06 November 2019
To infinity and beyond: The Fairness Doctrine
The implications of the recent Full Federal Court decision in ASIC v Westpac Securities Administration Limited  FCAFC 187 ( ASIC v Westpac ) are far-reaching for the financial services industry. The case is, of course, a significant development in the laws concerning the parameters of general...
06 September 2019
FATF and APG publish long-awaited mutual evaluation report on Hong Kong
Following the Financial Action Task Force ( FATF ) and the Asia/Pacific Group on Money Laundering’s inspection of Hong Kong in October and November 2018, their much anticipated Mutual Evaluation Report ( Report ) on Hong Kong was published on 4 September 2019. Our previous bulletin on 25 June 2019...
07 August 2019
Policyholder successfully appeals refusal to apply one deductible to multiple claims in Class Action
In good news for policyholders defending class actions, the NSW Court of Appeal has ruled that multiple claims in a class action against Bank of Queensland over a “Ponzi scheme” should be treated as a single claim under the Civil Liability Policy’s aggregation clause, meaning that only one...
11 July 2019
ICO’s proposed largest ever fine of £183 million against BA prompts the question: can you insure penalties imposed for breach of GDPR?
The UK’s data protection authority, the ICO, has announced twice in two days this week that it proposes to levy significant fines on organisations for breaches of the General Data Protection Regulation ( GDPR ), which took effect in May 2018. First it announced that it intends to fine British...
04 July 2019
Depreciation is not to be deducted as a “saving” in calculating business interruption claims
Whether a reduction in non-cash costs such as depreciation following insured damage amounts to a “saving” to the policyholder which is to be deducted from insured Gross Profit in calculating business interruption losses is an issue which has been debated by claims professionals for many years. The...
11 June 2019
Product Intervention Powers and Design and Distribution Obligations in Financial Services: A cross-border perspective
Many regulators view their ability to intervene as one of their key supervisory tools to reduce harm in cases where there is a risk of significant consumer detriment or threat to financial markets.
26 March 2019
Accessing a deregistered policyholder’s cover, and the need to consider exclusions carefully in context
A recent case 1 in the financial services sector illustrates that: A counterparty being deregistered is not the endpoint for insurance claims. Claimants can access liability insurance policy proceeds even when the policyholder is in liquidation and deregistered. Exclusions should be carefully...
15 March 2019
Financial Services and the WTO in the context of Brexit
The EU Financial Affairs Sub-Committee of the House of Lords held a public meeting on financial services and the World Trade Organisation (WTO) on 13 March 2019. Eric White, a Consultant in the Brussels office of Herbert Smith Freehills gave evidence to the Sub-Committee as did Dr Lorand Bartels of...
12 March 2019
Latest Shake-up of the Remuneration Provisions for Banks and Investment Firms Part 2: Banks and credit institutions
After over two years of debate, agreement has finally been reached on the proposed directive amending the Capital Requirements Directive (which is generally being titled CRD5 ), and the European Council has published its final text. As detailed in our previous briefing ( Part 1 ), however, the...
11 March 2019
Latest Shake-up of the Remuneration Provisions for Banks and Investment Firms Part 1: Investment Firms
Agreement has now been reached between the European Parliament, the Commission and the Council on the final texts of two Directives which will impact on the remuneration provisions which apply to banks and investment firms. The first is the Investment Firms Directive ( IFD ), which will introduce a...
01 March 2019
Statutory limitation period for a court action to be filed against insurers runs from the date of the loss, not the date of declinature
Key takeaways The New South Wales Court of Appeal has held that a policyholder’s cause of action against an insurer arises when the insured event occurs, not when indemnity is declined and, as a result, a policyholder’s court proceedings which were commenced more than 6 years after the date of the...
06 December 2019
Corporate Crime update, December 2019
Welcome to the December 2019 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. For the full update on each jurisdiction, please click read more on...
04 December 2019
Online harmful content: the race to regulate
The decentralised, global internet has democratised many facets of everyday life, and consequently has allowed everyday citizens, extremists and everyone in between to share their views. The consequential proliferation of online harmful content meant some form of regulation was inevitable. However...
04 December 2019
Tech Regulation Series: The End of Permissionless Innovation?
The tech regulatory landscape is changing rapidly. It is complex and fragmented, both globally and by subject matter, making it difficult for technology providers to navigate. Almost weekly there are new headlines warning of risks and perils of ‘big tech’ and misuse of data. Now, more than ever, it...
02 December 2019
THE ANTI-BRIBERY AND ANTI-CORRUPTION REVIEW - THE 8TH EDITION: RUSSIA CHAPTER
The article highlights recent trends and summarises key developments of the anti-bribery and anti-corruption landscape in Russia. As a member of leading international organisations and conventions on countering corruption Russia makes efforts to implement international best practice. The country is...
29 November 2019
Considerations for bidders who dispose of target shares during a scheme
The application by ASIC to the Takeovers Panel in the recent Australian Unity Office Fund ( AOF ) trust scheme is a reminder that there are a number of important considerations that a bidder should keep front of mind if proposing to dispose of a pre-scheme stake during a scheme of arrangement.
29 November 2019
ASX Listing Rule Amendments – Implications for Head Office
The ASX recently released a significant suite of revisions to the ASX Listing Rules and new and updated Guidance Notes. We have highlighted below some of the key changes relevant to companies from a corporate governance, executive remuneration and market disclosure perspective.
28 November 2019
Contingency fees set to be introduced for Victorian class actions
On 27 November 2019 the Victorian Government tabled in Parliament the Justice Legislation Miscellaneous Amendments Bill 2019 (Vic) which introduces a new power to permit contingency fees to be ordered in Victorian class actions. If passed, the new law will permit plaintiff law firms to receive a...
28 November 2019
PUBLIC TO PRIVATE: THE RETURN OF THE PRIVATE EQUITY BIDDER
2019 has seen a significant rise in the number of private equity (PE) and other financial buyers on public mergers and acquisitions (M&A). When a PE house undertakes a public M&A transaction, it should be aware from the outset that there are some key differences to private M&A, and that...
25 November 2019
Climate Change: A significant trigger of workforce activism
The biggest climate protest in history took place alongside this year's United Nations Climate Summit. Millions of people, young and old, from some 185 countries, united in protest to demand urgent action to cut emissions and stabilise the climate. The youth movement started by Greta Thunberg...
25 November 2019
Scanning the scanners – what employers need to know about the Australian privacy act and Europe's GDPR
As technology evolves with unprecedented speed, the law can struggle to keep pace. Nowhere is this more apparent than in the area of employment relations and specifically the topic of employee monitoring, where companies and organisations are discovering the truth of the old adage: just because you...
25 November 2019
The world of work: Real Estate perspective
The world of work is undergoing a transformation on a scale not seen since the Industrial Revolution. Automation and digital technology are changing how, when and where we work, and in what roles. Flexible and remote working has mushroomed, with clear implications for organisations' workspace...