COVID-19 | The Banking Code of Practice – COVID-19: Special Note
In these uncertain times, the financial services industry is experiencing unprecedented levels of customer queries and financial hardship requests. As a result of the high volume of customers in distressed circumstances, on 25 June 2020 ASIC approved temporary changes to the Banking Code of Practice (the Code) so that Banks can continue to provide suitable […]
ReadmoreASIC’s guidance to mortgage brokers on their ‘best interests’ duty – time to act!
The Australian Securities and Investments Commission (ASIC) has just released RG 273, which sets out its view on how mortgage brokers may comply with their ‘best interests’ obligations which commence in January 2021. The guidance follows the passing, on 6 February 2020, of the Financial Sector Reform (Hayne Royal Commission Response – Protecting Customers (2019 […]
ReadmoreThe DIN is coming in! Australia’s introduction of a Director Identification Number (DIN) regime
Scrutiny of corporate governance and the role of directors is set to continue throughout 2020 and into 2021 as the aftermath of the Banking Royal Commission and economic impact of COVID-19 play out. Against that background, Australian directors and corporations now face a significant new administrative burden as the long-time-coming registry modernisation legislation passed without […]
ReadmoreLitigation funders’ new regulatory requirements – practical issues and the impact on class actions
Changing times The Federal Treasurer has announced that all litigation funders will soon be required to hold an Australian Financial Services Licence (AFSL), which will dramatically increase the Australian Securities and Investments Commission’s (ASIC) regulatory oversight over those funders who do not already hold an AFSL. The announcement follows the Federal Attorney General’s referral to […]
ReadmoreCOVID-19 | Banking & Finance Update – Part 2
The COVID-19 Omnibus (Emergency Measures) Act 2020 (Vic) (COVID-19 Act), which commenced on 25 April 2020, has introduced temporary amendments to the Residential Tenancies Act 1997 (Vic) (RT Act). These amendments came into effect on 29 March 2020 and will continue 6 months after the commencement of the COVID-19 Act. Part of the amendments have […]
ReadmoreSale of unsecured debt: New industry guideline
On 1 March 2020, the Australian Banking Association (ABA) introduced a voluntary industry guideline concerning the sale of unsecured debt (the Guideline). The Guideline complements certain provisions of the Banking Code of Practice and it outlines additional safeguards for customers when a bank sells unsecured debt to another party. Click here to download the full […]
ReadmoreCOVID-19 | Electronic signing and virtual meetings: New temporary relief for companies a significant step on a longer journey
In a significant development for companies, the Treasurer has utilised his new power to modify the Corporations Act 2001, the Corporations Regulations 2001, the Insolvency Practice rules, and the Passport Rules so that, for a period of six months effective from 6 May 2020: entities can hold virtual meetings without the need for a physical location; […]
ReadmoreGadens Connect | 2020 Edition Two
Welcome to the second edition of Gadens Connect, and our first quarter update of 2020. This year has seen many challenges for lenders, from bushfires to the more recent COVID-19 pandemic. We know you have been working hard to support thousands of affected customers and we are here to work with you, and support your […]
ReadmoreCOVID-19 | Banking & Finance Update – Part 1
In these unprecedented times of COVID-19 the financial services industry is undergoing a number of legal changes. These changes aim to provide greater protection for consumers and implement new processes and procedures in light of the social distancing rules. Part 1 of this legal update looks at the introduction of electronic signatures on affidavits and […]
ReadmoreThe Impending General Prohibition of Hawking Financial Products and what this will mean for Financial Service Providers
The Federal Government is preparing to introduce the Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2020 Measures)) Bill 2020: Hawking of financial products (the Bill) in response to the recommendations of the Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry that all hawking of insurance and superannuation products should […]
ReadmoreA warning to Liquidators: comply with your disclosure obligations or face dismissal of your unfair preference proceedings
In Clifton (Liquidator) v Kerry J Investment Pty Ltd trading as Clenergy [2020] FCAFC 5, the Full Court of the Federal Court of Australia found that: where the Liquidators failed to comply with their discovery obligations and the Court could not be satisfied regarding the existence of documents which might be deployed by innocent parties to meet […]
ReadmoreWhy courts from different jurisdictions are sitting together: Australia’s experimentation with joint hearings
Australian courts regularly cooperate with courts of different jurisdictions, both domestically and internationally. We see this, for example, when courts transfer proceedings to different jurisdictions, or stay proceedings to allow the continuation of proceedings in different jurisdictions. In recent times we have also seen the rise of a more direct form of judicial cooperation: joint […]
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