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In Shahin Enterprises Pty Ltd V BP Australia Pty Ltd [2019] SASC 12 the South Australian Supreme Court had to decide whether non-compliance by BP with a clause in its petroleum products supply contract requiring BP to provide to Shahin information about its card customers who visit Shahin’s sites so that Shahin could market goods and services to these customers constituted breach of contract. Shahin owned BP Branded Privately Owned Sites in South Australia. Shahin’s…
The BEAR accountability obligations of ADI’s and individual accountable persons include conducting business with honesty and integrity and to prevent matters from arising that would adversely affect the ADI’s prudential standing or prudential reputation. The UK Financial Conduct Authority which administers the UK’s Senior Managers and Certification Regime (SMCR) (on which BEAR is based) has made it clear in a letter to the House of Commons Women and Equalities Committee that it views sexual harassment…
I have published a new 20 minute video on loan guarantees, incorporating recent cases and good practice guidelines from the Banking Code of Practice. It is suitable for people new to the finance sector or wanting a refresher. Watch the video here. PS Why video training? Videos are very convenient. A couple of clicks and you’re already viewing the program, no matter where you are — at work, at home, or travelling. And there…
The Australian Prudential Regulation Authority (APRA) has released for consultation a draft form and guide for applications to acquire a controlling stake in a registrable superannuation entity (RSE) licensee. The new process follows the amendment of the Superannuation Industry (Supervision) Act 1993 (SIS Act) by the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019. From 5 July 2019, APRA must approve a person seeking to acquire a stake…
The Government has released for public consultation the second version of a draft Designation Instrument for the application of the Consumer Data Right to the banking sector (Open Banking). The Consumer Data Right will provide consumers with the right to access data relating to them held by a business or to direct that it be transferred to a trusted third party. There will be strict requirements to ensure that the customer consents to the sharing…
The Reserve Bank has released a report on the functionality of, and access to, the New Payments Platform. The report contains 13 recommendations for implementation by NPP Australia (NPPA) which arise from the public consultation that the Bank has undertaken with input and assistance from the Australian Competition and Consumer Commission (ACCC). The report’s overall conclusion is that the NPP is enabling payments functionality that largely addresses the gaps identified in the Reserve Bank’s 2010–2012…
The Australian Prudential Regulation Authority (APRA) has released drafts of three updated prudential standards for mortgage lending: APS 112 Capital Adequacy: Standardised Approach to Credit Risk; the residential mortgages extract of APS 113 Capital Adequacy: Internal Ratings-based Approach to Credit Risk; and APS 115 Capital Adequacy: Standardised Measurement Approach to Operational Risk. These standards are to be consistent with the guidance included in Prudential Practice Guide APG 223 Residential Mortgage Lending (APG 223). As well…
In Australian Securities and Investments Commission v Kobelt [2019] HCA 18 the High Court of Australia, in a 4:3 majority decision, dismissed ASIC’s appeal against the decision of the Full Federal Court that Mr Lindsay Kobelt, former owner and operator of Nobby’s Mintabie General Store in the remote South Australian APY Lands was not guilty of unconscionable conduct by operating a system of “book up” credit. The High Court did not change the Full Federal…
AUSTRAC has ordered the appointment of an external auditor to Afterpay Pty Ltd (Afterpay) to examine its compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act) and provide a report within 120 days. The external auditor will examine Afterpay’s: Governance and oversight of decisions related to its AML/CTF framework; Identification and verification of customers; Suspicious matter reporting obligations; AML/CTF program, including the development of its money laundering and terrorism financing risk…
The Reserve Bank’s Payment System Board’s latest minutes show that the Board has endorsed the Reserve Bank working with the industry and Australian Prudential Regulation Authority on a standard set of operational performance statistics to be disclosed by individual institutions in relation to operational outages in retail payment services. The requirement to report is in response to an increase in disruptions over the past year which have caused considerable disruption to customers of the authorised…