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ARTICLE · 02 APRIL 2024

Funds Update – 28 March 2024

Herbert Smith Freehills Kramer LLP
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On 21 March 2024, the Parliamentary Joint Committee on Corporations and Financial Services announced an inquiry into the wholesale investor test for offers of securities...

AustraliaFinance and Banking
Fiona Smedley
Fiona Smedley

In this Funds Update for 28 March 2024:

  1. Inquiry into the wholesale investor and wholesale client tests
  2. ASIC wins first greenwashing civil penalty action
  3. ASIC remakes five 'sunsetting' class orders for managed funds, including [CO 13/1409] and [CO 13/1410]
  4. First ASIC action for failing to have a director identification number
  5. Federal Court rejects ASIC's first case over unfair contract terms in an insurance contract

Inquiry into the wholesale investor and wholesale client tests

On 21 March 2024, the Parliamentary Joint Committee on Corporations and Financial Services announced an inquiry into the wholesale investor test for offers of securities (section 708 of Chapter 6D of the Corporations Act 2001 (Cth) (Act)) and the wholesale client test for financial products and services (sections 761G and 761GA of Chapter 7 of the Act) (the tests). The committee has called for written submissions by 15 May 2024.

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