by Leela|18 September 2023|Our Thinking
Background On 28 August 2023, the Australian Securities and Investments Commission (“ASIC”) released its 2023-2027 corporate plan (with a focus on 2023-2024). On 29 August 2023, the Australian Prudential, and Regulatory Authority (“APRA”) released its 2023-2024 corporate plan. APRA’s Corporate Plan Update The APRA Corporate Plan strategies have been shaped by recent global events, most […]
Read moreby Leela|13 September 2023|Our Thinking
On 5 September 2023, Australia’s Parliament passed the Financial Accountability Regime Bill 2023 (”FAR”), which replaces and expands on the previous Banking Executive Accountability Regime. The FAR applies to insurers, banks, and superannuation providers, and aims to hold key executives accountable for their organisation’s activities and decisions. The 2024 corporate plans of Australian regulators, ASIC […]
Read moreby Leela|4 September 2023|Our Thinking
On 27 June 2023, the Australian Treasury issued a second consultation paper titled “Climate-related financial disclosure”. This release builds upon a prior consultation and is in line with the Australian Government’s dedication to creating standardised and internationally aligned reporting requirements for businesses to disclose governance, strategy, risk management, targets, and metrics. Large businesses may need […]
Read moreby Leela|29 August 2023|Our Thinking
On 7 August 2023, The Australian Treasury released an exposure draft. This draft invites stakeholders to participate in a consultation process regarding proposed exemptions for Australian Financial Services Licences that would apply to foreign financial services providers (“FFSPs“). This initiative follows a prior consultation which lapsed in 2022 due to governmental changes. The exposure draft […]
Read moreby Leela|25 August 2023|Awards
We are thrilled to announce that Cleveland & Co has been selected as a finalist for Strategic Legal Operations Team of the Year at The British Legal Awards 2023! These prestigious, premier legal awards represent ‘the best of the best’ within the UK’s legal community and celebrate excellence and innovation across the legal landscape. Cleveland […]
Read moreby Leela|24 August 2023|Our Thinking
On 28 June 2023, the UK Law Commission (the “Commission“) issued a Final Report on Digital Assets (the “Report“), providing high level recommendations on how digital assets should be categorised and regulated after receiving public input from a consultation held in 2022. The Commission stated that while the common law framework covers the uprising of […]
Read moreby Leela|15 August 2023|Our Thinking
Artificial intelligence (“AI“) is rapidly growing and bringing positive changes to various aspects of life, but concerns regarding potential risks are also emerging. The Australian government has been prioritising ethical considerations while advancing technology and AI for years. In 2022, the Department of Industry, Science, and Resources of the Australian Government (“the Department“) sought public […]
Read moreby Leela|14 August 2023|Our Thinking
As a reminder, the Securities and Exchange Commission introduced regulations overseeing the advertising practices of investment advisors, mandating compliance by November 2022. Firms must ensure… Please click here to follow us on LinkedIn to receive the latest information on this and other important topics!
Read moreby Leela|10 August 2023|Awards
We are delighted to share that Emma Cleveland has been shortlisted for Legal Advisor of the Year at the Women in Finance Awards 2023! These prestigious awards shine a spotlight on the outstanding achievements of women professionals within the financial services sector. Our commitment to diversity is a cornerstone of Cleveland & Co’s strategic vision, and […]
Read moreby Leela|9 August 2023|Our Thinking
On 25 May 2023, the Attorney-General’s Department released the outcomes of the statutory review (“the Review“) of the Australian Modern Slavery Act 2018 (Cth). The Review focuses on reinforcing Australia’s efforts to combat modern slavery, in accordance with the United Nations Guiding Principles on Business and Human Rights. The proposed changes, if observed… Please click […]
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