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The Australian Securities and Investments Commission has provided updated guidance on the updated breach reporting regime applicable to Australian Financial Services Licensees and Credit Licensees. ASIC’s updated guidance is set out in a new version of Regulatory Guide 78, ‘Breach Reporting by AFS Licensees and Credit Licensees’ (RG 78), published 27 April 2023.

Baker McKenzie’s Asia Pacific Employers’ Forum took place in Singapore on Thursday, 27 April 2023. You can access a number of related resources relating to employment issues and trends.

Join us for a four-part webinar series as our US moderators welcome colleagues from around the globe to share the latest labor and employment law updates and trends. US-based multinational employers with business operations in Asia Pacific, Europe, the Middle East and Africa, and the Americas regions will hear directly from local practitioners on the major developments they need to know, and come away with practical tips and takeaways to implement.

Under current Australian arrangements, the “Safeguard Mechanism” requires Australian facilities that produce over 100,000 tonnes of carbon annually (or an equivalent amount of greenhouse gases), known as “Safeguard Facilities”, to keep their net emissions below a baseline (or ceiling), which has been determined on a facility specific basis. To meet its international commitments to achieving net zero emissions by 2050, the Australian government has proposed changes to the operation of the Safeguard Mechanism with the effect of reducing carbon emissions over time. Those proposed changes have now been extended to secure the political support required to enable the passage of these legislative reforms through federal parliament.

The Australian Federal Government is consulting on a new financial reporting requirement for public companies (listed and unlisted) to disclose information about their consolidated entities, including their country of tax domicile. The change will apply in relation to financial years commencing from 1 July 2023. Submissions can be made until 13 April 2023.