Tag Archives: corporate and commercial

Financial Services in Focus – Issue 28

Funds and financial products

APRA releases update to its responses to the Royal Commission recommendations

On 7 August, APRA released its updated plans in relation to specific recommendations in the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

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Financial Services in Focus – Issue 14

Funds and financial products

ASIC again warns financial firms to join Australian Financial Complaints Authority

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New appointment bolsters Hall & Wilcox’s health and community sector

Leading independent business law firm Hall & Wilcox has bolstered its health, aged care, life sciences and community practices by appointing a respected leader in the field Alison Choy Flannigan as a new partner and leader of the firm’s national industry team.

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Amendments to ASX Guidance Note 8: Continuous Disclosure

ASX Guidance Note 8 was amended on 9 March, to provide greater clarity about ASX’s expectations in relation to the disclosure of market sensitive contracts and disclosures by entities in financial difficulties. With continuous disclosure increasingly becoming an area of potential risk for listed entities (given the current prevalence of shareholder class actions and increasing regulator oversight), guidance as to the expectations for such market announcements is useful in providing greater certainty and comfort to listed entities about the nature of their obligations.

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Open and transparent sale processes required for the sale of agricultural land to foreign investors

Over the last 18 months or so each notification to Australia’s Foreign Investment Review Board (FIRB) of a proposed acquisition of agricultural land by a foreign person has been met with requests from FIRB for increasing levels of detail regarding the marketing campaign undertaken in relation to the land, the extent to which potential Australian purchasers had an opportunity to bid for the land, and how the proposed foreign investor was chosen as the successful bidder.

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Fintechs set to ride wave of regulatory assistance

Good news for fintech start-ups as Australia’s corporate regulators adopt a number of initiatives to help entry level players gain a meaningful foothold in the industry.

Hall & Wilcox recently attended an Innovation Hub event organised by ASIC where regulators such as the RBA, APRA, AUSTRAC and OIAC provided an update on various initiatives they are undertaking to assist start-ups in the fintech (and to some extent, the regtech) space to navigate the regulatory landscape.

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Hall & Wilcox’s 1 July promotions

Leading independent business law firm Hall & Wilcox is pleased to announce one partner and ten senior lawyer appointments, effective 1 July 2017. The promotions are across the firm’s Melbourne, Sydney and Brisbane offices and will further bolster the firm’s insurance, litigation, corporate, employment, superannuation and property teams.

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New mandatory data breach notification legislation

The long awaited Privacy Amendment (Notifiable Data Breaches) Bill 2016 (Bill) was passed in the Australian Parliament on 13 February 2017. The Bill amends the Privacy Act 1988 (Privacy Act) to introduce a mandatory data breach notification regime (notification regime). The notification regime is a significant change to the data breach notification obligations of organisations holding personal information.

The Bill is likely to commence 12 months after it receives Royal Assent (which is expected to occur shortly).

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It’s nothing personal… Federal Court finds that ‘personal information’ must be information ‘about an individual’

On 19 January 2017, the Full Court of the Federal Court of Australia handed down its much anticipated decision in relation to whether certain types of network data stored by Telstra Corporation Limited (Telstra) was ‘personal information’ for the purposes of the Privacy Act 1988 (Cth) (Privacy Act).

Notably, the Federal Court was not asked to consider whether the network data was ‘personal information’1.

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