More Detail: Regulation of Litigation Funding in Class Actions
In 2009, the Full Court of the Federal Court of Australia, in Brookfield Multiplex Ltd v International Litigation Funding Partners Pty Ltd [2009] FCAFC 147,...more
This edition of the Update covers:
Recent legal and regulatory developments, including the release of regulatory guidance on crypto asset-related investment products, the imposition of additional licence conditions on the...more
As a response to the Russian invasion of Ukraine starting in late February 2022, Australia, the European Union, Japan, the United Kingdom, the United States, and many other countries have progressively imposed increasingly...more
2021 was a precedent-setting year for anti-money laundering (“AML”) enforcement and legislation. The digital assets industry continued to grow exponentially, driving the associated AML risks to the forefront of regulatory...more
3/10/2022
/ AML/CFT ,
Anti-Money Laundering ,
BSA/AML ,
Corruption ,
Cryptoassets ,
Economic Sanctions ,
Financial Crimes ,
FinCEN ,
Justice Against Sponsors of Terrorism Act (JASTA) ,
Terrorist Financing Regulations ,
Virtual Currency
Australia's Existing Autonomous Sanctions Regime -
Australia's existing autonomous sanctions regime is set out in the Autonomous Sanctions Act 2011 (Cth) ("Act")....more
ASIC's Approach to CEUs Prior to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry ("Royal Commission"), ASIC routinely accepted CEUs as a form of administrative settlement...more
The Applicant's Claims -
In July 2020, Ms. Kathleen O'Donnell commenced a representative proceeding on her own behalf and on behalf of all persons who at any time on or since 7 July 2020 have acquired certain types of...more
This edition of the Update covers:
KEY LEGAL AND REGULATORY DEVELOPMENTS
Regulatory Priorities
ASIC and APRA Release Their Corporate Plans for 2021-25
On 26 August 2021, the Australian Securities & Investments Commission...more
12/1/2021
/ AML/CFT ,
ASIC ,
Australia ,
Criminal Investigations ,
Cybersecurity ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Financial Institutions ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Libor ,
Loans ,
Popular ,
Prudential Standards ,
Regulatory Agenda
The immediate cyber incident is over – what happens next?
Join our esteemed panellists as they outline key considerations when managing post-breach data classification and notification projects. Setting the scene through the...more
11/2/2021
/ Australia ,
Classification ,
Confidential Information ,
Cyber Incident Reporting ,
Cybersecurity ,
Data Breach ,
Data Management ,
Hong Kong ,
New Zealand ,
Personally Identifiable Information ,
Popular ,
Sensitive Business Information ,
Sensitive Personal Information ,
Singapore ,
Webinars
The Facts The plaintiffs in two separate class actions (Fox v Westpac Banking Corporation & Anor (Fox) and Crawford v Australia and New Zealand Banking Group Ltd & Ors (Crawford)) sought GCOs from the court pursuant to the...more
Proposed Reforms -
The Draft Bill makes clear that 'a class action litigation funding scheme' is an MIS, in line with an earlier ruling of the Federal Court of Australia in Brookfield Multiplex Limited v International...more
Background -
Fairfax Media Publications Pty Ltd, Nationwide News Pty Ltd and Australian News Channel Pty Ltd all maintain public Facebook pages allowing comments from members of the public. Dylan Voller commenced...more
NSW Court of Criminal Appeal rules that any admissions made in civil proceedings can be used in future criminal proceedings.
In Turnbull v Office of Environment and Heritage [2021] NSWCCA 190, the NSW Court of Criminal...more
Overhaul of ASIC's Internal Governance Framework ASIC's Corporate Plan for 2021-25 is the first of its kind released under new Chair Joseph Longo and new Deputy Chair and Head of Enforcement Sarah Court, who each started in...more
BEAR, which came into effect throughout 2018 and 2019, imposed extensive accountability obligations on ADIs and expanded APRA's enforcement powers. You can read our previous Commentary on BEAR here. ...more
Australia's product liability regime is a combination of provisions contained primarily in the Australian Consumer Law (Schedule 2 to the Competition and Consumer Act 2010 (Cth)). These provisions apply to Australian made...more
On 10 August 2021, the Australian Parliament passed the Treasury Laws Amendment (2021 Measures No. 1) Bill, which will permanently reform its continuous disclosure regime and related prohibitions on misleading conduct by...more
A Refresher: Running Account Defence and Peak Indebtedness Rule -
The Full Court's decision was an appeal from a first instance judgment, in which the liquidators for Gunns Limited ("Gunns") successfully argued that 11...more
This edition of the Update covers: Key Legal and Regulatory Developments Financial Markets The Australian Regulators Reiterate Their Expectations for a Smooth Transition Away From LIBOR On 4 June 2021, ASIC, APRA, and the RBA...more
7/21/2021
/ AML/CFT ,
ASIC ,
AUSTRAC ,
Australia ,
Enforcement Actions ,
Exchange-Traded Products ,
Financial Institutions ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Inter-Bank Offered Rates (IBORs) ,
ISDA ,
Libor ,
Over The Counter Derivatives (OTC) ,
Regulatory Agenda ,
Short Selling
The Situation: In a landmark judgment, on 27 May 2021, the Federal Court of Australia ruled in Sharma v Minister for the Environment [2021] FCA 560 (Sharma) that, when deciding whether or not to grant approval to a coal mine...more
U.S. criminal law has a long reach outside the borders of the United States. Australian companies and individuals whose activities touch on the United States—even without having offices or any physical presence in the United...more
6/4/2021
/ Australia ,
Australian Securities and Investments Commission ,
Corporate Crimes ,
Corporate Misconduct ,
Criminal Investigations ,
Department of Justice (DOJ) ,
Evidence ,
Extradition ,
Law Enforcement ,
Legal Professional Privilege ,
Mutual Legal Assistance Treaties (MLAT) ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
This edition of the Update covers:
1. Recent legal and regulatory developments, including the release of ASIC's immunity policy for market misconduct offences, a FATF consultation on proliferation of financial risk and...more
Following in the footsteps of its international counterparts, the Australian Prudential Regulation Authority ("APRA") is ramping up its guidance on the management of climate-related risks.
On 22 April 2021, APRA released...more
The Situation: It is increasingly common for Australian class actions to be brought by private plaintiffs at the same time as regulatory proceedings are brought by Australia's corporate, competition and other regulators in...more
There is no "one size fits all" approach to competing class actions.
Five competing and overlapping shareholder class actions were commenced in two separate Australian courts against AMP Limited. All actions were...more