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Penalties for breaches of Australian competition and consumer law set to increase
On 18 August 2022, the Commonwealth Government released draft legislation proposing five-fold increases in the maximum penalties that apply to companies …
Australian regulator consults on new operational risk management prudential standard
The Australian Prudential Regulation Authority (APRA) has released its consultation on a new cross-industry prudential standard for operational risk …
Time for reform: Can Australia bring secured transaction law into the digital age?
Reforms to Australian secured transaction law is required to meet the demands of the modern and adaptive digital asset marketplace – but will Australia’s …
AUSTRALIAN REGULATOR WINS CASE AGAINST FINANCIAL SERVICES LICENSEE FOR INADEQUATE MANAGEMENT OF CYBER RISKS
For the first time in Australia, the Federal Court has found that a failure to adequately manage cybersecurity risks constitutes a breach of general …
Increased IT security and resilience standards – ASIC imposes new Australian market integrity rules
Corporate regulator introduces fresh rules in drive to strengthen governance and bolster technological resilience.Earlier this month, ASIC introduced …
FSR Outlook 2022: Anticipating change, being prepared
Our Financial Services Regulatory (FSR) team surveys the regulatory landscape for 2022 and identifies themes that we expect to be at the core of …
FAR moving forward: What’s new and what next?
The Financial Accountability Regime Bill 2021 (FAR Bill) was introduced in the House of Representatives on 28 October 2021. This legislation will replace …
The final Senate report on Australia as a tech and finance hub – An opportunity missed
The Senate Select Committee on Australia as a Technology and Financial Centre produced its Final Report on 20 October 2021 which supplements its …
New ISO whistleblowing guidelines: implications for Australian and global businesses
New guidelines for whistleblower management systems have been recently released by ISO (the International Organisation for Standardisation) (ISO …
Changes to Significant Investor Visa regime
Fund managers operating SIV compliant funds should take note of key changes from 1 July 2021. Changes to the Significant Investor Visa regime came into …
Amendments to Australian Anti-Money Laundering and Counter-Terrorism Financing Laws have now come into effect
A series of long-awaited amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) and related legislation has …
ASIC’s consultation on regulator guidance closes as financial service and credit licensees prepare for Australia’s breach reporting reforms
In April of this year, we wrote about draft guidance released by the Australian Securities and Investments Commission (ASIC) on the significant impending …
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