CFTC Commissioner Floats Enforcement Reforms
In a speech CFTC Commissioner Summer K Mersinger discusses the need for reform of the CFTC’s approach to enforcement.
This week ASIC, the Australian financial regulator, published (click here) a reminder imploring in-scope businesses to prepare for the go-live of the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 that passed Parliament on 9 September 2024 and into law on 17 September 2024. This Bill sets the requirements for Australia’s sustainability reporting, the first batch falling due on 1 January 2025. An ASIC Commissioner commented:
"Large businesses and financial institutions should ensure that they implement appropriate governance arrangements and sustainability record-keeping processes ahead of the mandatory climate reporting requirements taking effect from 1 January 2025."
Pertinent points from the publication are briefly summarised as follows:
Unlike the US SEC’s sustainability disclosure rules, Australia’s climate disclosure regime has passed into law and is on track for implementation with relatively little resistance. Firms falling into scope should ensure that their preparations are underway, regardless of which reporting group the group entity falls into.
Proactive monitoring for further guidance is also advised to ensure unnecessary development spend is avoided. ASIC, through various communication forums including this recent speech covered in this newsletter, have made it clear that while some transition leeway will be afforded as firms adjust to the new rules, they will nonetheless be monitoring compliance with the new regime as a priority.
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