Is the DIN coming in? – An update on Australia’s proposed introduction of a Director Identification Number (DIN) regime

Scrutiny of corporate governance and the role of directors is set to continue throughout 2020 as the aftermath of the banking royal commission continues to play out. Against that background, Australian directors and corporations may also be facing a significant new administrative burden if the registry modernisation legislation, which is currently before the Senate, is […]

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High Court confirms who is an “officer”

The Australian Securities and Investments Commission (ASIC) today succeeded in a major High Court decision[1] on who is a company “officer” potentially liable for penalties under the Corporations Act. The High Court unanimously held that the definition of “officer” is not limited to those who hold or occupy a named office in a corporation or […]

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You are on notice – comply or run the risk of serious consequences well beyond back-pay!

“…if there is a major business in Australia who doesn’t consider itself on notice that they have to invest and improve their systems of payments, and their platforms, and their technology, and their auditing, then that system, that company would have rocks in its head… you’re on notice.” Industrial Relations Minister and Attorney-General Christian Porter […]

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Discretionary Trusts to be automatically deemed foreign trusts – Victoria and NSW

The Victorian State Revenue Office (SRO) has come out with an announcement that from 1 March 2020 it will no longer apply its practical approach in determining whether a discretionary trust is a foreign trust for stamp duty purposes. From 1 March 2020, any discretionary trust that does not specifically exclude foreign beneficiaries will automatically […]

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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 […]

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Victoria to introduce offence of Industrial Manslaughter: What does it mean for employers?

The Victorian Parliament recently passed the Workplace Safety Legislation Amendment (Workplace Manslaughter and Other Matters) Bill 2019 (Bill), to introduce a new offence of ‘industrial manslaughter’ under section 39G of the Occupational Health and Safety Act 2004 (Vic) (OHS Act). The Bill comes just months after the national “Review of the model WHS laws: Final report” […]

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Culture-related Regulatory Enforcement: Where might the Australian ‘BEAR’ go hunting?

This two-part briefing has been prepared for in-house legal, risk and compliance professionals in financial services firms, including insurance and superannuation entities. Part one of this briefing covers the following matters: Introduction to the “Banking Executive Accountability Regime” (BEAR) What is required under the regime and penalties for individuals and companies BEAR’s imminent expansion to […]

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ASIC appeals Westpac’s success in the responsible consumer lending test case

In Australian Securities and Investments Commission v Westpac Banking Corporation (Liability Trial) [2019] FCA 1244, the Australian Securities and Investments Commission (ASIC) has brought a ‘test case’ considering alleged breaches of responsible lending obligations against Westpac Banking Corporation (Westpac). In particular, ASIC alleged Westpac breached the National Consumer Credit Protection Act 2009 (Cth) (the Act) through the use of its […]

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Lender’s minor omissions have major impact in summary judgment application

In Secure Funding v West [2017] QDC 169, the District Court of Queensland provides a helpful reminder of the importance of complying with contractual and legislative notice requirements.  As this case demonstrates, it is important for lenders to be able to demonstrate service of default notices so as to avoid minor omissions which can be costly.   […]

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Marshalling – what is it and how can it help a second registered mortgagee?

Marshalling is an equitable doctrine designed to protect second registered mortgagees from not being paid because of the arbitrary or capricious realisation of a security property by a prior mortgagee. In certain circumstances, a second registered mortgagee may be able to access surplus proceeds of sale from a property which it did not hold a mortgage […]

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FMCG Express | September Edition

Gadens has brought together a selection of articles from our top lawyers operating across the FMCG sector, to bring you the September edition of the FMCG Express. Covering recent stories such as the Kraft vs Bega dispute, the advertising campaign by Ad Standards and Hells Angels Motorcycle Corporation (Australia) Pty Limited v Redbubble Limited [2019] […]

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Potential reform of Australia’s federal discrimination laws

The Australian Human Rights Commission is currently reviewing Australia’s federal discrimination laws and considering what reforms should be made to those laws. To that end, the Commission recently released a discussion paper, “Free and Equal: An Australian Conversation on Human Rights“, setting out its preliminary views on the priorities for reform. The paper notes that […]

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