Market Integrity Rules Update: New Technological and Operational Resilience Rules to apply from 10 March 2023
Australia’s financial markets have become increasingly digitised and automated, such that the technological and operational risks faced by market operators and participants have simultaneously increased. This is not to mention that failures in this area, as seen for example in connection with the November 2020 ASX outage, ‘can have significant real-world consequences’[1]. As a result […]
ReadmoreFair Work Ombudsman takes holding company to court for alleged underpayments of subsidiaries
The Fair Work Ombudsman (FWO) has issued proceedings against a large, national retailing holding company and four of its subsidiaries in the Federal Court of Australia for alleged underpayments that occurred between January 2017 and March 2019. A refresher on the relevant law The Fair Work Act 2009 (Cth) (Act) makes it unlawful for employers […]
ReadmoreQueensland Corruption and Integrity Update – January 2023
This month’s Corruption and Integrity Update considers a number of important developments within the Queensland landscape including the recent Issues Paper released by The Honourable Alan Wilson KC as part of his review of the Public Interest Disclosure Act 2010; the publication by the Crime and Corruption Commission of a report on influence and transparency […]
Readmore22-316MR ASIC suspends FTX Australia’s AFS licence
On 16 November 2022, the Australian Securities and Investment Commission (ASIC) suspended the Australian Financial Services (AFS) licences of FTX Express Pty Ltd (ACN 657 907 894) and FTX Australia Pty Ltd (ACN 129 217 812) (together, FTX Australia) until 15 May 2023. This was as a result of FTX Australia being placed into voluntary […]
Readmore22-349MR ASIC’S Enforcement and Regulatory Update July to September 2022
On 12 December 2022, ASIC released its updated quarterly report (REP 753) that outlined its key actions undertaken over the previous quarter. This report focused on ASIC enforcement and regulatory actions that covered the following sectors: insurance, credit, superannuation, financial advice, managed investments, markets and auditing. ASIC also highlighted its upcoming internal and external priorities. […]
ReadmoreASIC updates its guidance on SMSF advice
By the end of 2022, ASIC had undertaken an internal review of its Self-Managed Superannuation Funds (SMSF) information sheets in line with key strategic priorities stated in ASIC’s Corporate Plan for 2022-2026 (see ASIC’s Corporate Plan 2022-26). One of ASIC’s aims is to protect and help consumers as they plan for their future retirement. Consumers […]
ReadmoreASIC issues more infringement notices for greenwashing
An important issue that ASIC is currently facing is the deterrence of greenwashing practices across the Australian business landscape. According to ASIC, greenwashing is ‘the practice of misrepresenting the extent to which a financial product or investment strategy is environmentally friendly, sustainable or ethical’. ASIC’s position is that the practice of greenwashing distorts relevant information […]
ReadmoreBTI 2014 LLC v Sequana SA and Others: United Kingdom Supreme Court relies on Australian case law to settle question on Director’s duties
In BTI 2014 LLC v Sequana SA and Others, the United Kingdom Supreme Court considered a case on appeal which asked the Court to expand the common law duty of directors in a significant way. The Appellant sought to argue that common law director duties should require directors to have regard to the interests of […]
ReadmoreBlock trading breach! ASIC’s Markets Disciplinary Panel hands down $222,000 penalty to ABN AMRO
On 7 September 2022, ASIC announced that its Markets Disciplinary Panel (MDP) had issued an Infringement Notice having determined that it had reasonable grounds to believe that ABN AMRO Clearing Sydney Pty Ltd (ABN AMRO) contravened subsection 798H(1) of the Corporations Act by failing to comply with Rule 3.4.2(1) of the ASIC Market Integrity Rules […]
ReadmoreSanderson, in the matter of Jabaluka Pty Ltd (in liq) [2022] FCA 1012: Federal Court considers application for appointment of receiver of a corporate trust
Jabaluka Pty Ltd (Jabaluka) was the Trustee of the Morgan Unit Trust, which operated an IGA Supermarket (the Supermarket) from 22 September 2010 to 13 March 2020. This case concerned an application by the Liquidator of Jabaluka (the Liquidator) under s 57 of the Federal Court of Australia Act 1976 (Cth) for an order that […]
ReadmoreMortgagee in possession sale causes Manda-monium – a tale of section 420A obligations in the COVID-19 era
In the first reported final decision that has considered the effect of COVID-19 lockdowns on the property market in the context of a mortgagee discharging its duties under section 420A of the Corporations Act 2001 (Cth) (Act), the Victorian Supreme Court in Manda Capital Holdings Pty Ltd (Manda) v PEC Portfolio Springvale Pty Ltd (PEC) […]
ReadmoreCorruption and Integrity Update – December 2022
This month’s Corruption and Integrity update includes an overview of the final report from the Forensic DNA Commission of Inquiry; highlights the recent decision of the Attorney-General to abolish the Administrative Appeals Tribunal; details the Australian Commission for Law Enforcement Integrity (ACLEI) 2021-22 Vulnerabilities Brief; notes the recent decision of the High Court to grant […]
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