Design, distribution and cryptocurrency investment – a sharp position taken by ASIC
Introduction ASIC’s Product Intervention Power (PIP) under its Design & Distribution (DDO) regime is still a relatively new tool in their regulatory tool kit. It allows ASIC to stop, or impose conditions on, the issue and distribution of financial products. We have previously considered how ASIC may use the power in connection with overseas financial […]
ReadmoreBlimey! Brits leading the charge again on crypto developers’ duty of care
It is no secret that the world’s regulators continue to develop laws and regulations relating to cryptocurrency. A recent decision of the English Court of Appeal (Court of Appeal) considered the duty of care of developers of an open-source bitcoin software system. The outcome has the potential to help integrate crypto into our society or […]
ReadmoreFinancial Accountability Regime – Comparing the 2021 and 2022 Bills
The Federal Government introduced the Financial Accountability Regime Bill 2022 (Cth) (FAR 2022) on 8 September 2022. The Bill reintroduces the Financial Accountability Regime Bill 2021 (Cth) (FAR 2021), which lapsed with the calling of the federal election in April 2022. The Financial Accountability Regime (FAR) will be the most consequential change to the financial […]
ReadmoreThe Financial Accountability Regime Bill 2022 Released Yesterday!
Yesterday, the Federal Government introduced the Financial Accountability Regime Bill 2022 (Cth). The Bill reintroduces the Financial Accountability Regime Bill 2021 (Cth), which was introduced by the previous Government but lapsed with the calling of the federal election in April. The new Bill is identical to the previous iteration (with the exception of new commencement […]
ReadmoreConsidering Conflicts: Queensland Supreme Court rejects application to restrain liquidators’ choice of representation
This matter involved the former director and former accountant of CGS Constructions (QLD) Pty Ltd filing proceedings seeking an injunction to restrain the Liquidators from engaging Cornwalls Lawyers to act on the basis that: Cornwalls also acted for a substantial creditor, Union Share Pty Ltd; and the Liquidators, by engaging Cornwalls, had manifested a tendency […]
ReadmoreA cold winter for the A Team – Court freezes funds and assets
Between 31 May 2022 and 7 June 2022, ASIC obtained three freezing orders against the Mr Hopkins and his companies. In doing so, the Federal Court of Australia ordered: 1) the Defendants’ assets be frozen; 2) the disclosure of existing assets to the Court; 3) the appointment of a receiver over digital assets; and 4) […]
ReadmoreReminder and ASIC practical guidance regarding important amendments that apply to financial advisors and clients regarding their ongoing fee arrangement obligations
The obligation to give clients a fee disclosure statement (FDS) annually where there is an ongoing fee arrangement has applied since 1 July 2012. From 1 July 2021, two broad additional obligations have applied between both advisors and clients where there is an ongoing fee arrangement (OFA) in place. These additional obligations were introduced by […]
ReadmoreWho has the match? Anti-money laundering and cryptocurrency
Combining Anti-Money Laundering (AML) considerations with cryptocurrency technology is akin to adding gasoline to a bonfire. It is a hot topic on the mind of every member of the global financial services industry. How are we to regulate and manage a new technology that seems to feed into the hands of money launderers? As AUSTRAC […]
ReadmoreHow can insurance providers stay ahead of the implementation of CDR in 2022?
Consumer Data Right presents new legal risks and challenges for insurers. Consumer Data Right (CDR) gives a consumer more control over their information, enabling them to access and share their data with accredited third parties to obtain better deals on everyday products and services. The Australian Government sees the CDR as central to driving competition […]
ReadmoreSection 249E corrupt benefits for trustees and others – Standing in the way of super fund mergers?
On 23 March 2022, in BT Funds Management Limited (ACN 002 916 458) as trustee for the Retirement Wrap Superannuation Fund the Court made orders giving its consent to certain conduct engaged in or proposed to be engaged in by the plaintiff, BT Funds Management Limited (ACN 002 916 458) (BTFM/Trustee) as trustee for the […]
ReadmoreOptimising voluntary administration: In the matter of Merchant Overseas Logistics Pty Ltd [2022] VSC 154 opens the door for expediated creditor returns through secondary voluntary administration.
The Supreme Court of Victoria has considered the viability of allowing a company to enter a second voluntary administration after going into liquidation following a failed DOCA. The Court considered that rather than maintain a state of liquidation, the secondary voluntary administration process would better serve the best interests of creditors and optimise the efficiency […]
ReadmoreKeeping your skeletons buried – maintaining legal professional privilege in the investigation process
In the investigation process, questions regarding legal professional privilege often arise, especially as it relates to reports forming part of any investigations. Recently, Gadens examined the way in which legal professional privilege can pose operational hazards for multi-disciplinary firms. This article considers legal professional privilege generally, and how it may apply in the context of […]
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