Events listed in [ASIC] Australian Securities and Investments Commission
Whistle while you work
ID 22695
In 2022, ASIC conducted a review of whistleblower programs of seven large firms to assess their arrangements to handle and respond to whistleblower disclosures and the level of executive and board oversight of these arrangements. In March 2023, a consecutive Report 758 entitled Good Practices for Handling Whistleblower Disclosures identified seven features of a strong whistleblower program and outlined the good practices observed during ...
23-082MR ASIC consults on remaking ‘sunsetting’ class orders on IDPS and IDPS-like ...
ID 22498
ASIC has announced that it is seeking feedback on proposals to remake two ‘sunsetting’ class orders that relate to IDPS and IDPS-like schemes. Under the Legislation Act 2003, all class orders are automatically repealed after a certain period of time, usually 10 years, unless ASIC takes steps to preserve them. The IDPSs are managed investment schemes that offer transactional, custodial, and reporting services, with ...
23-072MR ASIC consults on ‘sunsetting’ class orders on changing responsible ...
ID 22414
The ASIC has released Consultation Paper 368 (CP 368), seeking feedback on proposals to remake two class orders that are set to expire on 1 October 2023. The class orders in question are Class Order [CO 13/519], which deals with changing the responsible entity of a listed scheme, and Class Order [CO 13/656], which provides an exemption for responsible entities and corporate directors from ...
23-048MR ASIC consults on ‘sunsetting’ class orders about financial requirements
ID 22131
ASIC is seeking feedback on proposals to remake class orders that impose financial resource requirements on the managed funds industry, as under the Legislation Act 2003, these class orders will expire if not remade. In general, Legislative instruments, such as class orders, are repealed automatically („sunset“), after 10 years, unless action is taken to preserve them. The purpose of sunsetting is to ensure that ...
23-046MR ASIC publishes report on good practices for handling whistleblower ...
ID 22112
ASIC has released its Good practices for handling whistleblower disclosures report (REP 758), aimed at helping entities improve their whistleblower programs and setting out good practices that ASIC observed in its review of seven entities from various industries. The goal of the report is to encourage entities to create effective and transparent arrangements for handling whistleblower disclosures and to ensure that whistleblowers are **protected ...
23-026MR ASIC to expand enforcement focus areas in the coming year
ID 21902
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 ...
23-018MR ASIC calls for improved material business risk disclosure in annual reports
ID 21827
On 10 February 2023, the Australian Securities and Investments Commission (ASIC) issued a press release, reminding „company directors to ensure material business risks are adequately disclosed in annual reports, to better inform shareholders and prospective investors“. As a reminder, „the directors’ report of a listed entity must contain information that shareholders would reasonably require to make an informed assessment of the entity’s operations, financia ...
FAR to display whether financial advisers can provide tax (financial) advice
ID 21377
On 6 January 2023, the Australian Securities and Investments Commission (ASIC) published a press release, informing about the fact that as of 1 February 2023, ASIC’s Financial Advisers Register (FAR), published on Moneysmart, „will display whether a financial adviser can provide tax (financial) advice services to retail clients“. „From 1 January 2022, Financial advisers who provide, or intend to provide, tax (financial) advice services ...