ASIC’s new approach to regulatory investigations: the challenges and opportunities presented by Express Investigations
Under the banner of ‘when pilots become enduring practice’, ASIC Deputy Chair Karen Chester has announced that ASIC will supplement its traditional investigations processes with ‘Express Investigations’ (EI), ASIC’s new and preferred approach to enforcement. Corporate regulatory investigations are often legally and factually complex, high-stakes and process-heavy. Mountains of documents and witness evidence are commonplace. […]
ReadmoreImmunity for serious financial misconduct – ASIC’s new policy
Overview ASIC has just announced a new policy that allows individuals who think they might have been involved in market manipulation, insider trading, dishonest conduct or other contraventions of Part 7.10 of the Corporations Act 2001 (the Act) to apply for immunity from civil penalty or criminal proceedings. This policy expands ASIC’s ability to identify […]
ReadmoreGadens Connect | 2021 Edition One
Welcome to the first edition of Gadens Connect for 2021. The festive season was different for many of us, with some enduring yet another lockdown, while others had travel plans cancelled or could not get back to their home state. This edition focuses on moving forward with COVID-19, and how we can help you and […]
ReadmoreFSR Wrap | November 2020
As we approach the end of the year, Gadens’ FSR Team presents an update for the financial services regulatory market. This edition of FSR Wrap provides a focus on ‘business as usual’ regulations of importance to Australian financial services companies. As we look to 2021 and the introduction of a raft of legislation that has […]
ReadmoreGadens Connect | 2020 Edition Four
This edition of Gadens Connect provides the first update from the new financial year for our clients in the financial services industry. COVID-19 has continued to impact business across Australia and we are continually working to support our clients where needed. We have seen our clients undertaking resumption activities with customers and preparing to deal […]
ReadmoreSimplifying access to credit – a win for lenders!
As Australia continues to recover from the COVID-19 pandemic, the Morrison Government announced proposed changes to access credit. The proposed changes, outlined in the article below, seek to simplify the system between consumers and lenders, making access to credit easier for consumers and small businesses. Read the full article below. Our Banking & Finance team […]
ReadmoreConflicted remuneration – mortgage brokers’ tricky year ahead
The Federal Treasury has released the long-awaited regulations which will govern mortgage broker remuneration from 1 January 2021, the Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers) (Mortgage Brokers) Regulations 2020 (Regulations). It follows the release of the draft regulations and explanatory statement in August 2019. The Financial Sector Reform (Hayne Royal Commission Response – […]
ReadmoreCOVID-19 | Emergency Amendments to Insolvency Laws: What’s next?
In March, we reported that, as part of a suite of legislative and economic responses to COVID-19 the Commonwealth Government had announced a range of temporary amendments to certain insolvency laws. The amendments were aimed at temporarily amending insolvency laws, affecting in turn corporate governance, and directors’ duties. The purpose of the amendments was to […]
ReadmoreCOVID-19 | ASIC publishes expectations of retail lenders when loan repayment deferrals end
On 13 August 2020, the Australian Securities and Investments Commission (ASIC) issued letters to lenders, notifying them of ASIC’s expectations once the mortgage deferral period expires next month. Lenders had offered the six month mortgage repayment deferral period to their customers, in response to the COVID-19 pandemic, which debt is estimated to be worth billions […]
ReadmoreHow ASIC’s new product intervention power may be used in the future – looking overseas for clues
In this briefing, we provide an overview of the Australian PIP regime, compare it to overseas regimes and list some of the products which have been banned in Australia and under comparable regimes overseas. This briefing offers an insight into the types of products that ASIC may intervene on in the next few years. Download […]
ReadmoreFSR Wrap | July 2020
Gadens has launched a new financial services regulatory update publication to keep the market informed of the latest developments – welcome to FSR Wrap. Gadens has extensive knowledge and expertise across the financial services sector. In the July 2020 edition of FSR Wrap, Edward Martin, Glenn McGowan QC, Dudley Kneller and Gadens’ FSR team focus […]
ReadmoreUnfair contract terms and the burden of knowledge…
On 28 May 2020, the first case on unfair contract terms for bank contracts was handed down by the Federal Court of Australia in Australian Securities and Investments Commission v Bendigo and Adelaide Bank Limited [2020] FCA 716 (ASIC v Bendigo and Adelaide Bank Limited). The court found certain clauses in the contract’s terms and […]
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