Mandatory sustainability reporting regime: An update – Second reading debate completed

In the March 2024 edition of Gadens’ FMCG Express, we discussed the exposure draft of the Treasury Laws Amendment Bill 2024: Climate-related financial disclosure (Draft Legislation), which outlined a proposal for the implementation of a mandatory climate-related financial disclosure regime based on existing international frameworks and standards. On 27 March 2024, the Treasury Laws Amendment […]

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Gadens Regulatory Recap – 16 May 2024

This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, ATO, ACCC, Treasury and the RBA, including various enforcement actions taken by the regulators.  ASIC   Scam alert: Scammers are changing the way they impersonate financial services businesses in sophisticated bond and term deposit scams: ASIC has issued a warning to consumers about a […]

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Court orders are not needed to evict renters

In the recent Supreme Court decision of Justice Harris in Commonwealth Bank of Australia v Shrestha [2024] VSC 229 (Shrestha) the Court was asked to determine whether a court order showing a mortgagee’s entitlement to possession of a mortgaged property is required prior to making a possession order against a renter under s 325 of […]

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Gadens Regulatory Recap – 30 April 2024

This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, ACCC, and the RBA, including various enforcement actions taken by the regulators. ASIC ASIC releases early guidance on mandatory climate disclosure regime: During a keynote speech at Deakin Law School, ASIC Chair Joe Longo urged entities to prepare for Australia’s imminent mandatory climate […]

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ASIC obtains Judgement against SunshineLoans for charging fees not permitted by the National Credit Code

The Australian Securities and Investments Commission (ASIC) brought proceedings against SunshineLoans Pty Ltd (SunshineLoans) alleging contraventions of the National Consumer Credit Protection Act 2009 (Cth) (NCCPA) in its lending business, which involved small amount credit contracts (SACCs). ASIC alleged that SunshineLoans charged customers certain fees which were prohibited. ASIC sought injunctions and declarations of contravention, […]

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Gadens Regulatory Recap – 16 April 2024

This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, ACCC, the OAIC, and the ATO, including various enforcement actions taken by the regulators.  ASIC ASIC consults on misconduct reporting guidance for external administrators and controllers: ASIC is consulting on proposed updates to Regulatory Guide 16 (RG 16), which deals with the […]

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ASIC issues infringement notices to an auditor for failing to comply with independence standards

The Australian Securities & Investments Commission (ASIC) has, for the first time, issued infringement notices pursuant to the Corporations Act 2001 (Cth) (the Act) alleging that an auditor failed to comply with his audit rotation obligations. Allegations Following a voluntary disclosure to ASIC by the auditor pursuant to section 311 of the Act, ASIC stated […]

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Gadens Regulatory Recap – 4 April 2024

This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, ACCC, the OAIC, and the ATO, including various enforcement actions taken by the regulators.  ASIC  New legislative instrument issued by ASIC extends relief for exchange traded funds: On 18 March 2024, the Australian & Investments Commission (ASIC) released new legislative instrument ASIC […]

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ASIC secures victory against Vanguard Investments for ‘ethically conscious’ greenwashing conduct

Last year, we reported on the Australian Securities and Investments Commissions (ASIC) commencement of proceedings against Vanguard Investments Australia Ltd (Vanguard) alleging that Vanguard engaged in misleading conduct in breach of the ASIC Act by making false or misleading claims about the ESG criteria applied to an investment fund it offered to potential investors. On […]

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Finder: ASIC to continue to pursue cases to clarify crypto regulation as the Federal Court finds that a crypto-asset is not a debenture

The Federal Court has handed down its second significant decision involving crypto assets this year. The judgment in ASIC v Finder Wallet Pty Ltd[1] (Finder) follows the recent decision in the BlockEarner case[2] and provides some further guidance for crypto-asset issuers attempting to navigate the present uncertainty around the intersection of digital assets and financial […]

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Gadens Regulatory Recap – 19 March 2024

This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, ACCC, AFCA, the OAIC, and the ATO including various enforcement actions taken by the regulators.  ASIC  ASIC calls on insurers to improve claims handling practices: On 6 March 2024, ASIC issued a letter reminding general insurers of their obligations regarding insurance claims […]

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Buy Now Pay Later: the shape of the new regulatory regime

Treasury has released the much anticipated draft legislation for the regulation of Buy Now Pay Later (BNPL) products and confirmed that BNPL providers should prepare to obtain a new or modified Australian Credit Licence and work through the impact of being regulated as credit providers on their businesses. Anti-avoidance protections promise to ensure there is […]

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