Groundbreaking whistleblower developments – ASIC v TerraCom Limited ACN 143 533 537
On 26 August 2025, the Federal Court of Australia handed down a decision resulting in ASIC’s first enforcement outcome for contraventions of the whistleblower provisions of the Corporations Act (Cth) 2001 (Corporations Act) in ASIC v TerraCom Limited ACN 143 533 537. Background TerraCom Limited ACN 143 533 537 (TerraCom) is a public company listed […]
ReadmoreNew AML/CTF obligations for real estate businesses from 1 July 2026 – It’s time to start getting ready
From 1 July 2026, Australian real estate agents and property developers that sell property directly to customers without an agent will be subject to numerous anti-money laundering/counter-terrorism financing (AML/CTF) obligations as new ‘Tranche 2’ reporting entities under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, following legislative reform passed in late 2024 (Reforms). The Reforms […]
ReadmoreFinder: ASIC to continue to pursue cases to clarify crypto regulation as the Federal Court finds that a crypto-asset is not a debenture
On 24 July 2025, the Full Federal Court dismissed ASIC’s appeal against Finder Wallet Pty Ltd (Finder Wallet) and ordered it to pay costs.[1] The Court held that the primary judge made no error in concluding that the ‘Finder Earn’ product did not amount to a ‘debenture’ within the meaning of s 9 of the […]
ReadmoreA matter of trust: High Court rejects trust creditor claims against third party recipients of trust property
In a 4:3 split decision, the High Court of Australia clarified that a successor trustee does not owe a fiduciary duty to a former trustee in respect of the former trustee’s entitlement to indemnification from trust assets.[1] The High Court judgment confirms that former trustees (and their trust creditors) have no independent recourse against a […]
ReadmoreIs your business ready for Australia’s new AML/CTF reforms?
Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime is undergoing major reforms to bring it in-line with international standards set by global financial crime watchdog, the Financial Action Task Force. New and reframed obligations will commence from 31 March 2026 for existing Reporting Entities (REs), and from 1 July 2026 numerous businesses operating in industries […]
ReadmoreNew mandatory ransomware payment reporting obligations now in force
Introduction Australia has taken a bold step in strengthening its cyber resilience with the introduction of the mandatory ransomware and cyber extortion payment reporting regime under Part 3 of the Cyber Security Act 2024 (Cyber Security Act). Effective from 30 May 2025, this new regime requires certain entities – including businesses with an annual turnover exceeding $3 million and […]
ReadmoreWhyalla wipeout: State-sponsored upending of creditor waterfall?
Synopsis A fundamental purpose of Australia’s formal corporate insolvency laws is the provision of fair and orderly processes (administered by an independent external administrator typically appointed either by the insolvent company’s directors or its most significant secured creditor) for dealing with the company’s financial affairs. Such processes contemplate ‘pari passu’ distribution between unsecured creditors subject […]
ReadmoreFull Federal Court decision in BPS Financial litigation – More questions than answers for AFS licensees and authorised representatives?
In the latest development in ASIC’s litigation against digital asset business BPS Financial Ltd (BPS), on 30 May 2025 the Full Federal Court has allowed ASIC’s appeal against the primary judge’s decision that BPS was entitled to rely on the widely utilised ‘authorised representative’ exemption (AR Exemption) in section 911A(2)(a)(i) of the Corporations Act for […]
ReadmoreCEG Direct Securities v Runtong: Full Federal Court overturns decision in a victory for secured creditors
The Full Federal Court has confirmed the validity of the longstanding practice deployed by credit providers of seeking cross-security from a borrower’s related entities (particularly in the context of the financing of commercial projects by that corporate group). In rejecting the liquidator’s characterisation of such a transaction as constituting an unreasonable director-related transaction, the Full […]
ReadmoreCrypto judgment overturned: Block Earner succeeds in cross-appeal against ASIC
*Article updated as of 22 May 2025 The Full Court of the Federal Court of Australia handed down its much-awaited decision on 22 April 2025, overturning the judgment of Justice Jackman in the Block Earner case.[1] The decision should give digital asset providers and market participants further clarity around the application of the complex financial services regime […]
ReadmoreASIC succeeds in its third civil penalty prosecution for greenwashing, with the Federal Court imposing a $10.5 million penalty
Court findings On 18 March 2025, his Honour Justice O’Callaghan imposed a civil penalty of $10.5 million on the trustee of a superannuation fund, after finding that the fund had made false or misleading statements to current or potential members of the fund to the effect that: it eliminated from the fund, investments that posed […]
ReadmoreAustralian Banking Association (ABA) launches new banking Code: a big step forward for banking staff and customer protection
Introduction to the new Code The Australian Banking Association’s (‘ABA’) new Banking Code of Practice (‘the Code’) came into effect on 28 February 2025. This latest iteration of the Code introduces enhanced customer protection and accessibility and sets higher standards for banks and their staff. The new Code sees significant structural and semantic changes from […]
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