The ACCC has released a draft decision proposing to authorise, with conditions, the collaboration between the ASFI and industry participants to advance sustainable finance initiatives.
The authorisation would be granted for a period of five years and aims to support the integration of environmental considerations into financial decision-making.
ASFI is seeking permission for its members and other stakeholders to share information, co-design investment structures, and propose regulatory reforms that promote sustainable finance. The proposal also includes agreements among some participants to jointly develop and recommend investment structures or product features to either the government or ASFI, with the ultimate goal of enabling sustainable investment products.
The collaborative initiative intends to boost private capital flows into projects such as sustainable farming, emissions reduction, and meeting export sustainability regulations—supporting Australia’s broader environmental and economic goals.
ACCC deputy chair Mick Keogh said, “We consider that the proposed collaborative conduct would increase the likelihood of greater investment in projects seeking to preserve Australia’s environment as well as cost savings and process efficiencies.”
However, the ACCC noted that such collaboration among competitors could pose risks to market competition by potentially enabling coordinated behaviour and reducing competition in the supply of sustainable financial products and wider financial markets.
To mitigate these risks, the ACCC has revised the scope of the authorised conduct and proposed a range of conditions to prevent anti-competitive outcomes. These include limits on the type and context of information that can be shared and ensuring transparency and oversight throughout the collaboration process.
“With the proposed conditions, we are satisfied that the collaborative conduct is likely to result in public benefits that would outweigh any likely harm to competition,” Keogh added.
The ACCC is now calling for public submissions on the draft decision before it reaches a final determination. Submissions are open until 2 May 2025.
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