APRA to strengthen transfer planning in superannuation
On 10 November 2022, APRA released a discussion paper seeking consultation on strengthening superannuation trustee planning in successor fund transfers (SFTs) (Discussion Paper). The superannuation industry has seen a recent spate of SFTs. By way of example, QSuper and Sunsuper merged in February earlier this year to create the Australian Retirement Trust. LGIAsuper and Energy […]
ReadmoreASIC publishes ‘Report 740: Insights from the Reportable Situations Regime: October 2021 to June 2022’
On 27 October 2022, ASIC released its first publication pertaining to information lodged under the reportable situations regime (formerly known as ‘breach reporting’). By way of background, the reportable situations regime commenced on 1 October 2021. The regime’s purpose was to strengthen the obligations of Australian Financial Services (AFS) licensees and to extend this obligation […]
ReadmoreWhat the new Respect@Work legislation means for employers
On 25 November 2022, the Anti-Discrimination and Human Rights Legislation Amendment (Respect at Work) Act 2022 (Cth) (Act) was passed by Parliament. This article highlights the legislative changes that employers must closely examine, understand and implement in their workplaces. Positive duty to eliminate unlawful sexual discrimination The Act amends the Sex Discrimination Act 1984 (Cth) (SD […]
ReadmoreAmendments to the Fair Work Legislation – Secure Jobs, Better Pay
Introduction The Fair Work Legislation Amendment (Secure Jobs, Better Pay) Bill 2022 (Amending Act), passed by Parliament on 2 December 2022, is the first tranche of the Albanese Government’s industrial relations reform agenda and amends the Fair Work Act 2009 (Cth) (FW Act). The Amending Act has not passed without controversy, with many critics of […]
ReadmoreTo retain or to destroy? The interaction between privacy, document retention and destruction policies
The significance of document or data retention, whilst not as fast paced as cryptocurrency or high yielding funds, cannot be understated. Over the past couple of months, we have witnessed some high-profile data breaches that have brought to the forefront a number of questions about how data is retained (as well as destroyed), the obligations, […]
ReadmoreCorruption and Integrity Update – November 2022
This month’s Corruption and Integrity Update features details of the National Anti-Corruption Commission legislation recently passed, the Commission of Inquiry into the Queensland Police Service’s responses to domestic and family violence final report, details on the implementation of the recommendations arising from the Fitzgerald 2.0 report and updates on both the Public Sector Bill 2022 […]
ReadmoreAFCA has the final word: Courts will only disturb AFCA determinations in limited circumstances
Australia Capital Financial Management Pty Ltd v Australian Financial Complaints Authority Limited [2022] NSWCA 204 The NSW Court of Appeal has upheld a decision that AFCA had jurisdiction to decide that a lender engaged in unconscionable conduct by taking a guarantee such that it was unenforceable and compensation had to be paid, despite the lender […]
ReadmoreMandatory notifiable data breach scheme introduced for NSW government agencies
In a time of significant changes to the privacy landscape, not least the confirmed passing by the Senate yesterday afternoon of the Privacy Legislation Amendment (Enforcement & Other Measures) Bill, 2022 to increase fines and enhance the OAIC powers (see our recent article here), further well overdue changes were also announced for the public sector. […]
ReadmoreProposed changes to Retail Leases Act 1994 (NSW)
It is proposed to change the Retail Leases Act 1994 (NSW) (Act). The changes would be made by way of the passing of the Retail Leases Regulation 2022 (Draft Regulation). What is the current status? The Draft Regulation is currently out for public consultation. When is this proposed to commence? 1 January 2023. What are […]
ReadmoreFurther reforms to the Security of Payment regime in NSW – Implications for the construction industry
One of the most important pieces of legislation for the NSW construction industry, the Building and Construction Industry Security of Payment Act 1999 (NSW) (SOP Act), is set to undergo further reform with the proposed Building and Construction Legislation Amendment Bill 2022 and accompanying regulation, the Building and Construction Legislation Amendment Regulation 2022 (together, the […]
ReadmoreCryptocurrencies and ‘earning’ products – ASIC makes managed investment scheme claims
ASIC has commenced civil penalty proceedings in the Federal Court against fintech company Block Earner alleging it provided unlicensed financial services in relation to its crypto-asset based products and that it operated an unregistered managed investment scheme. ASIC is seeking declarations, injunctions, and pecuniary penalties from the Court. It is tricky territory, given crypto assets […]
ReadmorePost-employment restraints: a refresher
Post-employment restraints, also known as ‘restraints of trade’, refer to clauses contained within an employment agreement that seek to prevent former employees from engaging in a range of competitive activities after their employment ends. Restraints of trade can be contained in various types of agreements, including: employment agreements, business sale agreements and/or shareholder agreements. For […]
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