Australia – Page 4 – Global Investment Law Watch

Australia: Proposed Reforms to the Anti-Money Laundering and Counter-Terrorism Financing Regime

May 29 2023

By Daniel Knight and Grace Hall

The Australian Government has committed to reforming Australia’s AML/CTF regime, with proposed reforms aimed to strengthen and modernise the framework.

In April 2023, the Attorney-General released the first of two consultation papers outlining the proposed reforms to the regime. Subsequently, as part of the 2023-24 Federal Budget, the Government announced that it will provide $14.3 million in funding over the next four years to support policy and legislative reforms to the AML/CTF regime.

Australia: Preparing for the Extension of the Superannuation Performance Test to Trustee-Directed Products

May 18 2023

By Jim Bulling and Grace Hall

The release of draft regulations by the Australian Government and publications by the Australian Prudential Regulation Authority (APRA) provide further guidance to regulated superannuation funds on how annual performance assessments (the performance test) will apply to trustee-directed products.

Australia: ASIC Releases Report on Recent Greenwashing Actions

May 16 2023

By 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.

Australia: ASIC Revises its IDR Reporting Framework. Are You Ready?

May 12 2023

By 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.

Australia: ASIC Reports on DDO Compliance by Investment Product Issuers

May 08 2023

By 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.

Australia: Why You Should (or Shouldn’t) Use a CCIV

May 03 2023

By Kane Barnett

Australia’s new fund vehicle, the corporate collective investment vehicle (CCIV) came in to effect on 1 July 2022. Since then adoption has been meagre to say the least.

Australia: Ongoing Regulatory Requirements for Issuers Under the Trans-Tasman Mutual Recognition Scheme

Apr 24 2023

By 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).

Australia: Registered scheme and CCIV compliance: Obligation to give notice of members’ rights

Mar 28 2023

By Matthew Watts and Rebecca Mangos

As the end of the 2023 financial year fast approaches, responsible entities and CCIV corporate directors should be reminded of their obligation to notify members by 30 June 2023 of their rights to elect and request to receive certain documents in physical or electronic form.

Australia: Further Details of Proposed Review of Managed Investment Schemes Announced

Mar 10 2023

By Kane Barnett and Bernard Sia

The Australian Government has provided further details of the previously announced review of the managed investment schemes (MIS) regulatory framework (Review). The Review was announced in the 2022-23 Federal budget, and with $2.7 million committed, is intended to test the effectiveness of the current framework.

Australia: Greenwashing Crackdown – ASIC Sues Superannuation Giant in Landmark Case

Mar 08 2023

By Matthew Watts, Rebecca Mangos and Bernard Sia

For the first time, the Australian Securities and Investments Commission (ASIC) has launched court action against a major superannuation trustee for allegedly making misleading statements about the sustainable nature and characteristics of some of its investment products (known as “greenwashing”). ASIC claims the corporate pension fund misled consumers by investing in companies involved with the alcohol, gambling and fossil fuel sectors, contrary to the fund’s marketed sustainable and ethical credentials.

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