The new Consumer Data Right will start with “open banking” from July 2019
A new Consumer Data Right will take effect from July 2019, first in the banking sector then in the telecommunications and energy sectors. David Smith outlines the Consumer Data Right and all the pieces that need to come together in the coming months in order to implement this reform. Banking: the first industry subject to […]
ReadmoreTacking
At some point every secured lender will encounter a second lender attempting to provide additional secured financial accommodation to their borrower. It is therefore important for the first secured lender to understand the concept of tacking and the complexities of the body of law that governs tacking and how those rules apply in light of […]
ReadmoreA snapshot of the changes to the Residential Tenancies Act 1997
On 6 September 2018 the Residential Tenancies Amendment Bill 2018 was passed by Parliament and included more than 130 reforms which aim to increase protection for renters. The Residential Tenancies Amendment Act 2018 (RTAA) is due to come into effect progressively and completely, by 1 July 2020 and will amend the Residential Tenancies Act 1997 […]
ReadmorePersonal Property Securities Act – register or regret
State and local governments have large asset portfolios and enter hundreds – if not thousands – of property dealings every year. The Personal Property Securities Act 2009 Cth (the Act) has critical implications for common property transactions. Government property owners: need to be alert to the real risk of losing title to goods if appropriate […]
ReadmoreIpso Facto Reforms
On 1 July 2018, the Australian Government’s ipso facto reforms (the Reforms) came into effect.[1] Rather than prohibiting the inclusion of ipso facto clauses, the Reforms impose statutory limitations on the enforcement of certain rights found in contracts, agreements or arrangements. It is crucial that government and government agencies understand these Reforms and take them […]
ReadmoreFarm Debt Mediation Act 2018 (SA)
3 September 2018 marked the commencement of the Farm Debt Mediation Act 2018 (SA) (Act), to be administered by the South Australian Small Business Commissioner (Commissioner). The Act enshrines in law mandatory farm debt mediation, bringing South Australia into line with its eastern state counterparts – New South Wales, Victoria and Queensland. The object of […]
ReadmoreRights of a mortgagee dispossessed of land
If you are a mortgagee, or acting for one, you may encounter a situation where you have obtained judgment against a mortgagor for possession of land and, after executing a warrant of possession to gain vacant possession, the mortgagor and/or their associates have unlawfully re-entered the property. In a recent Supreme Court of Victoria case[1] […]
ReadmoreIn the matter of Assta Labels Pty Ltd: A “Warning Label” to ensure your PPSR registrations are correct
Registering your security interest on the Personal Property Securities Register (PPSR) correctly is a critical step in perfecting your security interest under the Personal Property Securities Act 2009 (Cth) (PPSA). A recent NSW Supreme Court case, In the matter of Assta Labels Pty Ltd [2018] NSWSC 1094 (Assta Labels) provides a good practical example of […]
ReadmoreNew Banking Code of Practice
With demand for the banks to meet community standards, the ABA has released the new Banking Code of Practice to enhance banking services, with effect from 1 July 2019. Click here for full size image. Authored by: Annette Gaber, Partner Anna Koumides, Senior Associate
ReadmoreOne step closer to AFCA
On 23 April 2018, the Minister for Revenue and Financial Services authorised operation of the Australian Financial Complaints Authority (AFCA), which will start accepting complaints from 1 November 2018. This month, ASIC released Regulatory Guide 267 Oversight of the Australian Financial Complaints Authority, having been released early to assist with a seamless transition to the […]
ReadmoreIs payment under your bank guarantee really guaranteed?
An unconditional bank guarantee is widely regarded as being “as good as cash”. However, calling on a bank guarantee requires strict compliance with the wording of the guarantee. The recent case of Santos Limited v BNP Paribas [2018] QSC 105 demonstrates just how “strict” an approach banks are entitled to take on demands on such […]
ReadmoreA welcomed authorisation of AFCA!
On 1 May 2018, the Minister for Revenue and Financial Services authorised the operation of the Australian Financial Complaints Authority (AFCA): a new single external dispute resolution (EDR) scheme for consumer and small business complaints. The Minister announced that: All financial firms required to have a dispute resolution system to deal with complaints from consumers […]
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