06 May 2022
AUSTRALIAN REGULATOR WINS CASE AGAINST FINANCIAL SERVICES LICENSEE FOR INADEQUATE MANAGEMENT OF CYBER RISKS
For the first time in Australia, the Federal Court has found that a failure to adequately manage cybersecurity risks constitutes a breach of general Australian financial service license ( AFSL ) obligations.
02 May 2022
Scope of Australia’s anti-money laundering and counter-terrorism financing regime to be widened?
The impact of Australia's proposed anti-money laundering and counter terrorism financing (AML/CTF) regulation is likely to cause an increase in the regulatory and reporting requirements of the Gatekeeper Professions in addition to the upfront and ongoing costs of set up and maintenance.
27 April 2022
To register or not...? State of Escape decision reinforces value of design registration over attempts to rely on copyright
For designers and manufacturers launching new products, registered designs are the most appropriate means of protecting the design of, or embodied in, those products. A recent appeal court decision reinforces that, in the absence of a registered design, attempts to establish copyright in these...
22 April 2022
An election for the (w)ages
Just three years ago, the then ALP Leader, Bill Shorten, announced that the 2019 Election would be a “referendum on wages”. A raft of reforms were proposed by the Opposition, which were described to be key changes aimed at addressing flat wage growth. The “Change the Rules” campaign led by the...
11 April 2022
FFSP AFSL exemption uncertainty returns
The bill to implement the foreign financial service provider ( FFSP ) exemptions to the requirement to hold an Australian financial services licence ( AFSL ) has lapsed on the dissolution of Parliament following the calling of the federal election yesterday.
11 April 2022
Policyholder wins right to cover after ‘facts’ notified by insurer’s panel lawyer eventually became a ‘claim’
Under “claims made and notified” policies (such as professional indemnity policies or D&O policies), policyholders can ensure that a claim which might be made against them after the policy expires is still covered – they must have notified the insurer of the facts which give rise to that claim...
28 March 2022
Our team discuss the impacts for businesses of both parties’ policies and consider workplace issues arising out of the Australian Federal election campaigns.
25 March 2022
First things first: Full Federal Court clarifies the law on patent term extensions
Last week, a Full Court of the Federal Court of Australia handed down two unanimous decisions on appeal, clearing up some key uncertainties in the application of Australia’s patent term extension (PTE) regime.
30 August 2022
Reform of Spanish Insolvency Law
The Spanish government has very recently approved a reform of the Spanish Insolvency Law, which will enter into effect within 20 days of its publication in the Spanish Official State Journal (Boletín Oficial del Estado), except for the third book of the restated Spanish Insolvency Law, which will...
24 August 2022
High Court gamble does not pay out for computer-implemented inventions in Australia
The High Court of Australia has delivered an equal-split judgment on the question of patentability of computer-implemented inventions. As a result, an appeal from a decision of the Full Court of the Federal Court of Australia, 1 which found that Aristocrat’s patent claims to electronic gaming...
22 August 2022
The devil is in the detail: Federal Court of Australia rejects insurance claim for ransomware attack
Like all forms of insurance, the cover actually provided by policies which might be thought to cover losses arising from ‘cyber risk’ depends on the precise terms of the policy. Before placement, those terms should be carefully considered to ensure the cover is appropriate for the policyholder, in...
19 August 2022
Penalties for breaches of Australian competition and consumer law set to increase
On 18 August 2022, the Commonwealth Government released draft legislation proposing five-fold increases in the maximum penalties that apply to companies and individuals under Australia’s competition and consumer laws.
11 August 2022
When notification and disclosure collide
A claim under a Directors and Officers liability policy for investigation, defence and settlement costs has ended with the New South Wales Supreme Court 1 allowing some claims but denying others. The decision is a reminder of the importance of robust internal insurance reporting processes, and of...