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    Governance News 14 June 2023

    60 minute read + (PDF download)  14.06.2023 Mark Standen, Siobhan Doherty, Kate Hilder

    In this week's issue we cover the release of the government's long-awaited response to the Quality of Advice Review. On the ESG front, the ISSB sustainability standards are set to be launched on 26 June, the ASIC Chair has urged firms to prepare now for the expected introduction of new sustainability requirements and the government has included climate risk in APRA's statement of expectations for the first time. Looking further afield, the UK advertising watchdog has taken action to ban several advertisements over greenwashing concerns, Climate Action 100+ has announced it will sharpen its focus on implementation of climate transition plans and more…

    Full coverage of this weeks content is now available.

    Past issues are available

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    • Netflix shareholders vote down 'Say on Pay' proposal at Netflix

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    • Church of England to support shareholder lobbying proposal at Toyota 

    Disclosure and Reporting Navigation Show below Hide below

    • Top Story | Firms should be preparing now for ISSB-aligned reporting requirements says ASIC Chair 
    • ISSB standards to launch on 26 June 2023 
    • Greenwashing: UK watchdog moves to ban ads from three large energy companies over greenwashing concerns 

    ESG Navigation Show below Hide below

    • 45 governments endorse IEA goal of doubling global energy efficiency progress by 2030 
    • Australia and NZ agree to work together to maximise the financial opportunities flowing from the net zero transition 
    • New tools for climate engagement launched: IIGCC and TPI Centre launch new Net Zero Standard for Banks and Net Zero Banking Assessment Framework 
    • ICCR releases open letter to members of US Congress, urging them to safeguard institutional investors' freedom to consider ESG 
    • ISS is 'not an activist or advocacy organisation' says President and CEO 
    • Climate Action 100+ sharpens focus on climate action, tightens signatory requirements 
    • A 'smoke signal' to US Banks? NYC Comptroller Brad Ladner calls on major banks and insurers to commit to climate action 

    Regulators Navigation Show below Hide below

    • Government mandates APRA consider climate risk 

    Financial Services Navigation Show below Hide below

    • Top Story | Government response to the Quality of Advice Review 
    • Assessing borrowing capacity: APRA cautions that exceptions to the 3% serviceability buffer are expected to be 'limited and clearly justified' 
    • Deceased estates: BCCC identifies 'widespread poor practices and noncompliance' by banks, three banks under ongoing investigation 
    • CDR | Assistant Treasurer provides a CDR status update, highlights areas of focus following the statutory review 
    • Insurance | ASIC grants relief from certain transaction confirmation requirements 
    • Planned overhaul of the payments system | Cheques to be phased out by the end of the decade (subject to consultation on timing) 
    • In Brief | 'Experience pathway' Bill introduced: Treasury Laws Amendment (2023 Measures No. 3) Bill 2023 was introduced on 14 June 2023.  Schedule 2 to the Bill proposes to implement the government's election commitment to 'better recognise the experience of existing financial advisers as equivalent to tertiary study' 
      In Brief | Crypto crackdown: SEC Chair says crypto investors and issuers are no 'less deserving of the protections of our securities laws' than other investors. Cautions SEC will continue to enforce existing laws to protect consumers 

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    • US regulator wants auditors to take a more active role in detecting (potential) fraud and other forms of legal noncompliance 
    • In Brief | An independent review of the conduct and disciplinary framework for accountants, commissioned by CA ANZ, makes various recommendations to tighten accountability for misconduct in line with community expectations, including instituting a fivefold increase in maximum fines for certain misconduct 

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    • Cyber resilience: Regulators highlight four 'lessons learnt' from recent cyber attacks 
    • ASIC Cyber pulse survey: ASIC invites regulated entities to complete a voluntary, multiple choice cyber self-assessment survey 
    • ACMA warns businesses that spam law breaches 'won't be tolerated' 
    • In Brief | AI global summit: The UK government has announced plans to host the first global summit on Artificial Intelligence in 'autumn' this year. The summit will consider 'the risks of AI, including frontier systems, and discuss how they can be mitigated through internationally coordinated action' as well as providing a platform for countries to 'work together on further developing a shared approach to mitigate these risks' 

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