When is financial product advice ‘personal’ and not ‘general’ under the Corporations Act 2001 (Cth)?
In Westpac Securities Administration Ltd v Australian Securities Investments Commission,[1] the High Court of Australia considered whether the financial product advice given by Westpac to its existing members was ‘personal advice’ within the meaning of section 766B(3)(b) of the Corporations Act 2001 (Cth) (the Act). Specifically, was the advice given or directed to members in […]
ReadmoreLiquidators beware: pitfalls in admitting proofs of debt
The Federal Court’s decision in Tuscan Capital Partners Pty Ltd v Trading Australia Pty Ltd (in liq)[1] concerns an interlocutory application made by a creditor to review the liquidator’s decision to admit a proof of debt. Background The proof of debt was lodged by Fishbank Development Corporation Pty Ltd (FDC) in the amount of $56,289.43, […]
ReadmoreSetting aside a Statutory Demand – a low threshold?
In Project 88 TPF Pty Ltd v Open Projects Group Pty Ltd[1] Project 88 Pty Ltd (Project 88) fell behind on payments to Open Projects Group (OPG) under a commercial building contract for the fit out of a nightclub, the Pink Flamingo Spiegelclub on the Gold Coast. OPG effectively sought to enforce a compromise agreement […]
ReadmoreFMCG Express | September 2021 Edition
The first half of the year brought signs that the business malaise post-COVID-19 was beginning to lift, however, we are seeing ongoing disruption facing the FMCG sector. We are finally seeing some green shoots with the end of lockdown on the horizon. In this edition, the team explores the evolution of the digital consumer experience; […]
ReadmoreCOVID-19 | Public health orders and mandatory vaccinations in the workplace
In a widely reported decision handed down earlier this week, Jennifer Kimber v Sapphire Coast Community Aged Care [2021] FWCFB 6015, a Full Bench of the Fair Work Commission has taken the opportunity to provide its views on the mandating of flu and COVID-19 vaccinations under public health orders and what requirements must be met […]
ReadmoreReducing IDR timeframes and improving internal reporting for the financial services sector
ASIC’s new Regulatory Guide 271 comes into effect on 5 October, covering new expanded IDR requirements that seek to address ASIC’s long-standing concerns regarding deficiencies and delays in the banks’ processes including in the identification, investigation and resolution of potential systemic issues raised by complaints. In this article, Sonia Apikian and Trish Kastanias explore the […]
ReadmoreFair Work Commission gains powers to stop sexual harassment in the workplace
The Fair Work Commission (FWC) has been given power to make stop orders in relation to sexual harassment in the workplace in line with recommendations from the Respect@Work Report (for a summary of those recommendations, see here). The new powers apply in relation to applications made after 10 November 2021, after a request from the […]
ReadmoreOwners Corporation Update: Obtaining an order for unanimous consent just got harder
The Owners Corporations and Other Acts Amendment Act 2021 (Vic) (the Amending Act) which is due to commence on 1 December 2021 will significantly alter the circumstances in which a member of an owners corporation, or an owners corporation itself, have standing to apply to VCAT for orders under sections 32 or 33 of the […]
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 […]
ReadmoreElectronic signatures are back for the time being
The Federal Government has now passed the Treasury Laws Amendment (2021 Measures No. 1) Act 2021 (Amending Act) which amends the Corporations Act 2001 (Cth) (Corporations Act) to allow for technologically-assisted meetings and the long-awaited electronic execution of company documents. These changes became effective on 14 August 2021. As noted in our previous article, the […]
ReadmoreCOVID-19 | Navigating the vaccination minefield – what employers need to know
Revised as at 17 September 2021 Following our recent webinar, ‘Navigating the vaccination minefield – what employers need to know’, in this easy-to-download PDF we have put together a list of answers to some of the most commonly asked questions for employers navigating the COVID-19 vaccination minefield. This guide will serve as an essential tool […]
ReadmoreDirect ‘.au’ domain names are coming. Threat or opportunity?
After being on the cards for several years, the administrator of the .au country code Top Level Domain (ccTLD), au Domain Administration Limited (auDA), has recently announced the launch of .au direct registrations in the ‘second level’ (e.g. gadens.au) effective from 24 March 2022. Separately, the Australian Government is currently reviewing the terms on which it […]
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