On 22 March 2020, in response to the debilitating effect of the COVID19 virus on businesses of varying sizes, the Federal Government announced its ‘Temporary relief for financially distressed businesses’ or to be precise the Coronavirus Economic Response Package Omnibus Bill 2020. While only time will tell whether the temporary measures will in practice free… Read more
Yesterday the ACCC released its enforcement priorities for the 2020 calendar year. The ACCC Chair, Rod Sims, in his speech at the annual Committee for Economic Development Australia (CEDA) announcing the priorities, noted that ‘the pursuit of profit does not always promote the interest of Australian consumers’. On the back of the ACCC’s priorities in… Read more
The Commonwealth modern slavery legislation (the Modern Slavery Act 2018 (Cth) (‘Act’) came into effect on 1 January 2019. The Act asks organisations to identify the risk of modern slavery occurring in their operations and supply chains and set out the steps they are taking to address the risk (through reporting requirements). Why? At the… Read more
With the federal government’s renewed focus on ‘corporate culture’ in the wake of the banking royal commission, increased whistleblower protections have taken effect from 1 July 2019. This means that whistleblowers who report misconduct about companies and company officers have stronger rights and protections under the Corporations Act 2001. What are the key changes? The… Read more
As discussed in our previous blog, on the back of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (‘Royal Commission’) ASIC has made it clear that it will be using the full range of enforcement tools available to them to ensure compliance with Corporations Act obligations and to restore the… Read more
On Wednesday the High Court found against the Australian Securities and Investments Commission (ASIC) in its unconscionable conduct claim against APY lands general store owner Lindsay Kobelt. A brief history of the matter and the ‘book-up’ system. The ‘book-up’ system, used by Kobelt’s store, dates back to the 1940s and is a common practice among… Read more
‘Why not litigate’? This was the message from the ASIC Commissioners at the ASIC Annual Forum 2019 held in Sydney last week. On the back of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (‘Royal Commission’) ASIC made it clear that while still utilising the full range of enforcement tools… Read more
On 25 March 2019, the Federal Government announced plans to increase penalties for breaches of Australia’s privacy laws. Legislation is being drafted for consultation in the second half of 2019. Although targeted at social media platforms, the new increased penalties will affect all entities required to comply with the Privacy Act 1988 (Cth) (‘Privacy Act’).… Read more
If you are an Australian financial services (‘AFS’) licensee (or for that matter an authorised representative, employee or director of an AFS licensee) (‘Relevant Persons’) you may want to consider making compliance with the new financial services laws requirements your new year’s resolution! The Relevant Persons of AFS licensees who provide personal advice to retail… Read more
Just when the initial panic surrounding the implementation of the GDPR has subsided, the UK Information Commissioner’s Office (ICO) has recently issued its first enforcement notice and to a foreign company at that! AggregateIQ Data Services Limited (AIQ), a data analytics firm operating out of Canada, was issued with the notice, which requires the company… Read more
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