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Report: National Electricity & Gas Rules Update: April 2020
In this update we summarise the progress of existing rule change requests across April 2020 and take a closer look at the ESB's discussion paper on the benefits and opportunities of moving to a two-sided wholesale market. ...
RG 272 – bringing order through product intervention
Following its consultation in June last year, ASIC has now published RG 272, setting out ASIC's approach to using its product intervention powers. In this update, we examine the scope of this power and the accompanying regulatory guidance. ...
Superannuation, funds and insurance sector reforms: the year ahead in 2020 and beyond
As the dust settles on a raft of COVID-19 related disruptions to various proposed legislative and regulatory reforms, the Allens team takes stock of the current regulatory reform proposals in the superannuation, funds and insurance sectors which have been mooted for the tail end of 2020 and early 2021. ...
Financial advice relief – all talk and no-action
We said at the outset of this pandemic that financial advice will play an important role in supporting members who are considering whether to access their super early. Alive to that, ASIC recently released a series of measures to facilitate access to financial advice ...
The simple case of the SIS Act 'best interests' obligation
Commissioner Hayne's comments in his final report, and the surge of community interest in super, have resulted in a renaissance of sorts for the 'best interests' obligation. ...
Consumer laws - 'green' marketing
Consumers and investors are increasingly conscious of climate change risks, and more demanding of businesses to adopt sustainable business practices. This has led to an increase in 'green marketing', which includes statements about environmental sustainability, carbon neutrality, recycling or impact ...
Lime shines light on product safety representations and product recalls
The ACCC's action against Lime demonstrates that businesses must carefully consider what actions may constitute a 'recall', particularly where electronic products are supplied. It also serves as a reminder that product safety issues can be regarded as a breach of the Australian Consumer Law and can give rise to pecuniary penalties. ...
The CDR is coming to the energy sector – have your say now
The Australian Government has commenced consultation on the Consumer Data Right (Energy Sector) Designation 2020, which will apply the CDR to the energy sector. Entities should consider the impact of the CDR on their business, including whether they would like to apply to be an Accredited Data Recipient to obtain access to such energy data. ...
Technology Investment Roadmap Discussion Paper: it's all about where to direct public funds
In the recently released Technology Investment Roadmap Discussion Paper, the Federal Government puts forward a proposed framework to govern the investment of public funds in the development of new technologies designed to lower emissions. ...
In Touch: COVID-19 and competition and consumer law issues; concerns over Google's proposed acquisition of Fitbit; and ACCC says proposed 'loyalty program' may raise competition issues
In COVID-19 news, the authorisation permitting insurers to coordinate on temporary relief measures is being proposed to be extended; and the ACCC has imposed further conditions on coordination between health insurers. Elsewhere, the ACCC has rejected a proposal to set minimum advertised prices for Dewalt power tools, declaring any public benefit was outweighed by the potential consumer detriments. The Federal Court has declined to make declaration that Quantum Housing engaged in unconscionable conduct; and also found in favour of Kimberly-Clark Australia by dismissing the ACCC's appeal regarding Kleenex flushable wipes. Finally, the ACCC has raised concerns with Google's proposed acquisition of Fitbit; and also stated that Caravanning Queensland's proposed 'loyalty program' may raise competition concerns. ...