How 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 […]
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 […]
ReadmoreService by crypto – a new use case for NFTs!
In Australia, service of legal documents needs to be effected through the Courts’ relevant civil procedure rules. Often this is personally (in the case of individuals) or at a company’s registered office (under 109X of the Corporations Act 2001 (Cth)). By order of the Court, however, service can be effected by other means – for […]
ReadmoreGreen loan financing – taking root in fertile soil
Green finance is financing where the proceeds are used by a borrower in financing projects that make a contribution to an environmental objective. This is an important way in which finance markets are contributing to the objectives of the 2015 Paris Climate Agreement, seeking to align finance with low greenhouse gas emissions and climate-resilient development. […]
ReadmoreFederal Court finds RI Advice failed to adequately manage cybersecurity risks
In the landmark decision of Australian Securities and Investments Commission v RI Advice Group Pty Ltd (RI Advice) [2022] FCA 496, the Federal Court found that Australian Financial Services licensee, RI Advice, breached its license obligations to act efficiently and fairly when it failed to have adequate risk management systems to manage its cybersecurity risks. […]
ReadmoreDisclosure obligations for financial service providers in NSW: One-year on from reforms to the Fair Trading Act 1987 (NSW)
It has been over a year since reforms were introduced under the Fair Trading Act 1987 (NSW) (the Act) requiring suppliers (including of financial services) to take reasonable steps to disclose to their customers prejudicial contract terms and for intermediaries to disclose the arrangement under which they are acting, including referral commissions. The disclosure requirements […]
ReadmoreUnconscionable conduct in asset based lending: Stubbings v Jams 2 Pty Ltd [2022] HCA 6
Recently, the High Court of Australia found unconscionable conduct on the part of a lender on an asset based loan and held that the lender could not rely on the certificates of independent legal and financial advice procured from the borrower to immunise the transaction against unconscionable conduct laws. The loan was made to a […]
ReadmoreNotesco Pty Ltd v Australian Financial Complaints Authority Ltd [2022] NSWC 285
In Notesco Pty Ltd v Australian Financial Complaints Authority Ltd [2022] NSWC 285, the Supreme Court of NSW considered the validity of a Determination made by AFCA requiring Notesco Pty Ltd (Notesco) to pay compensation to an elderly resident of France who lost his life savings trading in CFDs (via a third party broker) on […]
ReadmoreThe grass could be greener: The challenges facing sustainability linked loans in Australia
With greater focus on corporate social responsibility and achieving a more sustainable society as we emerge from the COVID-19 pandemic, the banking and finance industry in Australia has taken new strides in introducing sustainability linked loans to their commercial loan practice. We are at a particular tipping point in Australia, and the importance of finding […]
ReadmoreThe digital frontier – staying ahead of the crypto curve
We are in an era that many are now describing as the ‘digital frontier’ – where visions of decentralised financial systems (DeFi) and decentralised autonomous organisations (DAOs) run abound with an endgame that intends to shake up the way traditional finance is offered to consumers. On 21 March 2022 the Treasury released its consultation paper […]
ReadmoreA new challenger enters the arena: why the CCIV is poised to dethrone the MIS as the preferred funds management structure
On 10 February 2022, after numerous rounds of feedback, the Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 (Cth) (CCIV Bill), passed both Houses of Federal Parliament and came quietly into being – its impact on the Australian funds landscape will undoubtedly be anything but. The CCIV Bill establishes the corporate collective investment […]
ReadmoreElectronic execution and modernised meetings under the Corporations Act – here to stay (finally)
With little fanfare, the highly anticipated Corporations Amendment (Meetings and Documents) Bill 2021 (Bill) was passed by both Houses of Parliament in the final sessions of Parliament before the coming Federal Election. The Bill amends the Corporations Act 2001 (Cth) (Corporations Act) and establishes a permanent mechanism to allow companies and registered schemes to hold hybrid (in person […]
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