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ARTICLE · 02 APRIL 2024

March 2024 ESG Policy Update—Australia

K&L Gates
K&L Gates
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K&L Gates

K&L Gates

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On 28 February 2024, the Australian Securities and Investments Commission (ASIC) reported that an outsourced responsible entity (RE) had paid an AU$13,320...

GlobalCorporate/Commercial Law
Clive Cachia
Clive Cachia
Adam Levine
Adam Levine
Lisa Lautier
Lisa Lautier
Michael Hain
Michael Hain
Jim Bulling
Jim Bulling
Nathan Bodlovich
Nathan Bodlovich

Australian Securities and Investments Commission Continues Greenwashing Enforcement Efforts

On 28 February 2024, the Australian Securities and Investments Commission (ASIC) reported that an outsourced responsible entity (RE) had paid an AU$13,320 infringement notice for misleading statements regarding the Bloom Climate Impact Fund (Bloom Fund).

ASIC alleged that the RE contravened section 12DF of the Australian Securities and Investments Commission Act 2001 (Cth) in relation to disclosures by the Bloom Fund of which it was the trustee and RE. The Bloom Fund's product disclosure statement (PDS) described the Bloom Fund's negative screening process whereby the Bloom Fund would seek to avoid investment of its assets into certain excluded activities such as fossil fuels production. However, the PDS did not disclose that the negative screening process allowed investment into companies that derived up to 33% of revenue from an excluded activity.

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