Sanderson, 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 […]
ReadmoreASIC is coming for your responsible managers
A key obligation of an AFSL holder is to maintain the competence to provide the financial services covered by its licence.[1] ASIC refers to this obligation as the “organisational competence obligation.” In order to comply with this obligation, Regulatory Guide 105: Licensing: Organisational competence (RG 105) provides that the licence holder must nominate Responsible Managers […]
ReadmoreBuy Now Pay Later Options Paper: The reforms start to take shape
On 21 November 2022, the Buy Now Pay Later (BNPL) options paper was released by Treasury for public consultation (Options Paper). The Options Paper examines the regulatory challenges of emerging financial products, particularly BNPL, and the appropriate regulatory approach to maintain the advantages of accessing credit while sufficiently protecting consumers. With the closing date for […]
ReadmoreAPRA’s letter on the review of the prudential framework for groups
On Monday 24 October 2022, John Lonsdale, the APRA Deputy Chair, issued a letter to all APRA-regulated entities outlining a roadmap for the review of the prudential framework for groups. The letter supports APRA’s recent paper regarding modernising the prudential architecture, which was published on 12 September 2022. The aim of APRA’s review is to […]
ReadmoreInsights learnt from APRA’s Risk Culture Survey
On 10 November 2022, APRA released the results from their most recent risk culture survey. The survey was provided to 18 authorised deposit-taking institutions (ADIs) between October and December 2021. The 18 ADIs comprised the five largest banks (Major ADIs) and 13 smaller entities, consisting of regional banks, foreign bank subsidiaries/branches, mutual banks, credit unions […]
ReadmoreAPRA releases amendments to capital framework for ADIs
In November 2021, APRA released final prudential standards and guidance that accompany the ADI capital reforms, together with final prudential practice guides in July 2022. In the July 2022 release, APRA consulted on two proposals put forward for consequential amendments to be made to the capital frameworks. The proposals were encouraged to ensure consistency with […]
ReadmoreAPRA to strengthen transfer planning in superannuation
On 10 November 2022, APRA released a discussion paper seeking consultation on strengthening superannuation trustee planning in successor fund transfers (SFTs) (Discussion Paper). The superannuation industry has seen a recent spate of SFTs. By way of example, QSuper and Sunsuper merged in February earlier this year to create the Australian Retirement Trust. LGIAsuper and Energy […]
ReadmoreASIC publishes ‘Report 740: Insights from the Reportable Situations Regime: October 2021 to June 2022’
On 27 October 2022, ASIC released its first publication pertaining to information lodged under the reportable situations regime (formerly known as ‘breach reporting’). By way of background, the reportable situations regime commenced on 1 October 2021. The regime’s purpose was to strengthen the obligations of Australian Financial Services (AFS) licensees and to extend this obligation […]
ReadmoreWhat the new Respect@Work legislation means for employers
On 25 November 2022, the Anti-Discrimination and Human Rights Legislation Amendment (Respect at Work) Act 2022 (Cth) (Act) was passed by Parliament. This article highlights the legislative changes that employers must closely examine, understand and implement in their workplaces. Positive duty to eliminate unlawful sexual discrimination The Act amends the Sex Discrimination Act 1984 (Cth) (SD […]
ReadmoreAmendments to the Fair Work Legislation – Secure Jobs, Better Pay
Introduction The Fair Work Legislation Amendment (Secure Jobs, Better Pay) Bill 2022 (Amending Act), passed by Parliament on 2 December 2022, is the first tranche of the Albanese Government’s industrial relations reform agenda and amends the Fair Work Act 2009 (Cth) (FW Act). The Amending Act has not passed without controversy, with many critics of […]
Readmore
