Gadens Regulatory Recap – 4 September 2024
This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, ACCC, OAIC, Treasury, and the Federal Parliament including various enforcement actions taken by the regulators. ASIC ASIC continues extensive action against greenwashing ASIC has made 47 regulatory interventions in relation to greenwashing misconduct, including commencing two Federal Court proceedings and issuing over […]
ReadmoreCorruption and Integrity Update – August 2024
In this edition of the Queensland Corruption and Integrity Update we consider various updates from the CCC, and recent parliamentary updates relating to the Office of the Independent Assessor. CCC updates CCC provides updated Strategic Plan for 2023-2027 On 1 July 2024, the CCC released its updated Strategic Plan for 2023 to 2027. The Strategic […]
ReadmoreProposed National Electricity Market (NEM) changes to accelerate VPPs – what it means for retail electricity businesses and aggregators
The Australian Energy Market Commission (AEMC) has recently proposed a draft electricity rule that presents a significant opportunity for aggregators and innovative retailers that would work well to help manage hedging risks, reduce costs and earn revenue in existing markets and through the provision of ancillary services. The National Electricity Amendment (Integrating price-responsive resources into […]
ReadmoreOliver Hume decision – Independent investors charged with aggregated landholder duty on capital raising
The Victorian Court of Appeal has recently handed down its unanimous decision in Oliver Hume Property Funds (Broad Gully Rd) Diamond Creek Pty Ltd v Commissioner of State Revenue [2024] VSCA 175. The Court of Appeal found that 18 independent and unrelated investors who subscribed for shares under a publicly available information memorandum were held […]
ReadmoreGadens Regulatory Recap – 21 August 2024
This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, OAIC, ACCC, and Treasury including various enforcement actions taken by the regulators. ASIC Financial advice update: The Financial Advice Update, published by ASIC on 9 August 2024, highlights key regulatory developments affecting Australian financial services (AFS) licensees and financial advisers. The update […]
ReadmoreASIC continues focus on financial hardship processes
Lenders should prepare for both an increase in financial hardship applications and heightened scrutiny from the regulator on how these hardship applications are managed. The Australian Securities & Investments Commission (ASIC) has found that lenders are not complying with their obligations in the cases of customers who are facing financial difficulty. As the cost of […]
ReadmoreHigh Court decision confirms proportionate liability regimes apply in arbitrations
The High Court of Australia has handed down a significant judgment in Tesseract International v Pascale Construction [2024] HCA 24, with a majority finding that the proportionate liability laws apply to arbitrations. The case involved a contract for the provision of engineering consultancy work by Tesseract in connection with the development of a Bunnings Warehouse, […]
ReadmoreCourt orders Mercer Superannuation to pay an $11.3m penalty
Last year, ASIC commenced proceedings seeking declarations, pecuniary penalties and adverse publicity orders against Mercer Superannuation (Australia) Limited (Mercer) alleging that Mercer had made false or misleading representations and engaged in conduct that was liable to mislead the public in relation to financial services in contravention of sections 12DB(1)(a) and 12DF(1) of the Australian Securities […]
ReadmoreGadens Regulatory Recap – 8 August 2024
This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, OAIC, ACCC, and Treasury including various enforcement actions taken by the regulators. ASIC ASIC’s first greenwashing case results in landmark $11.3 million penalty for Mercer The Federal Court has ordered Mercer Superannuation (Australia) Limited (Mercer) to pay $11.3 million in penalties in […]
ReadmoreNational Integrity Spotlight – July 2024
In this month’s edition of the National Integrity Spotlight, we consider the most recent updates from the NACC, the newly announced Fundamental Principles of Australian Anti-Corruption Commissions, and updates from various Australian integrity bodies. We also consider the updated Commonwealth Fraud and Corruption Control Framework, newly updated AML/CTF frameworks, and updates relating to the soon-to-be […]
ReadmoreGadens Regulatory Recap – 29 July 2024
This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, OAIC, ACCC, and Treasury including various enforcement actions taken by the regulators. ASIC ASIC and OAIC share Memorandum of Understanding on information sharing to accelerate data and privacy breach responses: ASIC and the OAIC have agreed to and entered a Memorandum of […]
ReadmoreThe right to disconnect: It’s time to prepare a workplace policy
The Fair Work Legislation Amendment (Closing Loopholes No. 2) Act 2024 (Cth)[1] establishes a right to disconnect for the first time in Australian legislation. The novelty of this right has garnered significant media attention, whilst leaving employers uncertain of the precise implications of these changes. The provisions will take effect for the majority of employers […]
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