On 5 February 2025, the Australian Government (via the Department of Treasury) released an exposure draft on the National Consumer Credit Protection Amendment (Low Cost Credit) Regulations 2025 (draft Regulations). The draft...more
On 29 November 2024, the Australian Parliament passed the long-awaited Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 (Bill)....more
The Australian Securities and Investments Commission (ASIC) recently released proposed updates to Information Sheet 225 (INFO 225) and a corresponding consultation paper....more
The Australian Treasury released an Exposure Draft on 26 November 2024 (Amending Rules) proposing amendments to the Competition and Consumer (Consumer Data Right) Rules 2020 (CDR Rules). Whilst the government designated the...more
As Artificial intelligence (AI) continues to be adopted and used by Australian Financial Services (AFS) licensees broadly, it has become increasingly evident that many licensees’ deployment of AI falls short of their existing...more
On 29 October 2024, the Australian Securities and Investments Commission (ASIC) published REP 798 Beware the gap: Governance arrangements in the face of AI innovation. This report details ASIC's findings from a review of how...more
11/25/2024
/ Artificial Intelligence ,
ASIC ,
Asset Management ,
Australia ,
Compliance ,
Consumer Financial Products ,
Financial Services Industry ,
Innovative Technology ,
Licensees ,
Machine Learning ,
Risk Mitigation
The Attorney-General has introduced the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (the Bill) to address regulatory “gaps” in Australia’s existing Anti-Money Laundering and Counter-Terrorism...more
11/5/2024
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
Asset Management ,
Australia ,
Cryptocurrency ,
Digital Assets ,
Foreign Investment ,
Popular ,
Proposed Legislation ,
Risk Assessment ,
Risk Management ,
Terrorist Financing
Australia welcomes new business and foreign investment by providing a strong economy, a stable political environment and a skilled and talented workforce. Our comprehensive guide to Doing Business in Australia has been...more
4/19/2024
/ ASIC ,
Australia ,
Australian Competition and Consumer Commission (ACCC) ,
Australian Securities Exchange (ASX) ,
Board of Directors ,
Business Development ,
Business Entities ,
Capital Gains Tax ,
Competition ,
Copyright ,
Corporate Governance ,
Data Breach ,
Data Privacy ,
Digital Assets ,
Disclosure Requirements ,
FinTech ,
Foreign Corporations ,
Foreign Investment ,
Foreign Ownership ,
Franchises ,
Franchisors ,
Immigration ,
Income Taxes ,
Insolvency ,
Intellectual Property Protection ,
Investment Funds ,
Investors ,
Joint Venture ,
Limited Partnerships ,
Modern Slavery Act ,
National Security ,
Notice Requirements ,
Partnerships ,
Patents ,
Regulatory Oversight ,
Risk Mitigation ,
Securities ,
Sole Proprietorship ,
Supply Chain ,
Tax Rates ,
Thin Capitalization ,
Trademarks ,
Trusts ,
Venture Capital
Environmental, social, and governance (ESG) and the sustainable economy are concepts that often overlap and frequently intertwine. Whether viewed separately or together, they have significantly changed global investing and...more
2/14/2023
/ Carbon Emissions ,
Clean Energy ,
Corporate Governance ,
Corporate Social Responsibility ,
Energy Sector ,
Environmental Justice ,
Environmental Social & Governance (ESG) ,
Greenhouse Gas Emissions ,
Investment Management ,
Investors ,
Popular ,
Supply Chain ,
Sustainability ,
Sustainable Business Practices
Environmental, social, and governance (ESG) and the sustainable economy are concepts that often overlap and frequently intertwine. Whether viewed separately or together, they have significantly changed global investing and...more
Judith Rinearson and Jeremy McLaughlin sit down with payments lawyers to cover the fintech market place, trends, and developments around the world in the Payments Across the Globe mini-series.
In this episode Jeremey...more
The Law Reform Committee (LRC) of the Singapore Academy of Law (SAL) established a Subcommittee on Robotics and Artificial Intelligence to consider and make recommendations regarding the application of the law to AI systems....more
On 25 September 2020, the Australian Government announced multiple reforms to consumer responsible lending laws, with the intention to stimulate the economy by reducing the cost and time for consumers and businesses to access...more
In a year of epic events, it is difficult to see how any financial services reforms could be seen as truly significant. The removal of consumer responsible lending laws, though is significant, at least in relative terms. ...more
Since our last update in late June, governments and regulators have been continuing to address COVID-19 issues with new updates released regularly. Notably, regulators have also extended some temporary measures given the...more
There are many government and regulator initiatives aimed at addressing COVID-19 issues and new responses emerge on a daily basis. We have summarised those announcements, relevant to the superannuation and funds management...more
Welcome to the first of a regular series of K&L Gates Legal Insights addressing the new enforcement environment in financial services.
The Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial...more
An Australian Securities & Investments Commission (ASIC) Report, "Sale of Direct Life Insurance" (Report), has exposed systemic issues within the life insurance industry. The findings include a number of dramatic case studies...more
Misaligned advisor interests. Consumer disengagement. Low financial literacy in the face of complex documents. These themes echo throughout the revised Treasury Laws Amendment (Design and Distribution Obligations and Product...more
"In order to be irreplaceable, one must always be different." - Coco Chanel
Welcome to our latest edition of Fashion Law where we provide you with the latest updates on legal issues affecting the fashion industry.
In...more
There are good reasons to suspect that we may soon see increased enforcement action from the anti-money laundering and counter-terrorism financing (AML/CTF) regulator, Australian Transaction Reports and Analysis Centre...more
"Fashions fade, style is eternal." - Yves Saint Laurent -
Welcome to our latest edition of Fashion Law where we provide you with the latest updates on legal issues affecting the fashion industry.
In this issue we...more
ASIC's amended fee and cost disclosure requirements for managed investment schemes and superannuation funds are due to commence tomorrow. However, ASIC has granted an extension until 1 September 2017....more
The Australian government has released draft regulations implementing a single sided exemption from the trade reporting regime for over-the-counter (OTC) derivatives. Consultation on the regulations closed in late June and...more
7/28/2015
/ ASIC ,
Compliance ,
Derivatives ,
DTCC ,
Financial Markets ,
Foreign ,
Foreign Entities ,
Foreign Trade Regulations ,
Hedge Funds ,
Investment Management ,
Over The Counter Derivatives (OTC) ,
Safe Harbors ,
Superannuation
At the end of May 2014, a bill was introduced to the Australian Federal Parliament to give effect to the United States' Foreign Account Tax Compliance Act (FATCA) and the intergovernmental agreement which was executed by...more