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.
Read MoreBy: Matthew Rogers and Annabelle North
Following up on its previously-issued Investor Alert warning investors on the use of so-called “AI washing” by advisers in their marketing materials, the Securities and Exchange Commission (SEC) announced on 18 March 2024 the settlements of charges against two investment advisers for “making false and misleading statements about their purported use of artificial intelligence (AI).”
Read MoreBy: TJ Bright, Annabelle H. North, and Bradley D. Bostwick
On 5 February 2024, the US Fifth Circuit Court of Appeals heard oral arguments from the Securities and Exchange Commission (SEC) and industry groups representing private investment fund sponsors, in the industry groups’ ongoing petition to vacate the new private fund adviser rules (PFAR) adopted by the SEC on 23 August 2023.
Read MoreBy: Hilger von Livonius and Philipp Riedl
On 5 February 2024, the EU Council and the EU Parliament agreed on a provisional text for the ESG Ratings Regulation (the Regulation).
Under the Regulation, in-scope EU providers of ESG ratings will require a licence from, and be supervised by, European Securities and Markets Authority (ESMA).
In-scope ESG ratings will provide an opinion on a company’s or a financial instrument’s sustainability profile, by assessing its exposure to sustainability risk and its impact on society and the environment.
Read MoreBy: Lisa Lautier and Rebecca Mangos
The Australian Government has released Treasury Laws Amendment Bill 2024: Climate-related financial disclosure, which is draft legislation confirming mandatory reporting of climate-related financial disclosure requirements.
Read MoreBY: TJ Bright and Annabelle North
On 22 January 2024, industry groups representing private investment fund sponsors, including the Alternative Investment Management Association (AIMA), National Association of Private Fund Managers, and Managed Funds Association, filed their first reply to the Securities and Exchange Commission’s (SEC) response in the groups’ ongoing petition against the new private fund adviser rules (PFAR) adopted by the SEC on 23 August 2023.
Read MoreBy: Lisa Lautier and Dhivya Kalyanakumar
On 21-22 November 2023, the Australian Securities & Investments Commission (ASIC) hosted the ASIC Annual Forum with a focus on ‘navigating disruption’. With heightened geopolitical uncertainty and market volatility, ASIC outlined its key focus areas for 2024:
Read MoreThe FCA has published its final rules on the UK’s Sustainability Disclosure Requirements (SDR) regime. The key features include:
Read MoreBy: Carolyn Sng and Yeu Sook Young
The Stock Exchange of Hong Kong Limited (HKEX) had been consulting on proposals to enhance climate-related disclosures under its environmental, social and governance framework, with a previously proposed implementation date of 1 January 2024. The HKEX announced on 3 November 2023 that the implementation date of the Listing Rules amendments will be postponed to 1 January 2025.
Read MoreBy: Jennifer Klass and Wiley Cole
On 16 October 2023, the Division of Examinations (the Division) of the US Securities and Exchange Commission (SEC) released its examination priorities for the 2024 fiscal year. In an interesting twist, the SEC released the examination priorities early, changing the timing to correspond to the beginning of its new fiscal year.
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