Insights Categories: Corporate & Commercial

Apr 27, 2018

INSIGHT: Unfair Contract Protections Capture Standard Contract Loans to Small Businesses

Lending to a small business under a standard form loan contract will be susceptible to new unfair contract terms protections under the Australian Consumer Law and the Australian Securities and Investments Commission Act. The new unfair contract terms protections will apply to all standard form contracts used by lenders entered into or renewed on or […]

Apr 27, 2018

INSIGHT: Are Financial Service Providers prepared for the mandatory data breach notification regime?

From 22 February 2018, mandatory data breach notification will apply to any individual or organisation regulated by the Privacy Act 1988 (Cth). This will affect financial services businesses and foreign financial service providers with an Australian link and a continued presence in Australia. Under the new law, if a financial services business is the subject […]

Apr 27, 2018

INSIGHT: The Storm has passed!

On 22 March 2018, Justice Dowsett of the Federal Court in Queensland imposed civil penalties of $70,000 each on Mr and Mrs Cassimatis (Mr and Mrs C), the directors of Storm Financial and disqualified them from managing corporations for 7 years: ASIC v Cassimatis (No 9) [2018] FCA 385. Justice Edelman had previously found they […]

Apr 27, 2018

INSIGHT: Extensive Regulatory Reform for General Insurance in the Wings

Operational Impact on Insurers – Federal Government Response to Senate Committee Report On 20 December 2017, the Federal Government issued its response to the Senate Economics References Committee report on Australia’s general insurance industry. The Report made 15 recommendations on a range of issues, including the transparency of pricing, disclosure and competition in the general […]

Apr 6, 2018

INSIGHT: Misleading Advertising in Financial Services

Financial services providers need to take care to ensure that their advertising does not mislead consumers and that any qualification to a headline offer must be adequately disclosed in the advertisement. On 23 March 2018 RAA Insurance Pty Limited (RAA) paid $43,200 in penalties after ASIC issued four infringement notices to it for misleading representations […]

Feb 8, 2018

INSIGHT: Meridian Lawyers bolsters its property and commercial leasing practice in Sydney

Meridian Lawyers announced this week that it has appointed Penny Evans as a Principal to the firm’s Sydney property and commercial practice. Penny joins Meridian from Tresscox where she spent 22 years as a Partner in the property practice. She will be accompanied by lawyers Zile Yu and Annelise Morgan. In addition Laura Forsyth, Special Counsel will re-join Penny’s team having been […]

Nov 30, 2017

INSIGHT: PI Cover for AFS Licensees – Check your cover as not all PI policies have the same cover

Recent amendments to Regulatory Guide 126 highlight that financial service providers should regularly review their PI cover to ensure compliance with their regulatory and AFS Licence requirements. In or about August this year, ASIC release findings following a review of professional indemnity (PI) insurance policies held by a sample of 56 small AFS licensees to […]

Nov 30, 2017

INSIGHT: FOS in the Derivatives Sector – Assessment For Opening A Client Trading Account

The Financial Ombudsman Service Australia (FOS) has released its Annual Review for 2016-17 which identifies emerging trends in consumer disputes in the financial services sector. FOS identifies that it has experienced a 14% increase in the total number of disputes involving securities and derivatives in the past year. For our derivative clients who operate in […]

Nov 30, 2017

INSIGHT: New Legislation Introduces Ban on Excessive Payment Surcharges

On 1 September 2017, a ban was imposed on the practice of charging customers excessive surcharges on card payments pursuant to Competition and Consumer Amendment (Payment Surcharges) Act 2016. It will affect all businesses operating in Australia or businesses utilising an Australian bank when charging customers payment surcharges for using a credit card or debit card for payment including EFTPOS, […]

Nov 30, 2017

INSIGHT: Expanded Protection for Whistleblowers in Corporate, Financial and Credit Sectors including Tax Misconduct

On 23 October 2017, the Commonwealth Government released an exposure draft of the Treasury Laws Amendment (Whistleblowers) Bill 2017 which contains significant reforms to Australia’s private sector whistleblower laws. The new regime will offer protection to whistleblowers in the corporate, financial and credit sectors and will introduce new protections for tax whistleblowers. The proposed legislation […]

Nov 16, 2017

INSIGHT: Put it in writing: Tools to protect and enforce minority shareholder rights (Part 2)

The Importance of a Shareholders’ Agreement In the previous issue of Commercial Insights, we wrote about the utility and importance of a shareholders’ agreement in protecting the rights of a minority holding, as illustrated by the recent case of SDW2 Pty Ltd v JLF Corporation Pty Ltd & Ors[1] in the Supreme Court of Queensland. […]

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