In response to the high-profile Medibank and Optus data breaches in recent weeks, the Albanese Government has sought to introduce legislation to significantly increase penalties for repeated or serious privacy breaches. The Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022, passed the House of Representatives on 9 November 2022, and […]
On 8 September 2022, the Australian Securities and Investments Commission (ASIC) has reported on its surveillance of responsible entities and fund managers for false or misleading representations about investment performance. Background ASIC’s managed funds surveillance is the successor to ASIC’s ‘True to Label’ initiative whereby, ASIC originally commenced monitoring of the […]
On 2 August 2022, the Australian Securities and Investments Commission (ASIC) has again announced an extension of the transitional arrangements to certain exemptions applying to foreign financial services providers (FFSPs) for a further 12 months. The arrangements now expire on 31 March 2024. Transitional exemptions Both in the past and currently, […]