ASIC has released a first-round consultation paper on proposed changes to Regulatory Guide 256: Client Review and Remediation Conducted by Advice Licensees. The proposed changes are substantial, and will apply to new entities including super fund trustees. ...

Recent data, coupled with the Privacy Act 1988 notifiable data breaches scheme, APRA Prudential Standard CPS 234, the Security of Critical Infrastructure Act and the GDPR, confirm that when it comes to serious cyber security breaches, listed entities should be complying with existing continuous disclosure requirements. ...

The Federal Court has declared that Youi Pty Ltd (Youi) breached its duty of utmost good faith under section 13 of the Insurance Contracts Act 1984 (Cth) (ICA) in relation to its handling of an insurance claim for damage to an insured's home. The decision is an important reminder of the broad scope and potential reach of the duty. ...

Evolution v Chubb Insurance clarifies that unless a policy contains an advancement of defence costs provision (and subject to the particular terms of the policy), an insured should not assume it will be entitled to be reimbursed for defence costs as and when they are incurred if there is a debate with the insurer about the operation of an exclusion clause in respect of the third party claim brought against the insured. ...

Allens' Private Equity and Healthcare specialists across a number of practices combined to help BGH deliver a complex carve-out transaction that spanned the COVID period. 'The BGH team has been ...

In light of recent tensions, we assess the importance of Australian trading businesses understanding their sovereign risk and the avenues available under international trade law to mitigate that risk. ...

The climate emergency is occupying mainstream policy focus in many countries and with the lack of viable alternatives to achieve the levels of deep decarbonisation consistent with net zero targets, clean hydrogen has unprecedented political and industry momentum. ...

The exposure draft legislation released yesterday for a 'single default account' aims to limit 'the creation of multiple superannuation accounts for employees who do not choose a superannuation fund when they start a new job'. ...

The ACCC recently published the Digital Platform Services Inquiry Interim Report as part of its role in monitoring the impact of digital platforms on competition and consumers. The Interim Report examines the privacy / data handling, competition, consumer and small business implications related to the increasing use of online private messaging services. ...

Our key takeaways from the Government's Retirement Income Review (with a focus on the superannuation implications). ...