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).
Read MoreBy 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.
Read MoreBy 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).
Read MoreBy 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.
Read MoreBy Jim Bulling and Anabelle Weinberg
1. ASIC takes further action on greenwashing
ASIC has issued three infringement notices to investment manager Vanguard Investments Australia Ltd (Vanguard) in further action against alleged greenwashing.
ASIC was concerned that Product Disclosure Statements for the Vanguard International Shares Select Exclusions Index Funds may have misled the public by overstating an investment screen which claimed to prevent investment in companies involved in significant tobacco sales.
Read MoreBy Jim Bulling and Anabelle Weinberg
Earlier this year, ASIC put social media “finfluencers” on notice after warning that they could face imprisonment and hefty fines if they do not obtain an AFSL or do not stop promoting financial products online.
Read MoreBy Kane Barnett and Bernard Sia
Since 1 October 2021, when the design and distribution obligations (DDO) commenced, ASIC has issued 13 DDO‒related stop orders.
What has non-compliance looked like so far?
ASIC’s first DDO stop order was issued in July 2022 when ASIC identified a target market determination (TMD) that included retail investors for whom the investment would not be appropriate. The other initial interim stop orders related to the failure to prepare a TMD.
Read MoreBy Jim Bulling and Anabelle Weinberg
The ASIC Annual Forum was held on 3 – 4 November 2022 with a number of significant announcements being made.
Firstly, ASIC has for the first time announced their enforcement priorities for 2023. ASIC now intends to do this on an annual basis.
Read MoreBy Jim Bulling and Hugo Chow
In ASIC’s first annual report regarding the reportable situations regime, it noted that there were over 8000 reports made to ASIC by financial services and credit licensees under the regime from 1 October 2021 to 30 June 2022.
Read MoreBy Jim Bulling and Hugo Chow
ASIC’s crackdown on product disclosures continues
To date, ASIC has issued 11 design and distribution obligations stop orders, with the first stop orders being issued in July this year.
The latest interim stop order prevent a fund management firm (the Firm) from offering or distributing three funds (the Funds) to retail investors due to the Firm not having compliant target market determinations (TMDs).
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