Tag:Australia

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Australia: Federal Court Rules on Greenwashing Civil Penalty Action
2
Australia: Inquiry into the Wholesale Investor and Wholesale Client Tests
3
Update to the Naming Convention for Exchange Traded Products
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Not That FAR Away
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Australia: Labelling Responsible Investment Products
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Australia: ASIC Issues New Legislative Instrument for Exchange Traded Funds
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Australian Business Registry Services Engages with Directors to Apply for Identification Numbers
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Not Done Yet: Australia’s Odyssey Into Regulating Artificial Intelligence (AI)
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Australia: Internal Dispute Resolution (IDR) Reporting Due for Financial Services Licensees
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Australia: How Financial Services Entities Can Better Respond to the Needs of First Nations Consumers

Australia: Federal Court Rules on Greenwashing Civil Penalty Action

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).

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Australia: Inquiry into the Wholesale Investor and Wholesale Client Tests

By: 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).

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Update to the Naming Convention for Exchange Traded Products

By: 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.

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Not That FAR Away

By: 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.

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Australia: ASIC Issues New Legislative Instrument for Exchange Traded Funds

By: Matthew Watts, Lisa Lautier and Dhivya Kalyanakumar

On 15 March 2024 the Australian Securities and Investments Commission (ASIC) issued a new legislative instrument extending existing regulatory relief previously only available to passively managed index tracking exchange traded funds (ETFs) so that it will now also apply to a broader range of ETFs (such as actively managed ETFs) quoted on a financial market operated by the ASX or Cboe.  

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Australian Business Registry Services Engages with Directors to Apply for Identification Numbers

By: Jim Bulling and Laura McFadzean

The Australian Securities and Investments Commission (ASIC) through the Australian Business Registry Services (ABRS) is actively engaging with directors who have not yet obtained a director identification number (DIN).

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Not Done Yet: Australia’s Odyssey Into Regulating Artificial Intelligence (AI)

By: Daniel Knight and Jack Clark

On 31 January 2024, ASIC Chair Joe Longo outlined ASIC’s position on Australia’s AI regulatory landscape: while current laws offer some regulation, they fall short in effectively addressing the risks associated with AI.

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Australia: Internal Dispute Resolution (IDR) Reporting Due for Financial Services Licensees

By: 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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Australia: How Financial Services Entities Can Better Respond to the Needs of First Nations Consumers

By: Jim Bulling and Laura McFadzean

The Australian Securities and Investments Commission (ASIC) has published information highlighting the challenges First Nations persons face in respect of identity verification for accessing financial products or services, such as opening bank accounts or withdrawing from superannuation funds.

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