Bright Law Blog

Blog Authors

Latest from Bright Law Blog

Overview Australia’s Parliament and regulators are working together to faciltate the economic response to the COVID-19 (Coronavirus) pandemic. Here’s a summary of the week’s events since my note on 22 March. Coronavirus response bill package passed The Commonwealth Parliament passed its financial support bills on Monday 23 March before adjourning until 11 August 2020. The package of bills received Royal Assent on 24 March 2020. The Acts passed are: The Coronavirus Economic Response Package…
Overview In the last week the Commonwealth Government has announced financial and regulatory measures in response to the economic risk of the COVID-19 (coronavirus) health crisis. Regulators have also announced their policies relevant to the financial services sector. This article summarises issues affecting financial services providers. Legislation The Commonwealth Parliament is scheduled to address urgent legislative measures on Monday 23 March 2020. It is not clear whether there will be any normal sitting days after…
ASIC has announced that it has commenced proceedings in the Federal Court against Commonwealth Bank of Australia (CBA) for alleged breaches of the ASIC Act and Corporations Act for failures of its AgriAdvantage Plus Package (AA+ Package). ASIC alleges that: from May 2005 to December 2015, CBA sold customers the AA+ Package, which entitled customers, in exchange for the payment of package fees, to benefits in the form of fee waivers and interest rate discounts,…
In Australian Competition and Consumer Commission v Panthera Finance Pty Ltd [2020] FCA 340 the Federal Court of Australia ordered that Panthera Finance Pty Ltd pay $500,000 in penalties for unduly harassing three consumers over utilities debts they did not owe and for misleading one of the three consumers. The Court held that Panthera repeatedly contacted and harassed three consumers to pay disputed debts despite being advised that they were not liable for the debts…
ASIC has announced that it has commenced proceedings in the Federal Court against Commonwealth Bank of Australia (CBA) for alleged contraventions of the responsible lending provisions of the National Consumer Credit Protection Act 2009 (National Credit Act). The action against CBA is for failures to take account of a notification by a customer that he was a problem gambler and to take reasonable steps to verify his financial situation before offering and approving a credit…
The ACCC has released an issues paper seeking views on the key issues affecting markets for the supply of digital advertising technology services and digital advertising agency services. Online advertising can be broadly divided into three types:1) search advertising, which appear when a user performs a search query on a general search engine (such as Google and Bing) or a specialised search engine (such as Amazon or Expedia)2) classified advertising, which appear on general classifieds…
In Australian Securities and Investments Commission v King [2020] HCA 4 the High Court of Australia decided that the word “officer” as defined in section 9 of the Corporations Act 2001 (Cth) included “a person … who has the capacity to affect significantly the corporation’s financial standing” even if the person does not hold or occupy a named office in a corporation or a recognised position with rights and duties attached to it. The relevant…
In Australian Securities and Investments Commission v King [2020] HCA 4 the High Court of Australia decided that the word “officer” as defined in section 9 of the Corporations Act 2001 (Cth) included “a person … who has the capacity to affect significantly the corporation’s financial standing” even if the person does not hold or occupy a named office in a corporation or a recognised position with rights and duties attached to it. The relevant…
The Council of Financial Regulators which co-ordinates the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Australian Treasury and the Reserve Bank of Australia (RBA) has announced that financial regulators and the Australian Government are working closely together to help ensure that Australia’s financial markets continue to operate effectively and that credit is available to households and businesses. The Council says that the banking system is well capitalised and is…
The Council of Financial Regulators which co-ordinates the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Australian Treasury and the Reserve Bank of Australia (RBA) has announced that financial regulators and the Australian Government are working closely together to help ensure that Australia’s financial markets continue to operate effectively and that credit is available to households and businesses. The Council says that the banking system is well capitalised and is…