Our Thinking

ASIC Enforcement Priorities: Greenwashing

by Victoria Smith|15 March 2023|Our Thinking

Greenwashing is one of the Australian Securities and Investments Commission (“ASIC”) key priorities outlined in its recently released enforcement priorities, particularly as there has been an increase in investor demand for sustainability-related financial products in the Australian market. ASIC recognises ‘greenwashing’ as the practice of misrepresenting a financial product or investment strategy as environmentally friendly, […]

FCA’s SDR deep-dive guide: 1. Investment Labels

by Victoria Smith|15 March 2023|Our Thinking

In this first of our six deep-dive guides into the FCA’s sustainability disclosure requirements, we’re looking at investment labels. Sustainable investment labels are designations given to investment products that meet certain environmental, social and governance criteria. The FCA has announced three sustainable fund labels as part of the broader anti-greenwashing rule… For more information on […]

SEC: Change of fund names rule

by Victoria Smith|14 March 2023|Our Thinking

background With a focus on environmental, social and governance (‘‘ESG’’) concerns and the further protection of investors in the modern fund industry, the US Securities and Exchange Commission (the “SEC”) considered a proposal to update the Names Rule of funds, adopted in 2001, and the labelling for investment products under Investment Company Act of 1940 […]

FCA’s Appointed Representatives Regime: are you compliant?

by Victoria Smith|9 March 2023|Our Thinking

The Financial Conduct Authority’s (“FCA”) changes for Appointed Representatives (“AR”) have been implemented to ensure that the UK’s financial sector remains compliant and transparent. The new rules (“New Rules”) came into effect on 8 December 2022 and allows unauthorised firms to engage in regulated activities without having to be authorised by the FCA and affected […]

US: Coinbase faces enforcement action by regulators for compliance failures

by Victoria Smith|7 March 2023|Our Thinking

background On 4 January 2023, a consent order was issued to Coinbase Inc. (“Coinbase”), a crypto exchange platform, by the New York Department of Financial Services (the “NYDFS”) for conducting its business in an unsafe and unsound manner. Following investigation, the NYDFS discovered that… next steps Crypto exchanges are facing increased scrutiny in terms of […]

SEC proposes new Custody Rule

by Victoria Smith|2 March 2023|Our Thinking

The SEC has recently proposed changes to its Custody Rule that if adopted will substantially expand and reform the existing rules governing custody of client assets. The scope of assets covered by the new Rule will be changed from limited “securities and funds” to any “positions held in a client account”. It also enhances client […]

Quality of Advice Review: Key takeaways and implications

by Victoria Smith|27 February 2023|Our Thinking

background On 8 February 2023, the Australian Government released Michelle Levy’s Quality of Advice Review Final Report (“the Report”), which assesses the “accessibility and affordability of quality financial advice” available to Australians. The comprehensive Report was commissioned by the former government in response to the 2017 Royal Commission into Misconduct in the Banking, Superannuation and […]

APRA priorities for 2023

by Victoria Smith|27 February 2023|Our Thinking

The Australian Prudential Regulation Authority (“APRA”) has recently announced its key focus supervision and policy areas for 2023. APRA’s prudential policies and supervision activities support its purpose to ensure the financial interests of Australians are protected and the financial system is stable, competitive, and efficient. APRA aims to identify and respond to significant risks to […]

Webinar: Earnouts as contractual mechanisms in M&A agreements

by Victoria Smith|23 February 2023|Our Thinking

In our latest short webinar series, we’re looking at earnout provisions used in Merger and Acquisition agreements. We’ll cover… Please click here to follow us on LinkedIn to receive the latest information on this and other important topics!

SEC Marketing Rule – impacts on your business

by Victoria Smith|20 February 2023|Our Thinking

Are you an investment advisor affected by the new Securities and Exchange Commission marketing rules? Firms will need to ensure they are compliant with the new Marketing Rule by making updates to their marketing materials, contracts and policies and procedures. At Cleveland & Co, we’ve been preparing to assist our clients with these changes and […]