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14 May 2020
COVID-19: Governance: Update for fund managers (Australia)
In this update we cover two more important Australian developments for fund managers in light of the COVID-19 pandemic: an announcement from the Treasurer of a six months’ delay to the implementation of the Banking Royal Commission reforms consulted on in Jan-Feb 2020; and an announcement from the...
21 April 2020
First judicial challenge to ASIC’s use of its new product intervention power fails
On 15 April 2020 the Federal Court confirmed 1 that a judicial review application lodged in September 2019 to challenge ASIC’s exercise of its new product intervention power ( PIP ) had failed. The judicial review challenge related to a class wide intervention in relation to short term credit...
20 April 2020
Changes for AFSL applicants and updates for foreign AFSL applicants, including guidance on the ‘fit and proper person’ test
The Australian Securities and Investments Commission ( ASIC ) has made important changes to the requirements for new and current applicants for a ‘full’ Australian financial services license ( AFSL ) and a ‘foreign’ AFSL. By updating Information Sheet 240 ( INFO 240 ), Regulatory Guide 105 ( RG 105...
13 March 2020
Japan - Australia M&A: Review and Trends (2017-2020)
This is the third year we have comprehensively reviewed the year’s Japan-Australia M&A deals and trends. Our findings and the trends remain consistent. Year on year there are more deals, more dollars and growing sector diversity. All indicators at present suggest that this trend should continue...
11 March 2020
And finally …. the foreign financial service provider (FFSP) licensing reforms are confirmed
Yesterday, the Australian Securities & Investments Commission ( ASIC ) released a much anticipated update, setting out its finalised position in relation to the foreign financial service provider ( FFSP ) reforms.
28 February 2020
Important changes in the AFSL landscape
The Australian financial services license ( AFSL ) landscape has just shifted under your feet. The Australian Securities & Investments Commission ( ASIC ) now requires all new and current applicants for the grant or variation of an AFSL to satisfy a ‘fit and proper person test’ in relation to...
14 February 2020
Federal Court provides helpful guidance on a range of AFSL concepts
On 5 February 2020, the Federal Court of Australia handed down its decision in Australian Securities and Investments Commission v One Tech Media Ltd [2020] FCA 46 ( One Tech Media ). The Court found that One Tech Media Limited ( One Tech ), Allianz Metro Pty Ltd ( Allianz Australia ) and others had...
06 February 2020
Australian privacy law reform and review announced
On 12 December 2019, the Australian Government announced its response to the Australian Competition & Consumer Commission’s ( ACCC ) Digital Platform Inquiry. Despite the Inquiry’s name, only 1 of the 11 recommendations in the report about data practices is targeted at digital platforms.
24 January 2020
Financial Accountability Regime to introduce obligations on RSE licensees and insurers
Reforms proposed by the Government this week will impose significant obligations on registrable superannuation entity licensees and insurers. These reforms will also have implications for banks that are already subject to the Banking Executive Accountability Regime ( BEAR ).
20 December 2019
ASIC consults on draft regulatory guide for design and distribution obligations
ASIC has released Consultation Paper 325 Product design and distribution obligations ( CP 325 ), on its proposals for guidance on the design and distribution obligations in Pt 7.8A of the Corporations Act 2001 (Cth) ( DDO ).
17 December 2019
Design and distribution obligations: regulations made
The Government has made the Corporations Amendment (Design and Distribution Obligations) Regulations 2019 ( Regulations ), relating to the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 ( DDO ).
11 December 2019
Big data is transforming investigations
Big data is rapidly changing the way in which regulators and law enforcement conduct an investigation and build a case. New technology reduces compliance costs, but also increases regulatory expectations of businesses' monitoring, detection and reporting capabilities. And, as technology evolves,...
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07 September 2020
London International Disputes Week 2020
We are pleased to announce that London International Disputes Week (LIDW) is returning for a second year in September 2020. Herbert Smith Freehills is proud to be associated with this key event, which celebrates London as a global centre for dispute resolution. 7 – 11 September 2020 For more...
26 May 2020
Australian Federal Government eases continuous disclosure rules
Yesterday, the Australian Federal Government modified the continuous disclosure provisions of the Corporations Act 2001 (Cth) ( Corporations Act ) in an effort to provide temporary relief to companies and officers for a six month period from today.
26 May 2020
Has the Full Court 'Rokt' the boat
Commissioner of Patents v Rokt Pte Ltd [2020] FCAFC 86 is the most recent in a string of decisions by the Full Court of the Federal Court in which the Court has yet again rejected a computer-implemented invention in this instance a digital advertising system and method as patentable subject matter.
22 May 2020
Insurance articles for The In-House Lawyer magazine, Spring 2020 edition
The insurance team at Herbert Smith Freehills has contributed two articles to the latest edition of The In-House Lawyer magazine. The articles consider important insurance issues that in-house lawyers should be aware of, especially in the current market.
21 May 2020
COVID-19: Governance: practical issues around signing and completion (UK)
Given the current restrictions on interaction which have been imposed by the UK Government and with a large number of people now working from home, it is not always possible to adopt the usual methods for signing and completing deals. We have summarised below some practical points to ensure...
21 May 2020
COVID-19: Governance: Corporate Insolvency and Governance Bill – major insolvency reforms proposed (UK)
The Government on 20 May 2020 published the Corporate Insolvency and Governance Bill, which contains the most far-reaching reforms to UK insolvency law in over 30 years. The Bill has been introduced on an emergency basis in an attempt to ensure that otherwise financially viable companies survive...
21 May 2020
COVID-19: Pressure Points: foreign direct investment regulation – drawbridges continue to rise in response to the pandemic (Global)
Foreign direct investment (“ FDI ”) regulation has featured increasingly on the radar for cross-border M&A, against a backdrop of amplified protectionist rhetoric. Even before the COVID-19 pandemic, a number of countries which have traditionally been seen as open to foreign investment were...
20 May 2020
COVID-19: People: Job Retention Scheme and Pensions (UK)
The Coronavirus Job Retention Scheme ("CJRS"), announced on 20 March 2020 and opened for claims on 20 April, has now been extended for the second time. Originally due to end on 31 May, then 30 June, the Chancellor announced on 12 May that it will remain in place and available to all sectors through...
