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Australia Financial Regulatory Reform Financial Services Industry

K&L Gates LLP

Australia: Compensation Scheme of Last Resort (CSLR)

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Underfunded From Inception - The operator of CSLR has released the latest actuarial report commissioned on the scheme and the initial estimates of projected levies for 2025 / 26 (3rd levy period), triggering widespread...more

K&L Gates LLP

Australia: Review Recommends No Increases to Wholesale Client Test, Encourages Further Review

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The Parliamentary Joint Committee on Corporations and Financial Services (Committee) has been inquiring into the wholesale investor test for offers of securities, and the wholesale client test for financial products and...more

K&L Gates LLP

Australia's Proposed Scams Prevention Framework

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In response to growing concerns regarding the financial and emotional burden of scams on the community, the Australian government has developed the Scams Prevention Framework Bill 2024 (the Bill). Initially, the Scams...more

K&L Gates LLP

Financial Abuse and the Need for Better Financial Services Regulation

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In December 2024 the Parliamentary Joint Committee on Corporations and Financial Services (the Committee) published a Report following an inquiry into how well the existing financial services regulatory framework is...more

K&L Gates LLP

July 2024 ESG Policy Update—Australia

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Australian Update - Proposed Code of Practice to Reduce Modern Slavery Through Lending, Investment and Asset Management - The New South Wales (NSW) Anti-Slavery Commissioner (Commissioner) recently released its discussion...more

White & Case LLP

Statutory Powers of Sale

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In 2023, we saw an increase in both voluntary administration and receivership appointments in Australia. In the context of Australia's economic climate this was unsurprising — debtor companies were grappling with volatile...more

A&O Shearman

Australian merger control reform proposals set to affect deal‑making

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The Australian Treasury has released a paper to begin consultation on potential merger control reform. If implemented, the proposed reforms would transform Australia’s voluntary, non-suspensory merger control system – with...more

A&O Shearman

How to De-bank Customers Legally and Fairly: Lessons from Beyond Bank

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Occurrences of de-banking have reportedly been increasing over the last decade1 as financial institutions seek to adapt to a changing regulatory and financial landscape. However taking such steps poses risks to financial...more

Jones Day

Australian Financial Services Regulatory Update - June 2022

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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

Jones Day

The Return of ASIC Court Enforceable Undertakings: Devil in the Detail

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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

Jones Day

Australian Financial Services Regulatory Update - December 2021

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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

Jones Day

Australian Financial Services Regulatory Update - July 2021

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This edition of the Update covers: Key Legal and Regulatory Developments Financial Markets The Australian Regulators Reiterate Their Expectations for a Smooth Transition Away From LIBOR On 4 June 2021, ASIC, APRA, and the RBA...more

Jones Day

Australian Financial Services Regulatory Update - May 2021

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This edition of the Update covers: 1. Recent legal and regulatory developments, including the release of ASIC's immunity policy for market misconduct offences, a FATF consultation on proliferation of financial risk and...more

Jones Day

ASIC's New Corporate Plan Covers Next Four Years

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Australia's corporate regulator has released its Corporate Plan, which outlines its strategic litigation goals and governance initiatives over the next four years. On 31 August 2020, the Australian Securities and...more

Jones Day

Australia Financial Services Industry Royal Commission Leads to Class Actions Boom

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Australia's landmark Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry that was conducted throughout 2018 and reported in early 2019 highlighted numerous examples of potential...more

Hogan Lovells

The good, the bad and the ugly

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One year on from Australia's Royal Commission on Banking - The report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Report), was published one year ago....more

Jones Day

Australian Financial Services Subject to Perfect Storm of Enforcement

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Recent strategies and initiatives announced by Australia's corporate and prudential regulators and the Australian government's release in August 2019 of its Financial Services Royal Commission Implementation Roadmap provide a...more

Jones Day

Australian Regulator Proposes Changes to Licensing of Foreign Financial Services Providers

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The Situation: Many foreign financial services providers ("FFSPs") currently rely on one of two types of relief from broadly defined provisions of the Corporations Act 2001 that would otherwise require them to obtain and hold...more

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