Reporting Act (including most registered broker-dealers, registered investment companies and registered investment advisers), requires the establishment of programs designed to detect, prevent, and mitigate identity theft in connection with covered accounts (each, a Program). Programs must include reasonable policies and procedures to identify, detect, and respond to red flags relevant to identity theft.

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Australian Regulatory Update – 28 November 2022

By Jim Bulling and Anabelle Weinberg

1. New requirements for Australian Superannuation Funds in relation to unlisted assets

The Australian Prudential Regulation Authority (APRA) has revoked Prudential Standard SPS 530 Investment Governance and issued a new version which will commence on 1 January 2023.

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Australian Regulatory Update – 21 November 2022

By Jim Bulling and Anabelle Weinberg

1. “Finfluencers” pivot following warnings from ASIC and become authorised to provide general financial product advice

Earlier this year, ASIC put social media “finfluencers” on notice after warning that they could face imprisonment and hefty fines if they do not obtain an AFSL or do not stop promoting financial products online.

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Australian Regulatory Update – 14 November 2022

By Jim Bulling and Anabelle Weinberg

1. Bitcoin plunges as FTX Trading files for bankruptcy – calls for more transparency from crypto exchanges

Bitcoin has plunged following the fall of FTX Trading (FTX). It remains unclear when or if traders will be able to recoup their money from FTX.

In response to the collapse of FTX and in an effort to retain confidence in their platforms, a number of large crypto exchanges have published Proof of Reserves showing that the levels of assets that they hold match their liabilities to customers.

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