By: Matthew Watts and Lisa Lautier
The Australia Securities and Investment Commission (ASIC) have released Consultation Paper 374 proposing to remake Class Order [CO 13/721] Relief to facilitate quotation of exchange traded funds on the AQUA Market (Class Order) which is due to expire on 1 April 2024.
Read MoreBy: Matthew Watts and Rebecca Mangos
The Australia Securities and Investments Commission (ASIC) has released its second report on information lodged under the reportable situations regime for the period 1 July 2022 to 30 June 2023.
Read MoreBy: Rebecca Mangos and Lisa Lautier
The Australian Investments and Securities Commission (ASIC) announced that it has further extended relief for foreign financial services providers (FFSPs) from the requirement to hold an Australian financial services licence (AFSL) when providing financial services to Australian wholesale clients.
Read MoreBy Jim Bulling and Ben Kneebush
On 8 March 2023, the Government introduced the long-awaited Financial Accountability Regime Bill 2023 and Financial Accountability Regime (Consequential Amendments) Bill 2023 (collectively, the Bills) into Parliament. These propose to establish the Financial Accountability Regime (FAR), a strengthened responsibility and accountability framework that replaces the existing Banking Executive Accountability Regime (BEAR).
Read MoreBy Jim Bulling and Ben Kneebush
‘Greenwashing’ has been a priority for both the Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) for some time now.
ASIC’s approach to ‘greenwashing’ first emerged over a year ago with the publication of Information Sheet 271 (considered previously in our post), and was expanded with the release of Report 763 (considered previously in our post).
On 14 July 2023, the ACCC released its long-awaited draft guidance titled Environmental and Sustainability Claims – Draft Guidance for Business. The aim of this was to aid businesses in avoiding ‘greenwashing’ when making environmental or sustainability claims.
Read MoreBy Jim Bulling and Grace Hall
The Chair of the Australian Securities and Investments Commission (ASIC), Joe Longo, commented on three key ESG focus areas of the regulator in recent speeches.
In addition to governance, greenwashing and growth in sustainable financing, the Chair discussed the phenomenon of “greenhushing”, where companies decline to make any voluntary climate-related disclosures.
Read MoreBy Matthew Watts and Rebecca Mangos
The Australia Securities and Investment Commission (ASIC) has published a report on its regulatory interventions made between 1 July 2022 and 31 March 2023 in relation to greenwashing concerns (which can be accessed here). The report covers ASIC’s issuance of greenwashing infringement notices during the period and its observed increase in representations made by listed companies, managed funds and superannuation funds on environmental, social and governance credentials.
Read MoreBy Daniel Knight and Hugo Chow
All holders of an Australian Financial Services License (AFSL) with a retail client authorisation will need to comply with ASIC’s internal dispute resolution (IDR) reporting framework. Summary reports will need to be provided to ASIC on a 6 monthly basis, highlighting the status of each client complaint. Reporting obligations commence from 1 July 2023 (for reporting in January or February 2024). AFSL holders should put systems in place now to ensure all required information is being captured.
Read MoreBy Kane Barnett and Bernard Sia
On 3 May 2023 the Australian Securities and Investments Commission (ASIC) released its review on compliance by investment product issuers of the Design and Distribution Obligations (DDOs). In ASIC’s view, there is still considerable room for improvement by product issuers.
Read MoreBy Lisa Lautier and Alexander Lalor
The formal warning recently issued by the New Zealand Financial Markets Authority (FMA) to Vanguard Investments Australia Limited (Vanguard Australia) on 29 March 2023 provides a timely reminder of the ongoing notifications requirements applicable to New Zealand and Australian financial product issuers relying on the trans-Tasman mutual recognition scheme (TMRS).
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