The Assistant Treasurer introduced the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018 (Cth) (Bill) in September 2018. If passed by Parliament, the Bill will make significant changes to the way retail financial products are designed and distributed to improve consumer protection. It also enhances ASIC’s powers to intervene in situations where consumers are put at risk.Read More
Generating financial value is the key for any successful business, but generating sustainable value is still largely aspirational despite global movements to include more than the balance sheet when valuing a business or investments.Read More
Passing laws cannot instill good corporate culture and governance in an organisation, according to Commissioner Hayne. Culture and governance are “affected by rules, systems and practices, but in the end they depend upon people applying the right standards and doing their jobs properly.Read More
The Asia Region Funds Passport regime has finally commenced but there is a long road ahead before it becomes efficient in relation to cross border funds management.Read More
Almost a year after the Corporations Amendment (Crowd-sourced Funding) Act 2017 (Cth) came into force, public unlisted companies are taking advantage of the reduced regulatory requirements applied to crowd-sourced funding. We take a look at how companies become eligible to use the new regime.Read More
Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017 (Cth) Update: What Does it Mean?
‘Blowing the whistle’ – after a lengthy consultation phase, the draft Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017 (Cth) (Bill) is currently before Parliament having gone through two readings. The aim of the Bill is to create a comprehensive and concise whistleblower protection regime within the Corporations Act 2001 (Cth) (Corporations Act) that extends to the private sector and, in particular, to the corporate, financial and credit industries. Is your corporation, and more importantly are your staff, ready for the changes?Read More
Foreign Bribery (Part Three): Is the New Crimes Legislation Amendment Bill the Last Piece of the Puzzle?
Foreign Bribery…can impede economic development by skewing competition…[it] corrodes good governance and undermines the rule of law” (the Senate). In part three, we discuss why the Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2017 (Cth) ( Bill) came into effect, whether the Bill puts Australia on an equal footing to combat foreign bribery in the international arena, and whether there is room for improvement or amendment.Read More
Foreign Bribery (Part Two): Exploring Deferred Prosecution Agreements and the Failing to Prevent Foreign Bribery Offence
In Part Two of our series on Anti-Bribery and Corruption, we take a closer look at the key concepts from the new draft Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2017 (Cth).Read More
The draft Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2017 (‘the new Bill’) is a welcome addition to the existing criminal offences legislation in Australia, in relation to the bribing of foreign officials. This is the first in a series of releases where we comment on, and analyse, the new Bill and its impact on Australian businesses.Read More
The Treasury has recently published its opinion in relation to the Banking Royal Commission and the apparent misconduct prevailing within the industry. This, paired with ANZ and IOOF confirming the continuance of their grandfathered commission arrangements, certainly shows that the industry is still in disagreement over how it should be acting.Read More