ASIC presses for penalties and crypto regulatory clarity with Block Earner appeal
The decision by the Australian Securities and Investments Commission (ASIC) to appeal the latest Block Earner decision should give crypto asset providers some cause for concern. The regulator has signalled that, despite some recent court losses, it is prepared to continue its focus on the emerging industry in its pursuit of regulatory clarity. In February […]
ReadmoreNew draft ruling: Who is an employee, according to the ATO?
The ATO administers and enforces superannuation guarantee compliance under the Superannuation Guarantee (Administration) Act 1992 (Cth) (SGAA). The ATO has released its updated (draft) ruling TR 2023/4 on ‘who is an employee’, to set out its view on who is an employee for superannuation guarantee purposes. The update to draft ruling TR 2023/4 is a […]
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, […]
ReadmoreCourt considers whether a concerns notice was validly ‘given’ to commence a defamation proceeding
Gadens acted for the successful Defendant in the decision of Khan v Hassan [2023] VCC 852 where the court strictly applied requirements under the Defamation Act 2005 (Vic) (the Act) that must be met when serving a concerns notice to commence a defamation proceeding. The new requirement to give a valid concerns notice and wait […]
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 […]
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 […]
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, […]
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 […]
ReadmoreASIC secures victory against Vanguard Investments for ‘ethically conscious’ greenwashing conduct
Last year, we reported on the Australian Securities and Investments Commissions (ASIC) commencement of proceedings against Vanguard Investments Australia Ltd (Vanguard) alleging that Vanguard engaged in misleading conduct in breach of the ASIC Act by making false or misleading claims about the ESG criteria applied to an investment fund it offered to potential investors. On […]
ReadmoreFinder: ASIC to continue to pursue cases to clarify crypto regulation as the Federal Court finds that a crypto-asset is not a debenture
The Federal Court has handed down its second significant decision involving crypto assets this year. The judgment in ASIC v Finder Wallet Pty Ltd[1] (Finder) follows the recent decision in the BlockEarner case[2] and provides some further guidance for crypto-asset issuers attempting to navigate the present uncertainty around the intersection of digital assets and financial […]
ReadmoreSupreme Court of Victoria – Commercial Court Practice Note (Second Revision)
A new practice note has been issued by the Commercial Court of the Supreme Court of Victoria. The Commercial Court Practice Note (Second Revision) (Practice Note) supersedes its predecessor, becoming effective as of 26 February 2024, and applies to all current and future proceedings in the Commercial Court. This note captures key changes arising from […]
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