Tag:Australia

1
ASIC Enforcement for Sustainability Reporting Will be Different to Greenwashing
2
Extension of Australia’s AML/CTF Regime to “Tranche-Two” Entities
3
ASIC Releases Some Additional Guidance on Greenwashing
4
ASIC Seeks to Clarify the Scope of the “Authorised Representative” Exemption
5
Australia: Is ASIC Coming for Private Market Funds?
6
Australia: Environmental Futures Launch on the ASX
7
Australia: Payroll Tax obligations for Authorised Representatives of ACL and AFSL Holders
8
Recovery and Exit Planning – Is the Superannuation Industry Ready?
9
NSW Anti-Slavery Commissioner Proposes a Financial Services Code of Practice to Combat Modern Slavery
10
Where to Next for ASIC? Senate Economics References Committee Releases its Report

ASIC Enforcement for Sustainability Reporting Will be Different to Greenwashing

By: Jim Bulling, Simon Kiburg and Alex Parker

When assessing how to comply with the new reporting obligations, reporting entities should recognise the differences in the enforcement approach that ASIC will take in relation to mandatory climate reporting compared with the approach adopted by it in relation to Greenwashing.

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Extension of Australia’s AML/CTF Regime to “Tranche-Two” Entities

By: Jim Bulling and Anthony Shorten

On 11 September 2024, the Attorney-General introduced the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (Cth) to the Federal Parliament, following two periods of consultation undertaken by the Department of the Attorney-General, and AUSTRAC over 2023 and 2024. 

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ASIC Releases Some Additional Guidance on Greenwashing

By: Jim Bulling and Anthony Shorten

Much of the recent media commentary on greenwashing has revolved around enforcement action taken by ASIC against entities who have misled investors or shareholders. However, there has been less discussion on best practices for entities looking to avoid greenwashing.

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ASIC Seeks to Clarify the Scope of the “Authorised Representative” Exemption

By: Kane Barnett and Daniel Nastasi

The Australian Securities and Investments Commission (ASIC) has appealed certain findings in the recent decision in Australian Securities and Investments Commission v BPS Financial Pty Ltd [2024] FCA 457 (BPS Financial Decision) in relation to the scope of the authorised representative exemption. The authorised representative exemption is commonly relied upon and allows a person or entity to provide a financial service under the Corporations Act on behalf of the holder of an AFS licence without having to hold an AFS licence itself. 

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Australia: Is ASIC Coming for Private Market Funds?

By: Kane Barnett

What the ASIC chair said

At a recent industry event, the chair of the Australian Securities and Investment Commission (ASIC), indicated that ASIC would be increasing its scrutiny of private market funds.

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Australia: Environmental Futures Launch on the ASX

By: Matthew Watts, Lisa Lautier, and Dhivya Kalyanakumar

Environmental Futures

In a push to support investors through the energy transition, the Australian Securities Exchange (ASX) has listed a suite of environmental futures contracts on ASX 24 covering:

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Australia: Payroll Tax obligations for Authorised Representatives of ACL and AFSL Holders

By: Jim Bulling and Edwina Frost

Authorised representatives of Australian Financial Service License (AFSL) holders and credit representatives of Australian Credit Licence (ACL) holders may be deemed “contractors” for payroll tax purposes, following a recent ruling by the Supreme Court of NSW.

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Recovery and Exit Planning – Is the Superannuation Industry Ready?

By: Claudine Salameh and Tamsyn Sharpe

From 1 January 2025, Prudential Standard CPS 190 (CPS 190) will come into effect for Registrable Superannuation Entity (RSE) licensees. These entities will be required to have detailed recovery and exit plans to support the navigation of events which may threaten their financial viability. Following a recent review of the superannuation industry’s preparedness for the commencement of CPS 190, the Australian Prudential Regulatory Authority (APRA) expressed the urgent need for RSE licensees to ‘consider and develop more robust and effective‘ contingency plans.

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NSW Anti-Slavery Commissioner Proposes a Financial Services Code of Practice to Combat Modern Slavery

By: Jim Bulling and Emre Cakmakcioglu

In May 2024, the NSW Anti-slavery Commissioner (Commissioner) published a Discussion Paper introducing a draft Code of Practice (Code) to reduce modern slavery in the financial services sector. The Commissioner sought feedback on both the Discussion Paper and Code by 15 July 2024.

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Where to Next for ASIC? Senate Economics References Committee Releases its Report

By: Daniel Knight and Simon Kiburg

On 3 July the Senate Economics References Committee handed down its report on ASIC. The Senate referred an inquiry into ASIC in October of 2022 to examine the capacity and capability of ASIC to undertake proportionate investigation and enforcement action arising from reports of alleged misconduct. The report is generally critical of ASIC’s performance as a corporate regulator. The report identifies several key issues. Chief among these is the broad remit of ASIC, ASICs approach to investigation and enforcement, and ASICs wider culture.

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