Finder (ASIC): ASIC has commenced civil penalty proceedings in the Federal Court against Finder Wallet Pty Ltd, for allegedly providing unlicensed financial services, breaching product disclosure
Token Mapping (Treasury): The Government has announced that Treasury will prioritise token mapping work in 2022, which will help identify how crypto assets and related services should be regulated. The aim will be to identify notable gaps in the regulatory framework, and progress work on a licensing framework,…
Electronic Surveillance Laws (Home Affairs): The Government has released the Reform of Australia’s electronic surveillance framework discussion paper. The discussion paper seeks early views to inform the development of a new framework, and provides an overview of how the Government proposes to reform Australia’s…
Lightspeed finance (ASIC):ASIC has commenced proceedings in the Federal Court against credit assistance provider Lightspeed Finance Pty Ltd and its director Mark James Fitzpatrick for failing to comply with AFCA determinations. Failing to comply with determinations dating back to 2018 and 2019, which were accepted…
Claims handling as a service (ASIC):ASIC has called on insurers(life / general), insurance claims managers, and claimant intermediaries to lodge licence applications (new and varied) as soon as possible, and by no later than 7 May 2021. If they do not, they may have to stop providing claims handling and settling services after 30 June 2021…
CFDs (ASIC): ASICsproduct intervention order which reduces CFD leverageavailable to retail clients and targets CFD product features and sales practices that amplify retail clients CFD losses, such as providing inducements to become a client or to trade, has now taken effect. CFDs are a leveraged derivative that allows a client to speculate…
Statutory unconscionable conduct (ACCC): inAustralian Competition and Consumer Commission v Quantum Housing Group Pty Ltd[2021] FCAFC 40the Full Federal Court upheld an appeal by the ACCC and declared that Quantum had engaged in an unconscionable system of conduct in its dealings with investors regarding…
BEAR / Westpac (APRA):the prudential regulator has closed its investigation into possible breaches of theBanking Act 1959(Cth), including the Banking Executive Accountability Regime, by Westpac. APRAcommenced the investigation in December 2019to examine prudential concerns arising from allegations by AUSTRAC…
Competing class actions (High Court):competing class actions are one of the notable issues which accompany the rise in litigation funding and correlated increase in class actions i.e. the asset class. Morabito identified that, of the 122 shareholder class actions filed in Australia since 1992, 59 were competing or related class…
BNPL CODE (AFIA):theCode of Practicefor the Buy Now Pay Later (BNPL) sector has come into effect. The Code contains 9 key commitments to customers, including that BNPL providers will be fair, honest and ethical in dealings. Combined with their voluntary sign up to AFCA, it is a significant commitment to self regulation…
Immunity policy (ASIC): power and information. ASIC has received plenty of the former in the past 2 years, and now it is focusing on the latter. It hasreleased a policywhich sets out information on applications for immunity from civil penalty or criminal proceedings for a contravention of a provision in Part 7.10 of theCorporations Act 2001(Cth)…
BEAR & Westpac (APRA):APRAhas confirmedthat it is investigating Westpac for breaches of theBanking Act 1959(Cth) including the Banking Executive Accountability Regime (BEAR) or contraventions of APRAs prudential standards. The investigation centres on AUSTRACs allegations that Westpac breached AML / CTF laws 23…
Modern slavery (legislation):the Morrison Government will establish a Modern Slavery Expert Advisory Group comprised of representatives from business, academia and elsewhere to provide advice on key issues and strengthen business engagement to effectively implement the new laws…
Class actions (High Court):in a decision with massive implications for the class actions industry, theHigh Court rejected5:2 the joint decisions of the NSW Court of Appeal and Full Federal Court of Appeal that courts have the power to make common fund orders (CFOs). CFOs are essentially an order by the court that…
Westpac AML action (ASIC):following AUSTRACs application to the Federal Court for civil penalty orders against Westpac relating to systemic non-compliance with theAML/CTF Act 2006(Cth) (Act) on over 23 million occasions, and as anticipated (see last weeks wraphere), ASIC and APRA have separately announced investigations into the matter…
Westpac AML action (AUSTRAC):for an arguably dovish regulator since its creation in 1989, Australias anti money-laundering and terrorism financing regulator has certainly turned with a vengeance. Following its successful Tabcorp and CBA actions, it has applied to the Federal Court for civil penalty orders against Westpac…
Corporate Criminal Liability (ALRC): The ALRC has been undertaking a detailed review of Australias corporate criminal liability regime pursuant to a direction from the Attorney General. The terms of reference require the ALRC to consider potential law reform to simplify the application of criminal liability to companies…
Freezing orders (ASIC): the corporate regulator has obtained freezing orders against a financial advisor Ross Andrew Hopkins, QWL and QWL Asset Management from dissipating their assets and an undertaking that they will not provide financial services to clients without seeking prior approval from ASIC…
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