FAR Out – The reintroduction of civil penalties
Background On 16 July 2021, the Government released the draft Financial Accountability Regime Bill 2021 (Consultation Draft Bill) for consultation. The Revised Bill alters the Financial Accountability Regime, which constitutes the Government’s implementation of recommendations from the Financial Services Royal Commission, namely recommendations 3.9, 4.12, 6.6, 6.7 and 6.8. FAR will apply to all prudentially-regulated […]
ReadmoreReducing IDR timeframes and improving internal reporting for the financial services sector
ASIC’s new Regulatory Guide 271 comes into effect on 5 October, covering new expanded IDR requirements that seek to address ASIC’s long-standing concerns regarding deficiencies and delays in the banks’ processes including in the identification, investigation and resolution of potential systemic issues raised by complaints. In this article, Sonia Apikian and Trish Kastanias explore the […]
ReadmoreAre you prepared? October breach reporting changes loom
In anticipation of the upcoming breach reporting obligations commencing on 1 October 2021, ASIC has released Regulatory Guide 78 (New RG 78) on Breach Reporting by Australian Financial Services (AFS) licensees and credit (AC) licensees. These new expanded reporting obligations seek to address ASIC’s long-standing concerns regarding the timeliness and quality of breach reporting across […]
ReadmoreElectronic signatures are back for the time being
The Federal Government has now passed the Treasury Laws Amendment (2021 Measures No. 1) Act 2021 (Amending Act) which amends the Corporations Act 2001 (Cth) (Corporations Act) to allow for technologically-assisted meetings and the long-awaited electronic execution of company documents. These changes became effective on 14 August 2021. As noted in our previous article, the […]
ReadmoreUsing Technology for Better Legal Outcomes
“Computers are going to take over certain legal tasks—the practice of law will focus more on advice.” (Ricardo Anzaldua) For lawyers, it is difficult enough to keep up to date with volumes of legislative changes let alone monitor the technological solutions that help us do our jobs better. However, technology aids for lawyers have transitioned […]
ReadmoreCOVID-19 | Victorian Commercial Tenancy Relief 2.0 – Here we go again!
On 24 August 2021 the Victorian Government released the Commercial Tenancy Relief Scheme Regulations 2021 (2021 Regulations). Unlike its 2020 predecessor, the 2021 Regulations are complex and include a number of key differences. The brief summary below does not lend itself well to the complexity that will be faced by landlords and tenants alike over the […]
ReadmoreEasing of continuous disclosure obligations made permanent by the Federal Government
On Tuesday 10 August 2021, the Australian Parliament enacted changes to company continuous disclosure laws under Schedule 2 of the Treasury Laws Amendment (2021 Measures No 1) Act 2021 (Amending Act). Schedule 2 to the Amending Act was originally given life by: Treasurer Frydenberg’s introduction of the Corporations (Coronavirus Economic Response) Determination (No. 2) 2020, […]
ReadmoreGadens Connect | 2021 Edition Three
For the third edition for 2021 of Gadens Connect, our team provides an overview of key performance indicators including the impact of COVID-19 holds across the recoveries portfolio, an update on permanent changes to the Justice Legislation Amendment (System Enhancements and Other Matters) Act 2021 (Vic) and an insight into setting aside default judgment by […]
ReadmoreFinancial Accountability Regime – Key Facts
On Friday, 16 July 2021, Treasury released the exposure draft legislation for the Financial Accountability Regime (FAR). Building on the Banking Executive Accountability Regime introduced on 1 July 2018, FAR will apply to all prudentially-regulated institutions e.g. banks, insurers and super funds and will operate to place institutional and personal liability on key executives for […]
ReadmoreImpact on mortgagees of a bankruptcy trustee’s disclaimer of mortgaged land
A mortgagee may be faced with a situation where the mortgagor becomes bankrupt and the trustee, in which the property then vests, disclaims the mortgaged property. We outline the process a mortgagee is required to follow when a mortgaged property has been disclaimed and summarise the key issues considered by the Court. Click below to […]
ReadmorePPSA: extension of time to register
The last 12 months has seen a number of court applications being made for an extension of time to register a PPSA security interest. In the following article, we summarise the key issues considered by the courts and provide practical tips for any secured party who finds themselves out of time to correctly register their […]
ReadmoreTimely reminder for companies to lodge their financial reports
Recent prosecutions and convictions obtained by the corporate regulator serve as a timely reminder for companies of the importance of lodging financial reports. The Australian Securities and Investments Commission (ASIC) recently prosecuted and obtained convictions against three companies for failing to lodge annual financial reports with ASIC within the specified period after the end of […]
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