A new challenger enters the arena: why the CCIV is poised to dethrone the MIS as the preferred funds management structure
On 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 […]
ReadmoreASIC’s enforcement toolbox: breach reporting and infringement notices create the perfect storm
In 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 […]
ReadmoreGadens Connect | 2021 Edition Four
In 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 […]
ReadmoreBuy Now Pay Later – A changing regulatory landscape
The 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 […]
ReadmoreFAR Out – The reintroduction of civil penalties
Background 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 […]
ReadmoreAre you prepared? October breach reporting changes loom
In 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 […]
ReadmoreUsing Technology for Better Legal Outcomes
“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 […]
ReadmoreGadens Connect | 2021 Edition Three
For the third edition for 2021 of Gadens Connect, our team provides an overview of key performance indicators including the impact of COVID-19 holds across the recoveries portfolio, an update on permanent changes to the Justice Legislation Amendment (System Enhancements and Other Matters) Act 2021 (Vic) and an insight into setting aside default judgment by […]
ReadmoreFinancial Accountability Regime – Key Facts
On Friday, 16 July 2021, Treasury released the exposure draft legislation for the Financial Accountability Regime (FAR). Building on the Banking Executive Accountability Regime introduced on 1 July 2018, FAR will apply to all prudentially-regulated institutions e.g. banks, insurers and super funds and will operate to place institutional and personal liability on key executives for […]
ReadmoreTimely reminder for companies to lodge their financial reports
Recent prosecutions and convictions obtained by the corporate regulator serve as a timely reminder for companies of the importance of lodging financial reports. The Australian Securities and Investments Commission (ASIC) recently prosecuted and obtained convictions against three companies for failing to lodge annual financial reports with ASIC within the specified period after the end of […]
ReadmoreGadens Connect | 2021 Edition Two
In this edition of Gadens Connect, our team provides an overview of key performance indicators from last quarter; shares an overview of important changes to the Residential Tenancies Amendment Act 2018 (Vic) and AFCA determinations on Early Release of Superannuation; and addresses mortgagee in possession FAQs. As always, we welcome your feedback on this publication. […]
ReadmoreThe expansion of statutory unconscionable conduct risk in commercial transactions
Where a statute proscribes unconscionable conduct in business, a company can be liable whether or not the person to whom the allegedly unconscionable conduct is directed is vulnerable or at a special disadvantage. In ACCC v Quantum Housing Group Pty Ltd, handed down on 19 March 2021, the Full Federal Court placed the focus in […]
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