Senate Select Committee on Fintech and Regulatory Tech publishes interim report

The need for permanent corporate law reforms for virtual company meetings and electronic communications and signatures by companies – Senate Select Committee inquiry on Financial Technology and Regulatory Technology interim report and recommendations. In September 2020, the Senate Select Committee inquiry on Financial Technology and Regulatory Technology (Committee) released its interim report. The preliminary recommendations […]

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The Singapore Convention Has Now Entered Into Force

Purpose One of the major roadblocks for parties contemplating mediation of cross-border commercial disputes has been the uncertainty, cost and/or delay in enforcing a breach of a term of mediated settlement agreement. This has often resulted in parties to a commercial cross-border dispute resorting to court/curial focused litigation or indeed foreign arbitral proceedings which are […]

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COVID-19 | Emergency Amendments to Insolvency Laws: What’s next?

In March, we reported that, as part of a suite of legislative and economic responses to COVID-19 the Commonwealth Government had announced a range of temporary amendments to certain insolvency laws. The amendments were aimed at temporarily amending insolvency laws, affecting in turn corporate governance, and directors’ duties. The purpose of the amendments was to […]

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COVID-19 | Victoria extends rental eviction moratorium

Rental Eviction Moratorium Extended – 31 December 2020 In response to the second COVID-19 wave in Victoria, the Victorian Government announced on 20 August 2020 that the rental eviction moratorium under the COVID-19 Omnibus (Emergency Measures) Act 2020 (Vic) (Covid-19 Act) would be extended until 31 December 2020. The moratorium protects both residential and commercial tenants suffering financial distress […]

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Worth the paper they are written on – the importance of independent advice certificates in financing transactions

Socrates famously said “to find yourself, think for yourself.” The Victorian Court of Appeal recently disagreed and reasserted the ability of lenders to rely on independent legal and financial advice certificates without making further inquiries of their own. Jams 2 Pty Ltd v Stubbings [2020] VSCA 200 involved “asset-based lending”, lending on the value of […]

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COVID-19 | ASIC publishes expectations of retail lenders when loan repayment deferrals end

On 13 August 2020, the Australian Securities and Investments Commission (ASIC) issued letters to lenders, notifying them of ASIC’s expectations once the mortgage deferral period expires next month. Lenders had offered the six month mortgage repayment deferral period to their customers, in response to the COVID-19 pandemic, which debt is estimated to be worth billions […]

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How ASIC’s new product intervention power may be used in the future – looking overseas for clues

In this briefing, we provide an overview of the Australian PIP regime, compare it to overseas regimes and list some of the products which have been banned in Australia and under comparable regimes overseas. This briefing offers an insight into the types of products that ASIC may intervene on in the next few years. Download […]

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Changes to exemptions to the Electronic Transactions Act 1999 (Cth) yield mixed bag for banking industry

On 29 July 2020, the Commonwealth Government passed the Electronic Transactions Regulations 2020 (Cth) (Regulations), with changes to the scope of Commonwealth legislation that were wholly or partially exempt from the provisions of the Electronic Transactions Act 1999 (Cth) (Act) (Electronic Transactions Act). Exemption from the Act previously had the effect that requirements for writing, […]

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Changes to Mortgagee Power of Sale process in Queensland: is a vesting order still needed when a property is disclaimed by a Trustee in Bankruptcy or Liquidator?

Gadens has had involvement in numerous matters where land, the subject of a registered mortgage, is disclaimed by a Trustee in Bankruptcy or Liquidator. Recent changes to the Property Law Act 1974 (Qld) (Act) have simplified the process for mortgagees exercising power of sale and do away with the need for a Court order. Previously, […]

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Gadens Connect | 2020 Edition Three

In the third edition of Gadens Connect, we bring you the second quarter update for 2020. These last few months have seen us all adjusting to a new ‘norm’ and the challenges the COVID-19 pandemic has continued to bring to business and life in Australia. In this edition, we focus heavily on the impact of […]

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FSR 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 […]

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Consumer 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 […]

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