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.
Read MoreBy 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 MoreBy 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:
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).
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 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.
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