On 14 July 2023, the Australian Competition & Consumer Commission (“ACCC”) released ‘Draft guidance for business’ (the “Draft Guidance”), focussed on improving the integrity of environmental and sustainability claims made by businesses, ensuring consumer protection from greenwashing. Under Schedule 2 of the Competition and Consumer Act 2010 (Cth), the Australian Consumer Law (the “ACL”), businesses […]
The Australian Securities and Investments Commission (“ASIC“) has revised Regulatory Guide 78, which deals with breach reporting by AFS licensees and credit licensees (“RG 78“), in response to implementation challenges within the regulatory regime. Taking into account feedback from industry stakeholders, ASIC has introduced these changes to provide… Please click here to follow us on LinkedIn to […]
In June 2021, the European Union (EU) introduced a new set of Standard Contractual Clauses (“SCCs“) for the purpose of transferring EU personal data. The United Kingdom (UK) implemented its own International Data Transfer Agreement (“IDTA“) for the transfer of UK personal data, and established an Addendum to facilitate the transfer of both UK and […]
On 12 April 2023, the European Supervisory Authorities (“ESAs“) – comprising the European Securities and Markets Authority (“ESMA”), the European Insurance and Occupational Pensions Authority (“EIOPA”), and the European Banking Authority (“EBA”) – published a joint consultation paper. The paper proposes amendments to… Please click here to follow us on LinkedIn to receive the latest […]
Many regulators across the globe are of the view that crypto technologies have the potential to offer the financial services sector enormous benefits. However, as with any emerging technology, there are risks as well as opportunities… Please click here to follow us on LinkedIn to receive the latest information on this and other important topics.
summary The Australian Government issued the Privacy Act Review Report 2022 (the “Report”) in February 2023 with a list of 116 proposals to reform the Privacy Act 1988 (Cth) (the “Privacy Act”). These proposals aim to enhance personal data protection offerings to individuals with a view to a more digitalised world. The proposals, if adopted, […]
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, […]
Happy International Women’s Day! Today, we celebrate the incredible achievements and contributions of women all around the world who have shaped our society and inspired us with their resilience, compassion and strength. At Cleveland & Co, we continue to promote a workplace that is diverse and inclusive and where women and girls are empowered to […]
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 […]
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 […]
