Regulatory action for greenwashing is upon us
Last week, the Australian Securities and Investments Commission (ASIC) commenced civil penalty proceedings for alleged greenwashing against Mercer Superannuation (Australia) Limited (Mercer). This is in addition to ASIC having issued penalty notices to at least four companies for alleged greenwashing, since October 2022. Last year, ASIC identified investigating greenwashing and taking enforcement action where greenwashing […]
ReadmoreBTI 2014 LLC v Sequana SA and Others: United Kingdom Supreme Court relies on Australian case law to settle question on Director’s duties
In BTI 2014 LLC v Sequana SA and Others, the United Kingdom Supreme Court considered a case on appeal which asked the Court to expand the common law duty of directors in a significant way. The Appellant sought to argue that common law director duties should require directors to have regard to the interests of […]
ReadmoreBlock trading breach! ASIC’s Markets Disciplinary Panel hands down $222,000 penalty to ABN AMRO
On 7 September 2022, ASIC announced that its Markets Disciplinary Panel (MDP) had issued an Infringement Notice having determined that it had reasonable grounds to believe that ABN AMRO Clearing Sydney Pty Ltd (ABN AMRO) contravened subsection 798H(1) of the Corporations Act by failing to comply with Rule 3.4.2(1) of the ASIC Market Integrity Rules […]
ReadmoreSanderson, in the matter of Jabaluka Pty Ltd (in liq) [2022] FCA 1012: Federal Court considers application for appointment of receiver of a corporate trust
Jabaluka Pty Ltd (Jabaluka) was the Trustee of the Morgan Unit Trust, which operated an IGA Supermarket (the Supermarket) from 22 September 2010 to 13 March 2020. This case concerned an application by the Liquidator of Jabaluka (the Liquidator) under s 57 of the Federal Court of Australia Act 1976 (Cth) for an order that […]
ReadmoreMortgagee in possession sale causes Manda-monium – a tale of section 420A obligations in the COVID-19 era
In the first reported final decision that has considered the effect of COVID-19 lockdowns on the property market in the context of a mortgagee discharging its duties under section 420A of the Corporations Act 2001 (Cth) (Act), the Victorian Supreme Court in Manda Capital Holdings Pty Ltd (Manda) v PEC Portfolio Springvale Pty Ltd (PEC) […]
ReadmoreGood news for consumers? New Digital Platform laws to combat fake reviews, scams and unfair practices proposed
Last Friday the Australian Competition & Consumer Commission (ACCC) released its 5th report of the Digital Platform Services Inquiry. The much anticipated report deals with the competition and consumer issues raised in the Digital Platform Services Inquiry, the Digital Advertising Services Inquiry (2020-2021) and the Digital Platform Inquiry (2017-2019). Digital platforms are online spaces for […]
ReadmoreIncreased competition and consumer law penalties now take effect
The maximum penalties for contraventions of competition law prohibitions in the Competition and Consumer Act 2010 (Cth) and offence and civil penalty provisions in the Australian Consumer Law have now markedly increased following the Treasury Laws Amendment (More Competition, Better Prices) Act 2022 (Cth) having received the Royal Assent. Of particular note, the maximum penalty for […]
ReadmoreThe who, what and when of director IDs
Time is fast running out for directors to apply for a director ID. In previous articles, we discussed the reasons for the introduction of the director ID regime (see here) and the application process in detail (see here). We have summarised the need-to-know information for existing directors who are in a rush to apply for […]
ReadmoreThe Privacy landscape is heating up – but will tougher penalties and an expanded reach have the desired effect?
After a number of significant and high-profile cyber incidents in the last few weeks, it was almost inevitable the Government would take steps to fast-track its privacy reform agenda by seeking to push through headline-grabbing changes to the Privacy Act 1988 (Cth) (Privacy Act). Following the Attorney’s General (AG)’s foreshadowing on 22 October, 2022, the […]
ReadmoreHigher Education Research Commercialisation Intellectual Property Framework – a tool to increase collaboration and partnerships between industry and universities
Most Australians are aware of the strength and quality of our nation’s research sector, particularly in fields such as life sciences and medical research. Never has this been more evident that during the COVID-19 pandemic, when Australians could, quite rightly, be proud of the role that Australians researchers played in the global efforts to develop […]
ReadmoreFMCG Express | September 2022 Edition
In the latest edition of FMCG Express, Partner Breanna Davies and the Gadens team bring you the latest developments in the consumer, retail and hospitality sectors in Australia. In this issue, our team delves into the issues surrounding positive obligations to eliminate sexual harassment in the workplace; risks and solutions when dealing with commercial contracts […]
ReadmoreUpdated guidance for corporate collective investment vehicles
On 23 June 2022, the Australian Securities and Investments Commission (ASIC) released a range of documents relevant to the commencement of the corporate collective investment vehicles (CCIVs) regime on 1 July 2022. The packet of material includes updates to key licensing guidance (Regulatory Guides 1, 2, and 3), general obligations under an Australian financial services […]
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