In light of the DOJ’s most recent guidance on the use of personal devices and third-party messaging applications by corporate personnel, this White Paper addresses issues and challenges that companies are facing in this area...more
10/18/2023
/ CFTC ,
Compliance ,
Cybersecurity ,
Data Collection ,
Data Privacy ,
Data Protection ,
Department of Justice (DOJ) ,
Electronic Communications ,
Financial Industry Regulatory Authority (FINRA) ,
Guidance Update ,
Instant Messaging Apps ,
Mobile Devices ,
Policies and Procedures ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes ,
Workplace Communication
In Short -
The Situation: In 2018, the Australian federal government obligated Australian corporates to engage with modern slavery risks in their supply chain by enacting the Modern Slavery Act 2018 (Cth) ("the Act")....more
In 2022, anti-money laundering ("AML") and sanctions controls were at the center of regulatory and enforcement activities in the United States and abroad. Globally, governments have continued to recognize the impact of AML...more
In Short -
The Situation: The High Court of Australia has confirmed in Bryant v Badenoch Integrated Logging Pty Ltd [2023] HCA 2 that the "peak indebtedness rule" is no longer available to liquidators when assessing the...more
In Short -
The Situation: Historically, creditors pursued by liquidators under the unfair preference regime could rely on a statutory set-off as a defence to the claim, reducing or eliminating their liability to repay...more
This edition of the Update covers:
Recent legal and regulatory developments, including guidance to APRA-regulated entities following the cyber attacks on Medibank and Optus, the release of the inaugural Climate...more
In Short -
The Situation: The Victorian Court of Appeal in Australia has delivered a decision with guidance to lawyers on their duties when dealing with witnesses in civil cases where there is a risk that the witnesses'...more
This edition of the Update covers: -
Recent legal and regulatory developments, including the commencement of cyber security incident notification obligations for critical financial market infrastructure assets, AUSTRAC's...more
In Short -
The Situation: The Australian Securities and Investments Commission ("ASIC") has released guidance to superannuation and managed funds as to how to avoid the risk of greenwashing when promoting...more
This edition of the Update covers:
Recent legal and regulatory developments, including the release of regulatory guidance on crypto asset-related investment products, the imposition of additional licence conditions on the...more
2021 was a precedent-setting year for anti-money laundering (“AML”) enforcement and legislation. The digital assets industry continued to grow exponentially, driving the associated AML risks to the forefront of regulatory...more
3/10/2022
/ AML/CFT ,
Anti-Money Laundering ,
BSA/AML ,
Corruption ,
Cryptoassets ,
Economic Sanctions ,
Financial Crimes ,
FinCEN ,
Justice Against Sponsors of Terrorism Act (JASTA) ,
Terrorist Financing Regulations ,
Virtual Currency
Australia's Existing Autonomous Sanctions Regime -
Australia's existing autonomous sanctions regime is set out in the Autonomous Sanctions Act 2011 (Cth) ("Act")....more
ASIC's Approach to CEUs Prior to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry ("Royal Commission"), ASIC routinely accepted CEUs as a form of administrative settlement...more
Background -
During a winding up, the statutory duty of a liquidator is to gather in the estate of the company, which includes recovering any amounts owing to the company. Creditors then submit proofs of debt and receive...more
On 4 November 2021, the Federal Court of Australia made orders by consent which require the Commonwealth Bank of Australia ("CBA") to permit the plaintiff shareholders to inspect and make copies of books and records that...more
The Applicant's Claims -
In July 2020, Ms. Kathleen O'Donnell commenced a representative proceeding on her own behalf and on behalf of all persons who at any time on or since 7 July 2020 have acquired certain types of...more
This edition of the Update covers:
KEY LEGAL AND REGULATORY DEVELOPMENTS
Regulatory Priorities
ASIC and APRA Release Their Corporate Plans for 2021-25
On 26 August 2021, the Australian Securities & Investments Commission...more
12/1/2021
/ AML/CFT ,
ASIC ,
Australia ,
Criminal Investigations ,
Cybersecurity ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Financial Institutions ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Libor ,
Loans ,
Popular ,
Prudential Standards ,
Regulatory Agenda
Proceedings filed by public interest group Environment Victoria represent the first climate change litigation in Australia to challenge the licence to operate of coal-fired energy producers. A public interest group has filed...more
10/6/2021
/ Australia ,
Carbon Emissions ,
Climate Change ,
Coal Industry ,
Coal-Fired Plants ,
Energy & Climate Debates ,
Energy Policy ,
Energy Projects ,
Environmental Policies ,
Greenhouse Gas Emissions ,
Licensing Rules ,
Pollution Control ,
Power Infrastructure ,
Regulatory Agenda ,
Victorian Supreme Court
Background -
Fairfax Media Publications Pty Ltd, Nationwide News Pty Ltd and Australian News Channel Pty Ltd all maintain public Facebook pages allowing comments from members of the public. Dylan Voller commenced...more
NSW Court of Criminal Appeal rules that any admissions made in civil proceedings can be used in future criminal proceedings.
In Turnbull v Office of Environment and Heritage [2021] NSWCCA 190, the NSW Court of Criminal...more
Overhaul of ASIC's Internal Governance Framework ASIC's Corporate Plan for 2021-25 is the first of its kind released under new Chair Joseph Longo and new Deputy Chair and Head of Enforcement Sarah Court, who each started in...more
The Facts In April 2020, a climate action group called Bushfire Survivors for Climate Action Incorporated ("BSCA") filed civil enforcement proceedings against the EPA in the NSW Land and Environment Court....more
9/9/2021
/ Australia ,
Breach of Duty ,
Climate Action Plan ,
Climate Change ,
Environmental Claims ,
Environmental Policies ,
Global Warming ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Reform ,
Statutory Requirements
On 26 August 2021, the Australasian Centre for Corporate Responsibility ("ACCR") initiated proceedings against Australian gas-producer Santos Limited, challenging statements and policies which the ACCR considered...more
BEAR, which came into effect throughout 2018 and 2019, imposed extensive accountability obligations on ADIs and expanded APRA's enforcement powers. You can read our previous Commentary on BEAR here. ...more
On 10 August 2021, the Australian Parliament passed the Treasury Laws Amendment (2021 Measures No. 1) Bill, which will permanently reform its continuous disclosure regime and related prohibitions on misleading conduct by...more