23-026MR ASIC to expand enforcement focus areas in the coming year

On 15 February 2023, the Australian Securities and Investments Commission (ASIC) issued a press release, informing about the expansion of its enforcement focus area in the coming year along its Enforcement Priorities for 2023, and further presenting its new Regulatory developments timetable.
Indeed, „ASIC has warned businesses it will be targeting greenwashing, predatory lending and misleading insurance pricing promises this year, as part of a continuing focus on protecting consumers from financial harm“.
The warning coincides with the release of its latest ASIC enforcement and regulatory update: October to December 2022 (REP 757), „highlighting actions taken during the last three months of 2022, and outlining the full list of enforcement priorities for the year ahead“. In the report, ASIC outlines „court-based action against misconduct as a result of“ its investigations, „work to protect consumers and investors“, and its „increased focus on market integrity and sustainable finance. The report also sets out our 2023 enforcement priorities and includes a regulatory developments timetable“ (pages 19-22) „to inform our stakeholders of proposed timeframes for our regulatory actions where those are within our control“.
Furthermore, ASIC also created a dedicated website for the aforementioned Regulatory developments timetable. „This timetable outlines proposed timeframes for ASIC regulatory work, such as the publication of draft or final guidance, or anticipated making of a legislative instrument. The timetable generally excludes review and surveillance activities, and enforcement activities. The timetable is published every six months. The document is a point in time summary and is not updated once published“.
Finally, ASIC’s Enforcement Priorities for 2023 „focus on the need to protect consumers from financial harm and uphold the integrity of Australia’s financial markets“. Therefore, „throughout 2023, ASIC will have a strong 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“, reflecting ASIC’s continuing strategic priorities and enforcement priorities.