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04 June 2020
COVID 19: Pressure Points: Operational disruption in financial services in the age of COVID-19 (Australia)
This article is the second in a series by our financial services team which will explore the practical implications of COVID-19 on the financial services industry and our client’s businesses.
29 May 2020
HKMA publishes report on bank culture self-assessment
On 22 May 2020, the Hong Kong Monetary Authority ( HKMA ) published a report on its review of self-assessments on bank culture. This is part of the HKMA’s bank culture reform supervisory measures, where 30 authorised institutions ( AIs ) were selected in the initial phase to conduct self-...
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.
15 May 2020
Regulators set their policy for Consumer Data Right enforcement
The Consumer Data Right ( CDR ) is currently proceeding through a staged implementation in the financial sector. On 8 May 2020 the Australian Competition and Consumer Commission ( ACCC ) and the Office of the Australian Information Commissioner ( OAIC ) released their Compliance and Enforcement...
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...
07 May 2020
COVID-19: Governance: General licensee obligations in the current context (Australia)
Does the COVID-19 crisis affect the way in which general licensee obligations under section 912A(1) of the Corporations Act 2001 (Cth) are interpreted? Australian financial services licensees ( AFS Licensees ) must comply with the general obligations imposed on them in section 912A(1) of the...
07 May 2020
COVID-19: Pressure points: The impact on development finance transactions (Australia)
Less than five months have passed since the existence of a new virus was reported to the World Health Organisation. The pandemic continues to expand, with confirmed cases of COVID-19, the disease caused by the coronavirus (SARS-CoV-2), soon to reach 4 million globally.
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...
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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...
04 June 2020
People: Job Retention Scheme (UK)
On 22 May 2020 the UK Government issued a new Direction amending the legal framework for claims under the Coronavirus Job Retention Scheme. On 29 May 2020 the Chancellor announced that partial furlough would be permitted from July and that employers would be required to shoulder some of the...
04 June 2020
COVID 19: Pressure Points: Operational disruption in financial services in the age of COVID-19 (Australia)
This article is the second in a series by our financial services team which will explore the practical implications of COVID-19 on the financial services industry and our client’s businesses.
04 June 2020
Webinar: National Inquiry into Sexual Harassment in Australian Workplaces
On 5 March 2020, the Australian Human Rights Commission released its fourth national survey on Sexual Harassment in Australian Workplaces. The report has wide-ranging implications for employers - from a policy perspective and what it means to the culture of the workplace.
04 June 2020
Webinar: Mind Your Head! What I Wish I’d Known about Anxiety, Depression and Wellbeing
Andrew Wells is a Senior Associate specialising in Intellectual Property in our London Disputes team. During this session Andrew generously draws on his personal experience of anxiety and depression to offer his insights and thoughts on what we can do as individuals to combat mental ill health,...
03 June 2020
US DOJ seeks to stop human rights lawsuits against corporations
In a May 26, 2020 filing , the U.S. Department of Justice (“DOJ”) has urged the U.S. Supreme Court to hold that domestic corporations cannot be sued in U.S. courts for alleged human rights violations under the Alien Tort Statute (“ATS”).
03 June 2020
COVID-19: Pressure points: E-signing reform in Queensland (Australia)
Queensland has temporarily eased restrictions on the electronic signing of certain documents, allowing: deeds to be signed electronically and without a witness; mortgages (in certain circumstances), general powers of attorney, affidavits, declarations, wills, enduring powers of attorney and advance...
03 June 2020
High Court offers sympathy but no remedy to trustee facing unexpected tax bill
In Mackay v Wesley [2020] EWHC 1215 (Ch), the Claimant, who was instructed by her father to become a trustee of a family trust as part of a tax scheme, failed to obtain from the High Court (1) an order rescinding her appointment as trustee and/or (2) a declaration that she never became a trustee...
02 June 2020
COVID-19: Pressure Points: A quick reference tool to help assess the availability of force majeure relief under English law (UK)
The global crisis arising from the COVID-19 pandemic has inevitably prompted many commercial parties to reconsider their contractual arrangements, either because they (or a counterparty) are facing difficulties in performing their obligations or because the contract has become uneconomic in light...
02 June 2020
SEC Adopts Amendments Regarding Financial Disclosures about Acquisitions and Dispositions of Businesses
On 21 May 2020, the U.S. Securities and Exchange Commission (the “SEC”) announced the adoption of amendments to its requirements for the disclosure of financial statements relating to acquisitions and dispositions of businesses, including disclosure of related pro forma financial information. The...
02 June 2020
General Court Landmark Ruling in Three/O2 Commission Prohibition
On 28 May 2020 the General Court handed down its ruling in CK Telecoms UK Investment Ltd v European Commission (Case T-399/16) in which it annulled the EU Commission’s decision which prohibited the proposed acquisition by CK Hutchison Holdings Ltd (Hutchison) of Telefónica Europe plc (O2). The...
01 June 2020
COVID-19: Pressure points: Workplace pensions – 4 cost saving steps for employers (UK)
As the economic impact of Covid-19 and the measures introduced to restrict its spread continues to be felt, many employers are inevitably looking for ways to reduce costs and preserve cash. As far as pensions are concerned, the primary focus to date has been on the scope for employers with defined...
