On 15 March 2024, the Financial Accountability Regime (FAR) came into effect for authorised deposit-taking institutions (ADIs), replacing the Banking Executive Accountability Regime (BEAR). Unlike the BEAR, application of the...more
This edition of the Update covers: Recent legal and regulatory developments, including guidance to APRA-regulated entities following the cyber attacks on Medibank and Optus, the release of the inaugural Climate...more
2021 was the year in which superannuation funds took center stage in Australian take-private transactions. In what has been a record year for Australian M&A activity, the weight of money rolling into Australian superannuation...more
As we reach 1 July 2021, there is a lot happening in the area of employment-related legislation, including award and minimum wage increases, increases to superannuation and the annual change to the high income threshold....more
REST and Statewide Superannuation become the first industry superannuation funds to be caught in the crosshairs of ASIC's "why not litigate" approach to enforcement. The Australian Securities and Investments Commission...more
A major superannuation fund has promised to enhance its management of climate change risks, disclose to members how those risks are addressed and align its investment portfolios to net-zero emissions by 2050. In mid-2018,...more
Australia's landmark Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry that was conducted throughout 2018 and reported in early 2019 highlighted numerous examples of potential...more
Since our last update in late June, governments and regulators have been continuing to address COVID-19 issues with new updates released regularly. Notably, regulators have also extended some temporary measures given the...more
The Full Court of the Federal Court of Australia has recently handed down its decision in Dental Corporation Pty Ltd v Moffet [2020] FCAFC 118. This decision again highlights potential risks, particularly with respect to...more
There are many government and regulator initiatives aimed at addressing COVID-19 issues and new responses emerge on a daily basis. We have summarised those announcements, relevant to the superannuation and funds management...more
This is Jones Day's fifth review of Australian class actions developments. The White Paper reviews the class actions that were commenced and settled in 2018–2019. The White Paper also examines the types of novel claims that...more
The case of Moffet v Dental Corporation Pty Ltd [2019] FCA 344 was recently determined by the Federal Court of Australia, and is another important decision relevant to dental practices. ...more
The final report (the Report) of the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission) was released on 4 February 2019. The Report provides 76...more
The question of superannuation payments is an important issue which often arises where a former disgruntled employee seeks additional payments, where an employer has to back-pay an employee or even where an employer is...more
MESSAGE FROM THE EDITOR - In this edition of the Update, we report on the exposure draft of the Treasury Laws Amendment (Taxation and Superannuation Guarantee Integrity Measures) Bill 2018. We then consider a decision of...more
The Situation: Currently, limited protections exist in Australia for private sector whistleblowers against victimization and detrimental treatment. The Development: The Australian government has released draft law that...more
The Australian government has released draft regulations implementing a single sided exemption from the trade reporting regime for over-the-counter (OTC) derivatives. Consultation on the regulations closed in late June and...more
The 2014/2015 Federal Budget (Budget) has introduced a number of important reductions, incentives and clarifications impacting employer initiatives, employee remuneration and benefits and the legal framework in which...more
At the time the Coalition Government (Government) was elected in September 2013, there were 96 tax and superannuation proposals announced by the previous government that had not been enacted. On 6 November 2013, the...more
Superannuation fund trustees will be seeking increased input and cooperation from their investment managers in order to comply with new regulatory requirements while hedge funds will need to consider their status under the...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
There is no doubt that the Future of Financial Advice reforms (FOFA) will significantly transform the advice landscape, and there is debate around which sectors of the advice industry will be the winners, and how long the...more
Investment governance expectations on superannuation trustees have risen markedly since the introduction of the StongerSuper reforms....more
On 31 May 2013, in its decision in Rind v Australian Institute of Superannuation Trustees, the Australian Fair Work Commission (FWC) found that an employer constructively dismissed an employee by unreasonably refusing her...more
There are a number of workplace changes which come into effect on Monday 1 July 2013. Businesses should be aware of these changes and review current practices, policies and procedures to ensure that they are compliant....more