On 24 June 2015, the Federal Minister for Small Business, the Hon Bruce Billson MP, introduced the Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Bill 2015 (Bill) into Parliament which will extend...more
In the most recent Federal Budget, the Government announced that as of 31 July 2015, the value of all Commonwealth penalty units will increase from AUD170 to AUD180. Rather than state a specific dollar penalty in the Act...more
On 28 April 2015, the Federal Government released for consultation, draft legislation to extend protection against unfair contract terms to small businesses. When releasing the exposure draft, the Government stated its...more
In a significant decision in Paciocco v ANZ  FCAFC 50 (Paciocco), the Full Court of the Federal Court of Australia (Full Court) has upheld an appeal by ANZ Bank (ANZ) and overturned a 2014 Federal Court of Australia...more
The Attorney- General's Department has announced that the exemption for commercial credit providers (CCPs) from the external dispute resolution (EDR) membership obligation should continue indefinitely. As advised in our Legal...more
Commercial credit providers (CCPs) may be required, by the current Australian privacy laws, to join an external dispute resolution (EDR) scheme (EDR scheme) by 12 March 2015 if they wish to continue participating in credit...more
On 8 December 2014, the Australian Government Treasury (Government) released a Discussion Paper on crowd-sourced equity funding (crowdfunding).
Crowdfunding is an emerging global funding approach that allows smaller...more
This legal insight summarises many key points made at the 24th Annual Credit Law Conference (Conference) held on 1-3 October 2014 and attended by over 200 delegates from the financial services industry.
Does it Pave the Way to Bridge the Capital Gap for Start-Ups and Small Scale Enterprises in Australia?
The Corporations and Markets Advisory Committee (CAMAC) released its report on crowd sourced equity funding (CSEF)...more
Commercial credit providers and utilities are not required to join a recognised external dispute resolution scheme to participate in credit reporting until 12 March 2015.
Sometimes a property developer will allow the purchaser to settle without receiving the full balance of the purchase price because the purchaser is unable to obtain adequate financing to complete a settlement. The shortfall...more
The 23rd Annual Credit Law Conference was held on 2 October – 4 October 2013 and attended by over 200 delegates from the financial services industry. The Conference provided an informative overview of key changes that will...more
The Office of the Australian Information Commissioner (OAIC) has released further draft Australian Privacy Principles (APP) Guidelines (draft Guidelines) for public consultation. The draft Guidelines outline how the OAIC will...more
The potential for crowdsourced equity funding (CSEF) in Australia is not yet clear. CSEF refers to arrangements through which a business (the issuer) seeks to raise capital, particularly early-stage funding, by offering small...more
What can the Financial Services Sector Expect from the New Federal Government?
"Son of Wallis" Inquiry -
The incoming Coalition government has committed to conducting a comprehensive "root and branch" inquiry...more
The Office of Australian Information Commissioner (OAIC) has released the draft Australian Privacy Principles (APPs) Guidelines for public consultation. The guidelines outline how the OAIC will interpret and apply the APPs....more
The Privacy Amendment (Privacy Alerts) Bill 2013 was introduced into Parliament on 29 May 2013. Having been recommended by the Senate Committee report tabled on 24 June, it appears that Parliament intends to pass the Bill...more
On 2 May 2013, the Australian Government released, to a limited number of key stakeholders, a confidential Exposure Draft Bill for an Australian mandatory data breach notification scheme. This is the strongest indication yet...more