Australia – Page 5 – Global Investment Law Watch

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.

Australia: Quality of Advice Report to be Stress Tested

Feb 20 2023

By Jim Bulling, Anabelle Weinberg and Oliver Herrmann

The Australian Government has released Michelle Levy’s Quality of Advice Review Final Report (Final Report) after a year-long consultation process that includes 22 recommendations across 13 areas to improve the regulatory framework of financial advice.

Australia: ASIC Reveals 2023 Enforcement Priorities

Feb 20 2023

By Matthew Watts and Rebecca Mangos

The Australian Securities and Investments Commission (ASIC) has revealed its key enforcement priorities for 2023. This year, ASIC has signalled an expanded focus on enforcement activity targeting:

sustainable finance practices and disclosure of climate risks;
financial scams;
cyber and operational resilience; and
investor harms involving crypto-assets.

Australia: Treasury Releases Token Mapping Consultation Paper

Feb 16 2023

By Daniel Knight and Oliver Herrmann

New licensing requirements for crypto service providers are coming, following a series of consultations launched last week by Treasurer, Jim Chalmers. The Government approach focuses on strengthening enforcement, bolstering consumer protection and ultimately establishing a new licensing framework.

Australia: APRA Provides Insight into 2023 Priorities

Feb 08 2023

By Jim Bulling, Anabelle Weinberg and Lok Choy

The Australian Prudential Regulation Authority (APRA) has released its policy and supervision priorities for 2023 with the aim to increase the financial soundness of the banking, insurance and superannuation industry.

Australia: Warnings to ‘Finfluencers’ Following Federal Court Action and ACCC Announcement

Feb 01 2023

By Jim Bulling and Anabelle Weinberg

Earlier this week, the Australian Competition & Consumer Commission (ACCC) announced that they will be cracking down on misleading testimonials and endorsements by social media influencers. The ACCC is reviewing a range of social media platforms including Instagram, TikTok, Snapchat, YouTube and Facebook, and Twitch.

Australia: Superannuation Trustees Urged to Improve Member Engagement

Feb 01 2023

By Jim Bulling and Anabelle Weinberg

Australian Minister for Financial Services, Stephen Jones, has urged superannuation trustees to ‘step up to the mark’ on member engagement and satisfaction following a recent report from the Australian Securities and Investments Commission (ASIC).

Australia: ASIC Starts 2023 with Focus on Greenwashing

Jan 17 2023

By Jim Bulling and Anabelle Weinberg

ASIC has brought in the New Year with a focus on green-washing, issuing infringement notices against two different companies, one a superannuation fund trustee and the second being an energy company. The corporations have paid $13,320 and $39,960 respectively in compliance with the infringement notices, noting that payment of such infringement notices is not an admission of guilty or liability.

Australia: ASIC Releases Update on Recent Enforcement Action in Australia and Guidance for Target Market Determinations

Dec 22 2022

By Jim Bulling and Anabelle Weinberg

1. ASIC enforcement and regulatory update reveals areas of focus

ASIC has published their enforcement and regulatory update outlining the key actions taken between 1 July and 30 September 2022 (REP 753).

Australia: Climate and Sustainability-Related Financial Disclosure Reforms on the Horizon

Dec 14 2022

By Jim Bulling and Anabelle Weinberg

1. Australian Government consults on climate-related financial disclosure framework

The Australian Government has released a consultation paper seeking feedback on the design and implementation of their commitment to a standardised, internationally-aligned climate-related financial disclosure framework. The framework proposes a ‘phased’ approach where the increased disclosure obligations apply initially to large, listed entities and financial institutions, and be later expanded to smaller firms.

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