Australian Securities & Investments Commission (ASIC) has released its enforcement and regulatory update for 1 April to 30 June 2022 (REP 733).

During the quarter, the ASIC continued to focus on discharging our regulatory and enforcement responsibilities and launched litigation against misconduct.

The ASIC took action in the Federal Court against entities where they allege that Australian consumers were misled or charged excessive fees.

In an Australian first, ASIC successfully took action in the Federal Court against an entity for failing to adequately manage cyber risk. Cyber risk remains one of ASIC’s core priorities.

ASIC also issued guidance and information to industry during the quarter to help them understand and comply with new and existing obligations. ASIC provided information for superannuation and investment funds on how to avoid greenwashing and released guidance as part of their work to implement new responsibilities under the Better Advice Act.

ASIC also sought to improve industry’s financial reporting and risk management. They set new reporting requirements for Australian financial services licensees and escalated our drive to achieve better disclosure in financial reports.

Read the report and summary of enforcement outcomes January to June 2022.

Source: © Australian Securities & Investments Commission. Reproduced with permission.

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