Legal Updates

The Financial Services Royal Commission – we digest Hayne’s Final Report

On 1 February 2019, following a whirlwind 12-month inquiry, Commissioner Hayne delivered his greatly anticipated Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. It was released to the public on 4 February 2019.

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Treasury Issues Paper: what opportunities and risks do ICOs pose for Australia?

What opportunities and risks International Coin Offerings (ICOs) pose for Australia and whether our regulatory framework is well placed to manage those opportunities and risks is the subject of an Issues Paper released by Treasury in the most recent regulatory response to the growing digital environment and structural changes in financial services markets. Interested parties can make submissions by 28 February 2019.

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Connolly Gallagher’s Managing Partner, Chip Connolly Appointed to The First State Fintech Lab Advisory Board

Connolly Gallagher’s Managing Partner, Chip Connolly Appointed to The First State Fintech Lab Advisory Board

Arthur G. (“Chip”) Connolly III was appointed to The First State Fintech Lab advisory board.  According to co-founder, John Collins, “In our Advisory Board we have assembled a diverse, world class group of leaders who see the potential Delaware has to be a financial technology leader. As the rewiring of traditional financial relationships takes place, we need to make sure that no one is left behind.”

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Seventh Circuit Holds External Job Applicants Cannot Pursue Disparate Impact Claims Under the Age Discrimination in Employment Act

In a major decision sure to provoke controversy and legislative attempts to overrule it, the en banc Seventh Circuit, by a vote of 8 to 4, has held in Kleber v. CareFusion Corp., (No. 17-1206, Jan 23, 2019), that Section 4(a)(2) of the federal Age Discrimination In Employment Act (“ADEA”) does not provide rejected external applicants with a cause of action.

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Hip hip hooray, PPSR! But it may be time to renew your PPSR registration

The Personal Property Securities Register (PPSR), established on 30 January 2012, has celebrated its seventh birthday.

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Talking Tax – Issue 146

GST consequences for couriers as independent contractors

In Qian v FCT, the AAT has confirmed that couriers who supply their own vans may be ‘carrying on an enterprise’ as independent contractors and liable for GST. This case shows how the tax implications of labour hire arrangements will be largely determined by the relevant facts.

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Registrations Due to Expire

Background

The Personal Property Securities Register (PPSR) was established on January 30, 2012, with options to register security interests over personal property for a period of (i) seven years; (ii) between seven and twenty-five years; or indefinitely. With yesterday marking seven years of the PPSR, the first round of registrations (some 120,000) are set to expire soon.

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Governor Cuomo Proposes to Strengthen Protections Against Harassment In the Workplace

Building on progressive legislation passed last year, Governor Andrew Cuomo announced a sweeping proposal to strengthen protections against harassment in the workplace. The four part sexual assault and harassment safety reforms initiative, titled “TIME’S UP New York Safety Agenda,” is contained in the Governor’s 2019 Executive Budget, which was released on January 22, 2019. The safety reforms seek to prevent sexual harassment and assault from occurring while simultaneously enabling survivors to seek justice.

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Expert insight: what to expect from the Haynes banking Royal Commission final report

The final report from the Haynes banking Royal Commission will be handed down on Friday.

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Illinois Supreme Court Declares “Aggrieved” Under BIPA Includes Those with No Injury

As we previously reported, since 2017 employees have filed dozens of employment class actions claiming violations of Illinois’ 2008 Biometric Information Privacy Act (“BIPA”). In short, BIPA protects the privacy rights of employees, customers, and others in Illinois against the improper collection, usage, storage, transmission, and destruction of biometric information, including biometric identifiers, such as retina or iris scans, fingerprints, voiceprints, and scans of face or hand geometry. Before collecting such biometric information, BIPA requires an entity to: (1) provide written notice to each individual of the collection; (2) obtain a signed release from each individual for the collection of biometric data; and (3) make available a policy that contains a retention schedule and guidelines for the permanent destruction of the biometric data.

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