The Government has introduced the Privacy and Other Legislation Amendment Bill 2024 into the House of Representatives. Background.
If passed the Bill will implement a first tranche of changes that were agreed by the Government in its September 2023
Treasury has published an exposure draft of legislation to establish a Scams Prevention Framework (SPF) in a new part of the Competition and Consumer Act 2010.
The Framework for protecting against scams will have the following features:
Treasury has published the report of the Statutory Review of the Meetings and Documents Amendments.
The Amendments considered were made to the Corporations Act in 2021 and 2022 to provide for virtual company meetings and the electronic distribution, signing
The Australian Prudential Regulation Authority (APRA) has published a discussion paper on proposed changes to the capital framework for banks in relation to hybrid instruments.
APRA is proposing that banks phase out the use of Additional Tier 1 (AT1) capital
The Attorney-General has published Guidance on adequate procedures to prevent the commission of foreign bribery. Background.
The Crimes Legislation Amendment (Combatting Foreign Bribery) Act 2024 introduced a new corporate offence of failing to prevent foreign bribery in section 70.2
The Australian Government has published a Proposals Paper for Introducing mandatory guardrails for AI in high-risk settings. It has also published a Voluntary AI Safety Standard.
It is proposed that in designating an AI system as high-risk due
In Australian Securities and Investments Commission v Darranda Pty Ltd (Liability) [2024] FCA 1015 the Federal Court of Australia decided that Darranda’s contracts with its customers were credit contracts being a sale of goods by instalment, and not consumer leases, and
ASIC has released its Enforcement and regulatory update (1 January to 30 June 2024), which sets out recent outcomes in enforcement and regulation.
Its 2024 priorities are:
The Government has introduced the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 into the House of Representatives. Background.
If passed the Bill will extend the AML/CTF regime to certain higher-risk services provided by gatekeeper professions: real estate professionals,
APRA has registered a variation of Prudential Standard CPS 230 Operational Risk Management to insert a new transition provision in CPS 230 and also to incorporate a new definition of “significant financial institution” for registrable superannuation entity licensees .
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