By: Lisa Lautier and Dhivya Kalyanakumar
On 28 March 2024, the Federal Court handed down its verdict on the greenwashing civil penalty action brought by the Australian Securities and Investments Commission (ASIC).
Read MoreBy: Kane Barnett and Prudence Birchall
The Parliamentary Joint Committee on Corporations and Financial Services (Committee) has commenced an inquiry into the wholesale investor test for offers of securities, and the wholesale client test for financial products and services (together, wholesale investor/client tests) in the Corporations Act 2001 (link here) (Inquiry).
Read MoreBy: Áine Ní Riain and Shane Geraghty
On 20 March 2024, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) voted in favour of draft modernisation measures for the PRIIPs Key Information Document (KID).
Read MoreBy: Neil T. Smith, Hayley Trahan-Liptak, and Sophia A. Khan
The traditional understanding of how the government charges insider trading is evolving, as the Securities and Exchange Commission (SEC) pushes to expand the scope of what constitutes misappropriation of material non-public information (MNPI) under Rule 10b-5.
Read MoreBy: Matthew Watts, Lisa Lautier and Dhivya Kalyanakumar
Since 2017, the Australian Securities and Investments Commission (ASIC) has provided guidance to licensed exchanges on exchange traded products (ETP) naming conventions under Information Sheet 230 (INFO 230). This policy is designed to help ensure that admission and monitoring standards for ETP’s support fair, orderly and transparent markets.
Read MoreBy: Claudine Salameh and Tamsyn Sharpe
On 15 March 2024 the Financial Accountability Regime (FAR) came into effect for authorised-deposit taking institutions (ADIs). Application of the FAR will be extended to insurers and registrable superannuation entities from 15 March 2025.
Read MoreBy: Lisa Lautier and Prudence Birchall
The Financial Services Council (FSC) in collaboration with the Responsible Investment Association of Australia (RIAA) released an information sheet for members (FSC Information Sheet) outlining overarching principles in relation to the use of responsible or sustainability-related terms in investment product labelling to promote consistency across the industry.
Read MoreBy: Ron Feldman and Philipp Riedl
Deficiencies in compliance with derivatives post trade reporting rules have recently triggered regulator fines. Fin-FSA in Finland fined a pension fund €90K and the Central Bank of Ireland imposed the first fine on an investment fund, €192K. Although the fines are reasonably modest, they have sharpened industry focus on this issue.
Read MoreBy: Gayle Bowen and Shane Geraghty
After much anticipation, the new ELTIF 2.0 regime has gone live in Ireland. The Central Bank has, this morning, issued a feedback statement outlining how its new regime will work. Key points include the following:
Read MoreBy: Daniel Knight and Laura McFadzean
All Australian financial services licensees with a retail authorisation, Australian credit licensees and certain unlicensed entities and superannuation trustees (eligible entities) are required to report IDR data to ASIC by 29 February 2024 at 11:59 PM.
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