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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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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Buy Now Pay Later: ‘Walks like a duck’ regulation announced

On 22 May 2023, the Treasury announced that the Buy Now Pay Later (BNPL) industry will be regulated under the National Consumer Credit Protection Act 2009 (Credit Act). The move was announced by the financial services minister and assistant treasurer, Stephen Jones MP, at the Responsible Lending & Borrowing Summit. The announcement confirms that the […]

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Our Top 10 Unfair Contract Terms (infographic)

From 9 November 2023 the Unfair Contract Terms regime will have real teeth and apply to more contracts. From then, large penalties can apply for use of unfair contract terms. The regime applies to consumer contracts and small business contracts. Standard form business contracts will generally be covered if one party has fewer than 100 […]

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FMCG Express | March 2023 Edition

The latest edition of FMCG Express goes straight to the heart of legal issues affecting corporate Australia in 2023; reforms to unfair contracts legislation; changes to the Fair Work Act; privacy law amendments; and cyber and data security. Partner Breanna Davies and the Gadens team of contributors are at the forefront of the analysis of […]

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Penalties for consumer law breaches on the rise: Federal Court finds Employsure penalty ‘manifestly inadequate’

The recent Employsure decision makes it very clear that penalties for breaches of the Australian Consumer Law (ACL), particularly where those breaches occur online, cannot be considered a ‘cost of doing business’ by companies assessing risks around particular conduct or the adequacy of their compliance program. The Full Federal Court, on an appeal brought by […]

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Buy Now Pay Later Options Paper: The reforms start to take shape

On 21 November 2022, the Buy Now Pay Later (BNPL) options paper was released by Treasury for public consultation (Options Paper). The Options Paper examines the regulatory challenges of emerging financial products, particularly BNPL, and the appropriate regulatory approach to maintain the advantages of accessing credit while sufficiently protecting consumers. With the closing date for […]

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AFCA has the final word: Courts will only disturb AFCA determinations in limited circumstances

Australia Capital Financial Management Pty Ltd v Australian Financial Complaints Authority Limited [2022] NSWCA 204 The NSW Court of Appeal has upheld a decision that AFCA had jurisdiction to decide that a lender engaged in unconscionable conduct by taking a guarantee such that it was unenforceable and compensation had to be paid, despite the lender […]

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Increased competition and consumer law penalties now take effect

The maximum penalties for contraventions of competition law prohibitions in the Competition and Consumer Act 2010 (Cth) and offence and civil penalty provisions in the Australian Consumer Law have now markedly increased following the Treasury Laws Amendment (More Competition, Better Prices) Act 2022 (Cth) having received the Royal Assent. Of particular note, the maximum penalty for […]

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Date set for ‘unfair contract terms’ to be rendered unlawful: Time to act

Businesses now have less than 12 months to cease using unfair contract terms in their standard form consumer contracts and small business contracts, now that the Treasury Laws Amendment (More Competition, Better Prices) Act 2022 (Cth) has received the Royal Assent. Whereas unfair contract terms can presently be rendered void and unenforceable, the use of unfair […]

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Unfair contract terms – Commonwealth government driving major reforms

On 28 September 2022 the Commonwealth government introduced to Parliament a bill that will, if passed, make major changes to the unfair contract terms regime in Australia.  The bill is called the Treasury Laws Amendment (More Competition, Better Prices) Bill 2022. The unfair contract terms provisions in the Bill are virtually identical to the provisions […]

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Buy Now Pay Later: Industry awaiting Issues Paper with bated breath

For better or worse, the Buy Now Pay Later (BNPL) industry has continued to make headlines since our last report. The sector’s meteoric rise has been tempered in recent months by a combination of market saturation, broader macroeconomic factors, and, most recently, a new political climate. The new Labor Government has made clear its intentions […]

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