In a recent speech, ASIC Deputy Chair Sarah Court emphasised ASIC’s enforcement commitment and outlined its Enforcement Priorities for 2023, consisting of enduring priorities and its 2023 priorities.

Enduring priorities

ASIC’s enduring priorities continue to be:

• Misconduct damaging to market integrity including insider trading, continuous disclosure failures and market manipulation
• Misconduct impacting First Nations people
• Misconduct involving a high risk of significant consumer harm, particularly conduct targeting financially vulnerable consumers
• Systemic compliance failures by large financial institutions resulting in widespread consumer harm
• New or emerging conduct risks within the financial system

2023 priorities

• Enforcement action targeting poor design, pricing and distribution of financial products
  including in relation to insurance, superannuation and other investment products and credit
• Misleading conduct in relation to sustainable finance including greenwashing
• Misconduct involving high-risk products including crypto assets
• Combating and disrupting investment scams including working with other regulators, industry and social media platforms to reduce consumer harm
• Protecting financially vulnerable consumers impacted by predatory lending practices or high-cost credit including conduct by unlicensed or ‘fringe’ entities
• Misleading and deceptive conduct relating to investment products that obscures the risk, performance or nature of financial products
• Misconduct in the superannuation sector including misleading conduct and poor governance
• Failures by providers of general insurance to deliver on pricing promises to consumers
• Misconduct that involves misinformation through social media about investment products, including ‘finfluencer’ conduct
• Governance and director’s duties failures including those related to property schemes that expose investors to significant loss
• Manipulation in energy and commodities derivatives markets
• Unfair contract terms including insurance products.

It is a long list that will be enforced through court action (with the addition of a significant financial penalty) or ASIC’s other powers including stop orders, product intervention orders, infringement notices, enforceable undertakings and public warning notices.

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.