What is good for the goose…climate change disclosure and the public sector
Introduction Australia’s peak regulators, including the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Australian Securities Exchange (ASX), the Accounting Standards Review Board and the Reserve Bank of Australia, are exerting increasing pressure on private companies to report on climate change risk in accordance with guidelines issued by the Financial […]
ReadmoreResponding to a subpoena – is it always necessary to lay everything bare?
In Harvard Nominees Pty Ltd v Tiller,[1] the Federal Court of Australia was tasked with considering the grounds on which a subpoena to produce may be set aside. Interestingly, the subpoenas in question were made for third parties (which were related to the respondents) to produce financial records and other documents to the Court in the context […]
ReadmoreEarth to the Mothership: a reminder to liquidators bringing group unfair preference claims to follow the rules
Recently, some liquidators appear to prefer to commence unfair preference claims against multiple defendants within a single proceeding, rather than multiple separate proceedings. Proceedings commenced in this way are often referred to as ‘mothership proceedings’. The appeal of ‘mothership proceedings’ from the liquidators’ point of view is obvious. Justice Brereton in Re Bias Boating Pty Ltd[1] […]
ReadmoreGadens Connect | 2020 Edition One
Welcome to Gadens Connect – a newsletter to share insights, trends and opportunities for our clients in the financial services industry. In this edition we share some key performance insights from 2019 and provide an overview of topics including updates to our GPSR platform (automation and integration solutions), MIP sale obligations and updates to the […]
ReadmoreResponsible lending – updated guidance and practical considerations
Lenders’ responsible lending obligations have been a fluid topic in the wake of the Hayne Royal Commission’s final report in February 2019. In that report, Commissioner Hayne said that he was ultimately not persuaded that the National Consumer Credit Protection Act 2009 (Cth) (NCCP) needed to change in that aspect. His view was that the […]
ReadmoreMortgagees and verifying mortgagors’ identities – a time of change
On 18 December 2019, the Australian Registrars National Electronic Conveyancing Council (ARNECC) released a consultation draft of version 6 of its Model Participation Rules. It pertains to Mortgagees’ “Verification of Identity” (VOI Draft) requirements when registering mortgage securities, which are separate to AML / CTF KYC requirements. The VOI Draft – which contains one very […]
ReadmoreMortgage Brokers – You could be up for $1.05M in fines from 1 July 2020
On 6 February 2020, the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2019 Measures) Bill 2019 (Bill) passed in Parliament. The Bill gives effect to recommendations 4.7 and 4.2 of the Hayne Royal Commission by amending the National Consumer Credit Protection Act 2009 (Cth) (NCCP) and the National Consumer Credit Protection (Transitional […]
ReadmoreConsiderations for an early release of superannuation request
Quite often a lender will receive a request from their customer to support an early release of superannuation to assist with mortgage repayments and pay outstanding arrears in situations where the lender has commenced enforcement action for possession of the mortgaged property. Click here for full size image. […]
ReadmoreBEAR (now FAR) – the extension of the Banking Executive Accountability Regime
On 4 February 2019, the Morrison Government announced it would implement recommendations 3.9, 4.12, 6.6, 6.7 and 6.8 of the Financial Services Royal Commission to extend the Banking Executive Accountability Regime (BEAR) to all APRA-regulated entities e.g. banks, insurance and superannuation firms and provide joint administration to ASIC as the conduct regulator. On 22 January […]
ReadmoreUpdate: Banking Code of Practice
Following recommendations made by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry, ASIC has approved an updated version of the Banking Code of Practice, which will take effect from 1 March 2020. Click here to download the full article. […]
ReadmoreInsolvent Corporate Trustees – a way forward to realising trust assets
The recent decision of Cremin, in the matter of Brimson Pty Ltd (In Liquidation) [2019] FCA 1023 (Cremin) helpfully clarifies the approach practitioners ought to adopt when realising the assets of an insolvent corporate trustee. Here, the liquidator was appointed to three companies which each operated “Snooze” franchises in their capacity as trustee of a […]
ReadmoreQueensland Supreme Court considers “unconventional” forms of security for costs and whether expert reports are privileged and not required to be disclosed
The case of Murphy v Gladstone Ports Corporation Ltd [2019] QSC 12 (Murphy v Gladstone Ports) examines whether: A deed of indemnity issued by a foreign company, coupled with the payment of money into Court for the purposes of enforcing the deed of indemnity in the foreign jurisdiction, is sufficient security for the purposes of […]
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