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 […]
ReadmoreOn 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 […]
ReadmoreIn 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 […]
ReadmoreGadens 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 […]
ReadmoreOn 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 […]
ReadmoreIn these uncertain times, the financial services industry is experiencing unprecedented levels of customer queries and financial hardship requests. As a result of the high volume of customers in distressed circumstances, on 25 June 2020 ASIC approved temporary changes to the Banking Code of Practice (the Code) so that Banks can continue to provide suitable […]
ReadmoreThe Australian Securities and Investments Commission (ASIC) has just released RG 273, which sets out its view on how mortgage brokers may comply with their ‘best interests’ obligations which commence in January 2021. The guidance follows the passing, on 6 February 2020, of the Financial Sector Reform (Hayne Royal Commission Response – Protecting Customers (2019 […]
ReadmoreScrutiny of corporate governance and the role of directors is set to continue throughout 2020 and into 2021 as the aftermath of the Banking Royal Commission and economic impact of COVID-19 play out. Against that background, Australian directors and corporations now face a significant new administrative burden as the long-time-coming registry modernisation legislation passed without […]
ReadmoreChanging times The Federal Treasurer has announced that all litigation funders will soon be required to hold an Australian Financial Services Licence (AFSL), which will dramatically increase the Australian Securities and Investments Commission’s (ASIC) regulatory oversight over those funders who do not already hold an AFSL. The announcement follows the Federal Attorney General’s referral to […]
ReadmoreThe COVID-19 Omnibus (Emergency Measures) Act 2020 (Vic) (COVID-19 Act), which commenced on 25 April 2020, has introduced temporary amendments to the Residential Tenancies Act 1997 (Vic) (RT Act). These amendments came into effect on 29 March 2020 and will continue 6 months after the commencement of the COVID-19 Act. Part of the amendments have […]
ReadmoreIn a significant development for companies, the Treasurer has utilised his new power to modify the Corporations Act 2001, the Corporations Regulations 2001, the Insolvency Practice rules, and the Passport Rules so that, for a period of six months effective from 6 May 2020: entities can hold virtual meetings without the need for a physical location; […]
ReadmoreIn these unprecedented times of COVID-19 the financial services industry is undergoing a number of legal changes. These changes aim to provide greater protection for consumers and implement new processes and procedures in light of the social distancing rules. Part 1 of this legal update looks at the introduction of electronic signatures on affidavits and […]
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