A new report from the Australian Securities and Investments Commission (ASIC) should prompt companies to consider whether any changes need to be made to align their whistleblower program with ASIC’s proposed “good practices”....more
New breach reporting obligations for Australian financial services and credit licensees come into effect on 1 October 2021. This post considers ASIC’s draft guidance on some of the key features of these reporting obligations....more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
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
On 18 February 2021, changes to the Corporations Act 2001 (Cth) in relation to director resignations made by the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (Cth) will take effect. The new provisions...more
KEY LEGAL AND REGULATORY DEVELOPMENTS - Legislative and Regulatory Reform - Permanent reforms in respect of virtual meetings and electronic execution - On 19 October, the Federal Government released for...more
ASIC has provided long-awaited confirmation of its policy position with regard to applications for relief from the operation of the takeover restrictions in the Corporations Act 2001 (Cth) ("Act") in relation to compulsory...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
The Situation: Australia's corporate regulator, the Australian Securities and Investments Commission ("ASIC") brought proceedings against two former directors of Tennis Australia ("TA") alleging that they engaged in numerous...more
*This information is accurate as of 9.00 am Monday 23 March 2020 (local AEDT time) and is subject to change as this situation evolves....more
WHAT HAS HAPPENED? ASIC has released Regulatory Guide 270 for Whistleblower Policies. Despite concerns raised that the Guide's requirements are onerous and will require companies to once again amend their policy to ensure...more
What is illegal phoenix activity and why is it a problem? Recent studies have shown that illegal phoenix activity is rife. It has resulted in direct costs to businesses, employees and the Government of $2.85 billion to $5.13...more
On 12 March 2019, royal assent was given to the Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2018, which amends several pieces of legislation, notably the Corporations Act 2001 (Cth). These amendments...more
On 13 June 2018, Treasury released a revised exposure draft of the Treasury Laws Amendment (Corporate Collective Investment Vehicle) Bill 2018 (CCIV Bill) for the new corporate collective investment vehicles (CCIVs)....more