Fund Regulatory Update

ASIC surveillance into managed funds misleading marketing

The Australian Securities and Investments Commission (ASIC) has announced that it is looking into managed funds marketing, on the lookout for anything that could be misleading. ASIC is seeking ‘misleading performance and risk representations’ in promotional material and search engine advertising targeting retail or unsophisticated wholesale investors.

ASIC to review corporate whistleblower programs

ASIC is looking into a review of corporate whistleblower programs with a warning sent to chief executives that not taking the whistleblower protection program seriously would not be tolerated. The letter sent to companies said most corporate whistleblower policies did not comply with the law, and urged directors and senior managers to get together and discuss their workplace culture when it comes to speaking up.