Hazelbrook shares its deep expertise and professional knowledge to bring you news, legal insights and media updates.

ASIC and Greenwashing: More Than Just a Rinse - 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.

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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.

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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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Hall of Mirrors: When Will a Licence Agreement Look Like a Franchise Agreement?

While a licence agreement and a franchise agreement are two different arrangements, if not documented correctly, a licence agreement can be deemed to be a franchise agreement. Figuring out which arrangement is best for your business, as well as how to document the arrangement properly, is vital from both a legal and commercial perspective.

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The Importance of Managing Cybersecurity Risks for AFSL Holders

In a recent Federal Court case, an Australian financial services licence (AFSL) holder was found to have breached its AFSL obligations by failing to adequately address its cybersecurity risks. Following this case, AFSL holders should ensure they have suitable processes in place to manage cybersecurity risk and engage relevantly qualified professionals to confirm the competency of their cyber risk management systems. Further robust monitoring and auditing systems will be an important tool for AFSL holders to regularly review the adequacy of their cyber risk management systems against the evolving nature of cybersecurity requirements.

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