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Amber Lights from APRA as it Takes Stock of Cyber Security Deficiencies
The Australian Prudential Regulation Authority (APRA) has moved to improve the Australian financial system's resilience against cyber threats by pushing forward with its assessment of the industry against CPS 234, the standards for Information Security (CPS 234).
Skin in the Game? An Introduction to Employee Share Schemes
Recent changes to the regulation of Employee Share Schemes (ESS) of late have brought discussions about implementing an ESS to the fore for many companies.
ASIC and Greenwashing: The Regulator Focusses its Attention on the Rapidly Growing ESG Sector
Greenwashing has become a focus point for the Australian Securities and Investment Commission (ASIC) due to soaring investor demand for financial products which refer to environmental, social and corporate governance (ESG) and sustainability considerations (Sustainability-Related Products). Given the regulatory scrutiny, entities dealing with Sustainability-Related Products should be mindful of their disclosure obligations and how information relating to the product is presented.
Be Honest About Data Collection or Risk a Finding of Misleading Conduct
The Australian Competition and Consumer Commission (ACCC) has successfully shown that Google made misleading representations to consumers about collection and use of their personal data. Google was fined $60 million by the Federal Court for the conduct, which occurred prior to the increase in penalties for breaches of Australian Consumer Law, and we expect that the ACCC will continue to pursue increasingly high penalties.
Crypto Asset Reform Slowly Gaining Traction
Proposed reforms in respect of crypto-assets are finally gaining traction as the Board of Taxation, the Treasurer and ASIC each made announcements in relation to their role in preparing for these reforms in the past month.
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