Reminder and ASIC practical guidance regarding important amendments that apply to financial advisors and clients regarding their ongoing fee arrangement obligations
The obligation to give clients a fee disclosure statement (FDS) annually where there is an ongoing fee arrangement has applied since 1 July 2012. From 1 July 2021, two broad additional obligations have applied between both advisors and clients where there is an ongoing fee arrangement (OFA) in place. These additional obligations were introduced by […]
ReadmoreAdvertising under the influencers and changes to the TGA Code: Are you ready for 1 July 2022?
We are in a transition period in the world of therapeutic goods advertisements (TG Advertisements). Currently, TG Advertisements must comply with either the Therapeutic Goods Advertising Code (No.2) 2018 (Cth) (Former Code) or the Therapeutic Goods (Therapeutic Goods Advertising Code) Instrument 2021 (Cth) (New Code). The transition period ends on 30 June 2022. A caveat […]
ReadmoreWho has the match? Anti-money laundering and cryptocurrency
Combining Anti-Money Laundering (AML) considerations with cryptocurrency technology is akin to adding gasoline to a bonfire. It is a hot topic on the mind of every member of the global financial services industry. How are we to regulate and manage a new technology that seems to feed into the hands of money launderers? As AUSTRAC […]
ReadmoreHow can insurance providers stay ahead of the implementation of CDR in 2022?
Consumer Data Right presents new legal risks and challenges for insurers. Consumer Data Right (CDR) gives a consumer more control over their information, enabling them to access and share their data with accredited third parties to obtain better deals on everyday products and services. The Australian Government sees the CDR as central to driving competition […]
ReadmoreUK Data Reform Bill – What does ‘UK GDPR’ mean for Australian businesses?
The UK Government’s response to the post-Brexit ‘UK GDPR’ reforms was issued on Friday last as part of London Tech Week. It was met with mixed reaction, locally and globally. But what does the reform of the UK’s data protection laws mean for global and Australian organisations doing business in the UK? How great of […]
ReadmoreVCAT Fast Track List for post-permit applications
From 1 July 2022, VCAT will establish a Fast Track List to expedite a number of post-permit applications. These changes are designed to improve the efficiency of VCAT’s procedures and to provide certainty to applicants and developers – particularly after a permit has been secured for a development site. The following applications under the Planning and […]
ReadmoreIt’s that time of the year again – Annual Wage Review 2021-22
The Fair Work Commission has just published its Annual Wage Review decision, which provides that the National Minimum Wage will increase by 5.2% from $20.33 per hour to $21.38. This translates to $812.60 per week, up from $772.60 per week. Modern award minimum rates will also increase by 4.6% for those who are paid more […]
ReadmorePushing ‘START’ on button battery safety standards – Combating a danger lurking in the household
The new button/coin battery safety standards become mandatory on 22 June 2022. So as a manufacturer, importer, wholesaler or retailer of products that contain button batteries, what do you need to know? Purpose Button batteries are used in a broad range of products around our homes. These include watches, handheld computers and remote controls, key […]
ReadmoreDetention time for parents in Victorian schools
Schools in Victoria will have new powers from 28 June 2022 to address the risk of occupational violence and aggression directed towards school staff by certain adults, including by school parents. These new laws provide for: Principals to make orders to protect members of school communities from harmful, threatening or abusive behaviour on school grounds […]
ReadmoreSection 249E corrupt benefits for trustees and others – Standing in the way of super fund mergers?
On 23 March 2022, in BT Funds Management Limited (ACN 002 916 458) as trustee for the Retirement Wrap Superannuation Fund the Court made orders giving its consent to certain conduct engaged in or proposed to be engaged in by the plaintiff, BT Funds Management Limited (ACN 002 916 458) (BTFM/Trustee) as trustee for the […]
ReadmoreCorruption and Integrity Update – Parliamentary oversight of the Ombudsman and the OIC
This month’s edition of the Corruption and Integrity Update considers the recent parliamentary oversight hearings conducted by the Legal Affairs and Safety Committee (Committee) into the Queensland Ombudsman and the Office of the Information Commissioner (OIC), as well as setting out a high-level overview of the most recent Corruption Allegations Data Dashboard (CADD) released by […]
ReadmoreFailure to launch: Liquidators fail to establish abuse of process in public examination summonses
Public examination can be a useful tool for parties in a liquidation to obtain information about matters relating to a company’s affairs. In the matter of Jewel of India Holdings Pty Ltd ACN 141 963 813 (in liquidation) [2022] NSWSC 356, the Court considered whether summonses for public examination, that were issued by the former […]
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