The Australian federal government recently released its response to the independent review of Australia's amended continuous disclosure regime (the "Independent Review")....more
The Background: The Australian Treasury has released its second quarterly report of the 2023–24 financial year covering the regulation of foreign investment in Australia during the quarter ended 31 December 2023....more
The Situation: The Australian Securities Exchange ("ASX") has published new data breach examples in an update to its continuous disclosure Guidance Note, effective from 27 May 2024 ("Data Breach Examples")....more
Recent legal and regulatory developments, including the joint release of APRA and ASIC guidance concerning the new Financial Accountability Regime, APRA's announcement that it will publish superannuation expense data to...more
The Situation: The Australian government has restated its commitment to foreign investment and announced procedural reforms to Australia's foreign investment framework. The government aims to attract the significant foreign...more
The Australian Federal Parliament recently introduced new requirements for public companies to disclose information about their subsidiaries in their annual report by legislating the Treasury Laws Amendment (Making...more
The Australian Treasury has released its first quarterly report ("Report") for the 2023-24 financial year covering the regulation of foreign investment in Australia....more
In Short -
The Situation: From July 1, 2023, foreign investors in Australia will be subject to new registration requirements under Australia's foreign investment regime....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
In Short -
The Situation: The Australian Securities and Investments Commission ("ASIC") recently released its update on corporate finance regulatory activities for the third quarter of 2022....more
This edition of the Update covers: -
Recent legal and regulatory developments, including the commencement of cyber security incident notification obligations for critical financial market infrastructure assets, AUSTRAC's...more
The Situation: The Australian Government has doubled Foreign Investment Review Board ("FIRB") application fees payable by investors who are required to seek approval under the Foreign Investments and Takeovers Act 1975 (Cth)...more
Practice Points for Schemes of Arrangement -
Uncertainty in earn-out consideration. ASIC raised concerns where target shareholders were being asked to vote on a scheme—which involved earn-out consideration—where there was...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
Despite the rules around exclusivity provisions in Australia having been relatively settled for many years (the Panel initially published its Guidance Note 7 on 'Lock-up devices' back in 2001), it's been surprising to see two...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
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
Proceedings filed by public interest group Environment Victoria represent the first climate change litigation in Australia to challenge the licence to operate of coal-fired energy producers. A public interest group has filed...more
10/6/2021
/ Australia ,
Carbon Emissions ,
Climate Change ,
Coal Industry ,
Coal-Fired Plants ,
Energy & Climate Debates ,
Energy Policy ,
Energy Projects ,
Environmental Policies ,
Greenhouse Gas Emissions ,
Licensing Rules ,
Pollution Control ,
Power Infrastructure ,
Regulatory Agenda ,
Victorian Supreme Court
ASIC has released its third quarter update on corporate finance regulatory activities. From an M&A perspective, the update includes ASIC's observations on its public M&A deal statistics, outlines ASIC's recent concerns in M&A...more
9/29/2021
/ ASIC ,
Australia ,
Corporate Finance ,
Corporate Sales Transactions ,
Financial Services Industry ,
Foreign Corporations ,
Insider Trading ,
Internal Controls ,
International Tax Issues ,
Policies and Procedures ,
Takeovers ,
Withholding Tax
The Facts In April 2020, a climate action group called Bushfire Survivors for Climate Action Incorporated ("BSCA") filed civil enforcement proceedings against the EPA in the NSW Land and Environment Court....more
9/9/2021
/ Australia ,
Breach of Duty ,
Climate Action Plan ,
Climate Change ,
Environmental Claims ,
Environmental Policies ,
Global Warming ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Reform ,
Statutory Requirements
On 26 August 2021, the Australasian Centre for Corporate Responsibility ("ACCR") initiated proceedings against Australian gas-producer Santos Limited, challenging statements and policies which the ACCR considered...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
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
This edition of the Update covers:
1. Recent legal and regulatory developments, including the release of APRA's policy and supervision priorities for 2021, the launch of APRA's Cyber Security Strategy 2020 – 2024,...more
This edition of the Update addresses:
1. Recent legal and regulatory developments which relate to licencing and regulatory relief, consumer protection, financial markets, anti-money laundering and capital and prudential...more