In Australian Securities and Investments Commission v National Australia Bank Limited (No 2) [2023] FCA 1118 the Federal Court of Australia ordered National Australia Bank Limited to pay to the Commonwealth of Australia a pecuniary penalty of $2,100,000 in respect
The Banking Code Compliance Committee (BCCC) has published its report on compliance with the Banking Code of Practice for the July to December 2022 reporting period.
In this reporting period, there was an increase in breaches related to privacy,
Royal Assent for the Financial Accountability Regime Bill was given on 14 September 2023. Background.
The Financial Accountability Regime will commence on 15 March 2024 for Banks and 15 March 2025 for all other regulated entities including insurers and
The Australian Prudential Regulation Authority (APRA) has issued a discussion paper outlining the challenges of using Additional Tier 1 (AT1) capital instruments in a potential bank stress scenario and calling for feedback on a range of potential options to overcome
The Australian Government has released its proposed legislative response to the recommendations of the Final Report of the 2015 Statutory Review of the Personal Property Securities Act 2009 (the Whittaker Review).
The overarching objective of the reforms is to simplify
ASIC has released its annual licensing report: Report 772 Licensing and professional registration activities: 2023 update (REP 772).
The time to make decisions for AFS Licences has worsened while the time to make decisions for Credit Licences has
The Interactive Gambling Amendment (Credit and Other Measures) Bill 2023 has been introduced into the House of Representatives to prohibit the use of credit cards, credit related products and digital currency as payment methods for interactive wagering services. Background.
The Treasury Laws Amendment (2023 Law Improvement Package No. 1) Bill 2023 has been passed by both houses of Parliament and is awaiting Royal Assent.
The Bill implements recommendations identified by the Australian Law Reform Commission in Interim Reports A
The Government has introduced the Identity Verification Services Bill 2023 into the House of Representatives to authorise the Government’s ability to provide three kinds of identity verification for digital identity service providers: a document verification service, an identity verification service
The Statutory Declarations Amendment Bill 2023 (Cth) has been passed by the House of Representatives and referred to the Senate Legal and Constitutional Affairs Legislation Committee.
If passed, a Commonwealth statutory declaration would be able to be executed in any