The Australian Securities and Investments Commission (ASIC), Australia’s company and financial services market regulator, released its latest Corporate Plan 2023-27. ASIC’s four year plan provides companies and organisations with useful insight into the regulator’s strategic priorities in respect of compliance and enforcement. This update provides an overview of ASIC’s plan.
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Digital economy including digital platforms and on-line market-places continue to be compliance and enforcement priorities for regulators in Australia – including ACCC, ASIC and OAIC. This update provides a review of recent Australian technology cases and ensuing compliance and risk management issues.
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ASIC’s latest Enforcement and Regulatory Update Report (for the period October to December 2023) reveals ASIC’s focus on protecting consumers and Australians generally by targeting digitally enabled misconduct – including stopping online investment scams at the source and taking down scam websites. This is in addition to ASIC’s continuing focus on strengthening financial market integrity, insurance institution failures, greenwashing and improving regulatory and legal compliance
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Malicious or criminal attacks and human error continue to be the major causes of notifiable data breaches reported to the OAIC during the 6 month period to 30 June 2023 according to the OAIC Notifiable Data Breaches Report – January-June 2023. This Update provides a summary of some key findings and statistics contained in the OAIC’s Report as well as steps which organisations and businesses can take to minimise the risk and harm of privacy data breaches.
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Federal Court proceedings recently commenced by the ACCC against national fashion retailer, Mosaic Brands Limited, places businesses on notice to make sure that they can comply with their advertised delivery timeframes and deliver on time – or risk high penalties for making false or misleading representations to consumers in breach of the Australian Consumer Law. Mosaic Brands Limited owns Katies, Noni B and Rivers.
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In the ACCC;’s second submission to the Australian Government’s Competition Review, the ACCC is calling for urgent reforms to Australia’s current laws governing mergers and acquisitions to ensure they are effective in preventing anti-competitive transactions and acquisitions which have the effect of harming consumers and competition.
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