Doing Business in Australia

The revised 2020 edition of Gadens’ Doing Business in Australia guide provides foreign investors with an overview of the Australian business, economic and regulatory environment, and practical advice on how to go about setting up and doing business in Australia. The Australian Government welcomes foreign investment. With well-developed infrastructure, a stable political environment, a robust, […]

Readmore

FSR Wrap | November 2020

As we approach the end of the year, Gadens’ FSR Team presents an update for the financial services regulatory market. This edition of FSR Wrap provides a focus on ‘business as usual’ regulations of importance to Australian financial services companies. As we look to 2021 and the introduction of a raft of legislation that has […]

Readmore

Gadens Connect | 2020 Edition Four

This edition of Gadens Connect provides the first update from the new financial year for our clients in the financial services industry. COVID-19 has continued to impact business across Australia and we are continually working to support our clients where needed. We have seen our clients undertaking resumption activities with customers and preparing to deal […]

Readmore

Simplifying access to credit – a win for lenders!

As Australia continues to recover from the COVID-19 pandemic, the Morrison Government announced proposed changes to access credit. The proposed changes, outlined in the article below, seek to simplify the system between consumers and lenders, making access to credit easier for consumers and small businesses. Read the full article below.   Our Banking & Finance team […]

Readmore

Conflicted remuneration – mortgage brokers’ tricky year ahead

The Federal Treasury has released the long-awaited regulations which will govern mortgage broker remuneration from 1 January 2021, the Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers) (Mortgage Brokers) Regulations 2020 (Regulations). It follows the release of the draft regulations and explanatory statement in August 2019. The Financial Sector Reform (Hayne Royal Commission Response – […]

Readmore

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 […]

Readmore

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 […]

Readmore

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 […]

Readmore

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 […]

Readmore

Unfair 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 […]

Readmore

COVID-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 […]

Readmore

ASIC’s guidance to mortgage brokers on their ‘best interests’ duty – time to act!

The Australian Securities and Investments Commission (ASIC) has just released RG 273, which sets out its view on how mortgage brokers may comply with their ‘best interests’ obligations which commence in January 2021. The guidance follows the passing, on 6 February 2020, of the Financial Sector Reform (Hayne Royal Commission Response – Protecting Customers (2019 […]

Readmore