Regulatory action for greenwashing is upon us
Last week, the Australian Securities and Investments Commission (ASIC) commenced civil penalty proceedings for alleged greenwashing against Mercer Superannuation (Australia) Limited (Mercer). This is in addition to ASIC having issued penalty notices to at least four companies for alleged greenwashing, since October 2022. Last year, ASIC identified investigating greenwashing and taking enforcement action where greenwashing […]
ReadmoreThe expansion of statutory unconscionable conduct risk in commercial transactions
Where a statute proscribes unconscionable conduct in business, a company can be liable whether or not the person to whom the allegedly unconscionable conduct is directed is vulnerable or at a special disadvantage. In ACCC v Quantum Housing Group Pty Ltd, handed down on 19 March 2021, the Full Federal Court placed the focus in […]
ReadmoreASIC’s new approach to regulatory investigations: the challenges and opportunities presented by Express Investigations
Under the banner of ‘when pilots become enduring practice’, ASIC Deputy Chair Karen Chester has announced that ASIC will supplement its traditional investigations processes with ‘Express Investigations’ (EI), ASIC’s new and preferred approach to enforcement. Corporate regulatory investigations are often legally and factually complex, high-stakes and process-heavy. Mountains of documents and witness evidence are commonplace. […]
ReadmoreImmunity for serious financial misconduct – ASIC’s new policy
Overview ASIC has just announced a new policy that allows individuals who think they might have been involved in market manipulation, insider trading, dishonest conduct or other contraventions of Part 7.10 of the Corporations Act 2001 (the Act) to apply for immunity from civil penalty or criminal proceedings. This policy expands ASIC’s ability to identify […]
Readmore
