In the landmark decision of Australian Securities and Investments Commission v RI Advice Group Pty Ltd (RI Advice) [2022] FCA 496, the Federal Court found that Australian Financial Services licensee, RI Advice, breached its license obligations to act efficiently and fairly when it failed to have adequate risk management systems to manage its cybersecurity risks. […]
ReadmoreIt has been over a year since reforms were introduced under the Fair Trading Act 1987 (NSW) (the Act) requiring suppliers (including of financial services) to take reasonable steps to disclose to their customers prejudicial contract terms and for intermediaries to disclose the arrangement under which they are acting, including referral commissions. The disclosure requirements […]
ReadmoreRecently, the High Court of Australia found unconscionable conduct on the part of a lender on an asset based loan and held that the lender could not rely on the certificates of independent legal and financial advice procured from the borrower to immunise the transaction against unconscionable conduct laws. The loan was made to a […]
ReadmoreIn Notesco Pty Ltd v Australian Financial Complaints Authority Ltd [2022] NSWC 285, the Supreme Court of NSW considered the validity of a Determination made by AFCA requiring Notesco Pty Ltd (Notesco) to pay compensation to an elderly resident of France who lost his life savings trading in CFDs (via a third party broker) on […]
ReadmoreWe are in an era that many are now describing as the ‘digital frontier’ – where visions of decentralised financial systems (DeFi) and decentralised autonomous organisations (DAOs) run abound with an endgame that intends to shake up the way traditional finance is offered to consumers. On 21 March 2022 the Treasury released its consultation paper […]
ReadmoreOn 10 February 2022, after numerous rounds of feedback, the Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 (Cth) (CCIV Bill), passed both Houses of Federal Parliament and came quietly into being – its impact on the Australian funds landscape will undoubtedly be anything but. The CCIV Bill establishes the corporate collective investment […]
ReadmoreIn the wake of our previous article on the introduction of Mandatory Breach Reporting for Australian Financial Services (AFS) and Australian Credit (AC) licensees, these obligations have now been in force for a couple of months. Due to these changes, most licensees that we interact with have experienced a very large increase in the volume […]
ReadmoreIn this edition of Gadens Connect, our team provides an overview of key performance indicators as we move into Christmas; an update on the new Financial Difficulty Guideline; an insight into legislative changes in relation to witnessing of affidavits (South Australia); a summary of FAQs regarding mortgagee in possession liability; and an overview of smoke […]
ReadmoreThe Buy Now Pay Later (BNPL) industry has been making a lot of noise in recent times, attracting the attention of shareholders, regulators and consumer advocates alike. The industry has nevertheless remained largely unregulated to date, due in part to the proactive measures taken by BNPL providers to self-regulate under the Buy Now Pay Later […]
ReadmoreBackground On 16 July 2021, the Government released the draft Financial Accountability Regime Bill 2021 (Consultation Draft Bill) for consultation. The Revised Bill alters the Financial Accountability Regime, which constitutes the Government’s implementation of recommendations from the Financial Services Royal Commission, namely recommendations 3.9, 4.12, 6.6, 6.7 and 6.8. FAR will apply to all prudentially-regulated […]
ReadmoreIn anticipation of the upcoming breach reporting obligations commencing on 1 October 2021, ASIC has released Regulatory Guide 78 (New RG 78) on Breach Reporting by Australian Financial Services (AFS) licensees and credit (AC) licensees. These new expanded reporting obligations seek to address ASIC’s long-standing concerns regarding the timeliness and quality of breach reporting across […]
Readmore“Computers are going to take over certain legal tasks—the practice of law will focus more on advice.” (Ricardo Anzaldua) For lawyers, it is difficult enough to keep up to date with volumes of legislative changes let alone monitor the technological solutions that help us do our jobs better. However, technology aids for lawyers have transitioned […]
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