Australia: Why You Should (or Shouldn’t) Use a CCIV
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.
Read MoreAustralia: Ongoing Regulatory Requirements for Issuers Under the Trans-Tasman Mutual Recognition Scheme
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).
Read MoreAustralia: Registered scheme and CCIV compliance: Obligation to give notice of members’ rights
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.
Read MoreAustralia: Further Details of Proposed Review of Managed Investment Schemes Announced
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.
Read MoreAustralia: Greenwashing Crackdown – ASIC Sues Superannuation Giant in Landmark Case
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.
Read MoreAustralia: Quality of Advice Report to be Stress Tested
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.
Read MoreAustralia: ASIC Reveals 2023 Enforcement Priorities
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
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.
Read MoreAustralia: APRA Provides Insight into 2023 Priorities
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.
Read MoreAustralia: Warnings to ‘Finfluencers’ Following Federal Court Action and ACCC Announcement
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.
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