Fund Regulatory Update

ASIC: 18 funds update ads after concerns raised

The Australian Securities and Investments Commission (ASIC) has raised concerns with 13 providers of 18 managed funds, resulting in amendments to advertising materials. Concerns included downplaying of risks and inadequate warnings or disclaimers of risk.

Climate change bill passes Senate

The Federal Government’s Climate Change Bill has passed the Senate and is to become law after a debate and vote saw 37 votes to 30 and the bill approved. The bill paves the way for a new legally binding greenhouse emissions target of 43 per cent reduction from 2005 levels by 2030. The net-zero target by 2050 is also now in law. An annual climate change statement must be tabled in parliament annually and gives the Climate Change Authority a role in advising the government on targets.