What’s that ‘new’ levy on my title?
You may not be aware, but there may be a ‘new’ levy on your title! On 1 July 2020, the Melbourne Strategic Assessment (Environment Mitigation Levy) Act 2020 (Vic) (MSA Act) came into effect. It imposes an obligation to pay a levy prior to certain works being undertaken in specified areas of Melbourne’s growth corridors […]
ReadmoreFSR Wrap | July 2020
Gadens has launched a new financial services regulatory update publication to keep the market informed of the latest developments – welcome to FSR Wrap. Gadens has extensive knowledge and expertise across the financial services sector. In the July 2020 edition of FSR Wrap, Edward Martin, Liam Hennessy, Glenn McGowan QC, Dudley Kneller and Gadens’ FSR […]
ReadmoreNew Trade Promotions Regulation in NSW
New South Wales has introduced a new regulation governing trade promotions. Here’s how it will affect you. The new Regulation As noted in our recent update, the Community Gaming Regulation 2020 (NSW) took effect on 1 July 2020. While the NSW government had consulted with stakeholders on a draft of the Regulation, significant changes were […]
ReadmoreConsumer Data Right – becoming an Accredited Data Recipient
The Consumer Data Right (CDR) reached a further milestone on 1 July 2020, as the Big 4 banks are now required to share consumer data in response to a consumer request. At present, this includes data from debit and credit cards, and savings and transaction accounts, and from November 2020 will include data from home […]
ReadmoreWebinar | The Ever Expanding Compliance Obligations of Australian Directors
Gadens’ Corporate Partners Matt Egerton-Warburton and Robert Tracy presented the following discussion on the “Ever Expanding Compliance Obligations of Australian Directors” to the Ross Parson Centre of the University of Sydney Law School on Tuesday, 7 July 2020. The lecture was hosted by Jason Harris, Professor of Corporate Law at the University of Sydney. The […]
ReadmoreSPAM should only be found on the Supermarket shelves – not in my inbox!
A recent case in which Woolworths Group Limited (Woolworths) was fined $1,003,800 by the Australian Communications and Media Authority (ACMA) for over five million breaches of the Spam Act 2003 (Cth) (the Spam Act) is a stark reminder of the importance of establishing and maintaining rigorous controls to ensure that commercial electronic messages are only […]
ReadmoreUnfair contract terms and the burden of knowledge…
On 28 May 2020, the first case on unfair contract terms for bank contracts was handed down by the Federal Court of Australia in Australian Securities and Investments Commission v Bendigo and Adelaide Bank Limited [2020] FCA 716 (ASIC v Bendigo and Adelaide Bank Limited). The court found certain clauses in the contract’s terms and […]
ReadmoreCOVID-19 | The Banking Code of Practice – COVID-19: Special Note
In these uncertain times, the financial services industry is experiencing unprecedented levels of customer queries and financial hardship requests. As a result of the high volume of customers in distressed circumstances, on 25 June 2020 ASIC approved temporary changes to the Banking Code of Practice (the Code) so that Banks can continue to provide suitable […]
ReadmoreNSW Parliament Introduces a Statutory Duty of Care for Residential Building Work
In Brookfield Multiplex Ltd v Owners Corporation Strata Plan 61288 (2014) 313 ALR 408, the High Court found that a builder did not owe a common law duty of care to the developer of residential apartment buildings or its successors in title (including an owners corporation) for economic loss caused by defective work. The High […]
ReadmoreDoes property held by a bankrupt on trust for another vest in the bankruptcy trustee?
On 13 December 2019, in Franz Boensch as Trustee of the Boensch Trust v Scott Darren Pascoe[1] the High Court unanimously dismissed an appeal from a judgment of the Full Court of the Federal Court of Australia, in which the appellant sought compensation from his former trustee in bankruptcy pursuant to section 74P of the Real Property Act […]
ReadmoreCan a “Gentleman’s Agreement” not to enforce a guarantee be relied upon?
In Harburg Nominees Pty Ltd & Anor v Deen,[1] the Supreme Court of Queensland considered whether an oral “gentleman’s agreement”, that is the oral representations made, meant that the guarantees were unenforceable. The facts As at May 2015, Harburg Nominees Pty Ltd (Harburg) had, over time, advanced approximately $18.5 million to Warapar Resources Pty Ltd (Warapar) for […]
ReadmoreMajor Trade Promotion Changes in NSW
Major changes to trade promotions regulations in New South Wales take effect tomorrow (1 July 2020). The key change implemented by the Community Gaming Regulation 2020 is that a permit will no longer be required for a trade promotion with a total prize pool worth $10,000 or less. This is a significant change that will […]
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