The decision is clear – the AAT confirms that the Privacy Act applies to Clearview AI’s conduct
As briefly noted in our Gadens Regulatory Recap on 30 May 2023, the Administrative Appeals Tribunal (AAT) has recently handed down its decision regarding the conduct of Clearview AI Inc (Clearview AI), confirming the applicability of the Privacy Act 1988 (Cth) (Privacy Act) to the conduct of entities overseas, and recent amendments to the Privacy […]
ReadmoreNational Integrity Spotlight – May 2023
This edition of the National Integrity Spotlight considers an investigation into foreign bribery conducted by the AFP, developments in the AAT, recently released statistics relating to fraud against the Commonwealth, guidance from the Australian Government on ‘insider threats’, Commonwealth PID reform, the introduction of the Crimes Legislation Amendment (Combatting Foreign Bribery) Bill 2023 and potential referrals […]
ReadmoreMislead or misread? How a simple miscalculation resulted in the setting aside of an otherwise valid Bankruptcy Notice
The Federal Court of Australia recently considered whether a Bankruptcy Notice with an arithmetical error in relation to the exchange rate and currency conversion contained a formal defect or irregularity that could be cured by section 306 of the Bankruptcy Act 1966 (Cth) (Act). Background This case concerns a judgment awarded by the High Court […]
ReadmoreASX Wolf in sheep’s clothing: Federal Court grants injunctive relief for ASIC over unlicensed financial advice
In late 2022, ASIC filed an application with the Federal Court, claiming that the Defendant, Mr Scholz, was conducting a financial services business by offering direct and indirect tips regarding the purchasing of shares in particular companies through Instagram stories, online seminars and Discord channels. The court decided that this activity constituted financial product advice, […]
ReadmoreSet off vs unfair preference claims – uncertainty resolved
By an Amended Special Case, Derrington J reserved for consideration by the Full Court of the Federal Court the following question: “Is statutory set-off, under s 553C(1) of the Act, available to the [appellant] in this proceeding against the [first respondent’s] claim as liquidator for the recovery of an unfair preference under s 588FA of […]
ReadmoreGadens assists ASIC to secure findings of contravention in failed managed investment scheme
Introduction In ASIC v Daly (Liability Hearing),[1] the fallout from the failure of Linchpin Capital Group Ltd (Linchpin) continued on 3 April 2023, when Justice Cheeseman in the Federal Court made findings of contravention of section 601FD of the Corporations Act 2001 (Cth) (the Act) sought by ASIC against four officers of Endeavour Securities (Australia) […]
ReadmoreAustralian Payments Systems reform – Seven proposed Payment Functions to replace non-cash licensing regime
As part of the Government’s ambitious Strategic Plan for Australia’s Payments System unveiled this month, Treasury also published the Payment System Modernisation (Licensing: Defining Payment Functions) Consultation paper (Consultation Paper). The Consultation Paper invites feedback on the proposed list of defined Payment Functions that would be regulated under the new licensing framework proposed under the […]
ReadmorePrivacy Act Reforms – will individuals’ rights impact your business?
It has only been three months since the Attorney General’s Office released its report (Report) on the proposed amendments to the Privacy Act 1988 (Cth) (Privacy Act). The Report made 116 recommendations for reform. The recommended reforms are extensive and will, if implemented, have a substantial effect on how businesses regulated under the Privacy Act […]
ReadmoreBuild-to-Rent short series | Subdivisional solutions
The Gadens Build-to-Rent short series will focus on emerging property and development issues that affect Build-to-rent (BTR) projects – covering planning, subdivision structuring, fund through models and management issues. Click through the following links to read each instalment. Build-to-Rent short series | Has the planning scheme caught up? Subdivisional solutions BTR Projects often seek to […]
ReadmoreFutureproofing Australia’s Payment System: Unveiling the Government’s Strategic Plan
The Australian Government has released its Strategic Plan for Australia’s Payments System (Strategic Plan). The Strategic Plan follows on from the Treasury’s Consultation Paper released in December 2022 and outlines a raft of proposed legislative and policy changes to the current payments system regulatory framework. The foreshadowed changes are significant and far-reaching and are aimed […]
ReadmoreMore work to do – Inquiry into Banks dealing with deceased estates
On 9 June 2023, the Banking Code Compliance Committee (BCCC) handed down its report on the management of deceased estates under the Banking Code of Practice (BCOP) by the banks. The BCCC’s report is aimed at helping banks to improve their practices and pursue better compliance with BCOP obligations. In turn, it is hoped that […]
ReadmoreGadens Regulatory Recap
This edition of the Gadens Regulatory Recap considers a series of developments from ASIC, APRA, and AUSTRAC, as well as reviewing the significant developments arising from the release by Treasury of the Strategic Plan for Australia’s Payments System. ASIC ePayments Code: The updated ePayments Code released in June 2022 (Code) required all subscribers to be […]
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