Requirements under the Financial Services Reform Act (FSRA), 2010

Australia Current 2010

In 2010 Australia introduced its new ethical disclosure requirements under the Financial Services Reform Act (FSRA). Issuers of financial products are obliged to disclose the extent to which “labor standards or environmental, social or ethical considerations are taken into account in the selection, retention or realization of an investment”. Product issuers are required to make two separate Product Disclosure Statements (PDS): the first on labor standard considerations, the other concerning environmental, social and ethical deliberations. The original Financial Services Reform Act 2001 was promulgated in March 2002, and requires fund managers and financial product providers to state “the extent to which labor standards or environmental, social or ethical considerations are taken into account in the selection, retention or realization of the investment”.

Scope

Environmental & Social

Industry sectors covered by the instrument

Specific sector/s

Organizations covered by the instrument

Large listed companies- issuers of financial products

Type of instrument

Legislation

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

Project Partners