ASIC 2024 Enforcement Priorities

On 21 November 2023, the Deputy Chair of the Australian Securities and Investments Commission (ASIC), Sarah Court, announced the regulator’s 2024 enforcement priorities and confirmed its enduring priorities.

This new infographic from the legal experts at LexisNexis^® Practical Guidance covers the top takeaways and breaks down the risk areas that businesses must remain aware of to maintain sound compliance practices.

Notably, ASIC has chosen to retain so many of the 2023 enforcement priorities into next year, some with a shift in specific focus. This indicates a thorough and systemic approach from an active regulator.

Remaining aware of ASIC’s enforcement focus and the regulator’s broader enduring priorities is key to avoiding business risk and preventing unlawful conduct.

Top five takeaways from ASIC’s 2024 priorities

1. Economic climate drives ASIC priorities: challenging economic conditions have prompted a sustained focus on misconduct affecting vulnerable consumers and small businesses.
2. Insurance and superannuation still under the microscope: both these industry sectors were targeted as priorities in 2023, with significant enforcement and surveillance undertaken.
3. Greenwashing remains firmly on the agenda: this is unsurprising given the planned rollout of mandatory sustainability reporting standards and increasing attention to ESG issues among Australian corporates. It also accords with continued focus on greenwashing by the ACCC.
4. Governance and directors’ duties a new enduring priority: in combination with the new 2024 focus on the conduct of “gatekeepers”, this is a strong signal of ASIC’s increased scrutiny of corporate governance practices and pursuit of accountability for failures.
5. Some things change, some stay the same: it is notable that ASIC has chosen to retain so many of the 2023 enforcement priorities into next year, some with a shift in specific focus. It is a thorough and systemic approach from an active regulator. Others, including crypto assets, investment scams, social media-based misinformation and manipulation of energy and commodities markets, have been deprioritised but continue to feature in ASIC’s 2023-27 Corporate Plan, released earlier this year.