BEAR (now FAR) – the extension of the Banking Executive Accountability Regime
On 4 February 2019, the Morrison Government announced it would implement recommendations 3.9, 4.12, 6.6, 6.7 and 6.8 of the Financial Services Royal Commission to extend the Banking Executive Accountability Regime (BEAR) to all APRA-regulated entities e.g. banks, insurance and superannuation firms and provide joint administration to ASIC as the conduct regulator. On 22 January […]
ReadmoreYou, me and ‘we’: Is your business susceptible to being joined as a party to family law proceedings?
Business doesn’t always stay in the boardroom. Business partners not only form commercial relationships with each other but may also unwittingly form relationships with each other’s life (or one night) partners. If your business partner is going through a family law separation, you should be aware that you, or the business, may be joined as […]
ReadmoreUpdate: Banking Code of Practice
Following recommendations made by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry, ASIC has approved an updated version of the Banking Code of Practice, which will take effect from 1 March 2020. Click here for full size image. […]
ReadmoreNon-compliant cladding extends to ‘Biowood’ composite cladding used as an external attachment
The Owners Strata Plan No 92888 v Taylor Constructions Group Pty Ltd and Frasers Putney Pty Ltd [2019] NSWCAT [15 November 2019, Senior Member Boyce] (Taylor Constructions) The first decision in NSW involving combustible cladding has been handed down by the NSW Civil and Administrative Tribunal. Whilst most of the attention in recent times has […]
ReadmoreMajor trade promotions changes proposed in NSW
The New South Wales government is proposing big changes to the way trade promotions are regulated. It has released a consultation draft of the Community Gaming Regulation 2020, which will give effect to the changes. In this update we explain the key proposed changes and some areas of uncertainty. Most notably: permits will no longer […]
ReadmoreVictorian Government issues funding guidelines for the combustible cladding ‘rescue package’
On 19 December 2019, Cladding Safety Victoria (CSV) issued guidelines on the Victorian Government’s cladding rectification funding program (Program) for the rectification of combustible cladding of residential apartment buildings (Guidelines). Importantly, the Guidelines set out which owners are eligible for the funding, namely that you must be an owners corporation responsible for a residential building […]
ReadmoreThe Brexit case – implications for Australia
Amidst the Brexit debacle, the UK Supreme Court[1] has invented a brand-new rule limiting executive power. Yet, the core legal principles supporting this politically controversial development are thoroughly orthodox and, despite different constitutional arrangements, may strongly influence how executive power is exercised under Australian law. Context The Supreme Court was asked to determine whether the […]
ReadmoreHunting together – time to refresh memorandums of understanding?
For many years, both State and Federal agencies have formally co-operated under MOUs as an important means of performing their regulatory mandates. In the post-Hayne environment, agencies should consider refreshing their existing MOUs or establishing new arrangements for information sharing and co-ordination with other regulators. Agencies can take guidance from Commissioner Hayne’s comments and the […]
ReadmoreCLOUD on the horizon
Australia and the United States (US) have recently entered into negotiations for a bilateral agreement that would enable law enforcement agencies in each country to more easily obtain access to electronic information held by communications service providers (CSPs) in the other country.[1] Electronic communications services, including social media, are increasingly being used to facilitate illegal […]
ReadmoreDevelopment Agreements, the devil may be in the detail
The New South Wales Supreme Court decision of Crown Sydney Property v Barangaroo Delivery Authority; Lendlease (Millers Point) v Barangaroo Delivery Authority[1] highlights the need for government entities entering commercial agreements, such as development agreements, to judiciously choose the language used and to carefully comply with the terms, or face the potentially costly implications of failing […]
ReadmoreGovernment response to Digital Platforms Inquiry released
Just in time for Christmas, the Government has publicly released its much anticipated response to the recommendations made under the Australian Competition and Consumer Commission’s (ACCC) final report into the Digital Platforms Inquiry on 26 July 2019. The ACCC’s broad reaching report made 23 recommendations in relation to competition law, consumer protection, media regulation, and […]
ReadmoreNew development controls to protect koalas in South East Queensland
The koala is an Australian icon and was once commonly found in South East Queensland. However, as Brisbane and its surrounding communities have grown and expanded, koala populations have dramatically declined as a result of habitat loss and associated impacts from urbanisation. According to government figures, over the last twenty years, koala populations have decreased […]
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