Gadens Regulatory Recap – 26 June 2024
This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, AFCA, AUSTRAC, OAIC, ACCC, Treasury, the Council of Financial Regulators, and legislative updates, including various enforcement actions taken by the regulators. ASIC ASIC grants class no-action position to second party opinion providers: On 14 June 2024, ASIC issued a class no-action position […]
ReadmoreDoing business in Australia
The Gadens Doing business in Australia guide provides foreign investors with an overview of the Australian business, economic and regulatory environment, as well as practical advice on how to go about setting up and doing business in Australia. Australia is an ideal investment location for foreign companies looking to grow internationally, benefitting from well-developed infrastructure, […]
ReadmoreUncovering greenwashing: ASIC’s latest pursuit of accountability – Judgment against Active Super
Last week, the Federal Court found that the superannuation fund Active Super had made misleading representations concerning its commitment to environmental, social and governance (ESG) factors in its investment decision-making. On 10 August 2023, the Australian Securities and Investments Commission (ASIC) commenced proceedings against the Local Government Superannuation Scheme (LGSS), as trustee of Active Super, […]
ReadmoreGadens Regulatory Recap – 11 June 2024
This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, AUSTRAC, OAIC and ACCC including various enforcement actions taken by the regulators. ASIC 5 million+ Australians have struggled to make loan and debt repayments, yet many not asking for help: ASIC is launching a new awareness campaign Just Ask! Hardship Help […]
ReadmoreGadens Regulatory Recap – 29 May 2024
This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, AFCA, ATO, AUSTRAC, OAIC, ACCC, Treasury and the RBA, including various enforcement actions taken by the regulators. Federal Budget Federal Government Budget: The Federal Government announced the 2024-25 Federal Budget on 14 May 2024, setting the Government’s key policy agenda for the […]
ReadmoreMandatory sustainability reporting regime: An update – Second reading debate completed
In the March 2024 edition of Gadens’ FMCG Express, we discussed the exposure draft of the Treasury Laws Amendment Bill 2024: Climate-related financial disclosure (Draft Legislation), which outlined a proposal for the implementation of a mandatory climate-related financial disclosure regime based on existing international frameworks and standards. On 27 March 2024, the Treasury Laws Amendment […]
ReadmoreGadens Regulatory Recap – 16 May 2024
This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, ATO, ACCC, Treasury and the RBA, including various enforcement actions taken by the regulators. ASIC Scam alert: Scammers are changing the way they impersonate financial services businesses in sophisticated bond and term deposit scams: ASIC has issued a warning to consumers about a […]
ReadmoreCourt orders are not needed to evict renters
In the recent Supreme Court decision of Justice Harris in Commonwealth Bank of Australia v Shrestha [2024] VSC 229 (Shrestha) the Court was asked to determine whether a court order showing a mortgagee’s entitlement to possession of a mortgaged property is required prior to making a possession order against a renter under s 325 of […]
ReadmoreGadens Regulatory Recap – 30 April 2024
This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, ACCC, and the RBA, including various enforcement actions taken by the regulators. ASIC ASIC releases early guidance on mandatory climate disclosure regime: During a keynote speech at Deakin Law School, ASIC Chair Joe Longo urged entities to prepare for Australia’s imminent mandatory climate […]
ReadmoreASIC obtains Judgement against SunshineLoans for charging fees not permitted by the National Credit Code
The Australian Securities and Investments Commission (ASIC) brought proceedings against SunshineLoans Pty Ltd (SunshineLoans) alleging contraventions of the National Consumer Credit Protection Act 2009 (Cth) (NCCPA) in its lending business, which involved small amount credit contracts (SACCs). ASIC alleged that SunshineLoans charged customers certain fees which were prohibited. ASIC sought injunctions and declarations of contravention, […]
ReadmoreGadens Regulatory Recap – 16 April 2024
This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, ACCC, the OAIC, and the ATO, including various enforcement actions taken by the regulators. ASIC ASIC consults on misconduct reporting guidance for external administrators and controllers: ASIC is consulting on proposed updates to Regulatory Guide 16 (RG 16), which deals with the […]
ReadmoreASIC issues infringement notices to an auditor for failing to comply with independence standards
The Australian Securities & Investments Commission (ASIC) has, for the first time, issued infringement notices pursuant to the Corporations Act 2001 (Cth) (the Act) alleging that an auditor failed to comply with his audit rotation obligations. Allegations Following a voluntary disclosure to ASIC by the auditor pursuant to section 311 of the Act, ASIC stated […]
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