The Australian Law Reform Commission released for consultation today a set of proposals aimed at overhauling the federal corporate criminal responsibility regime. This comes in the wake of criticisms that the current system is ineffective in preventing, deterring and prosecuting serious corporate crime. Whilst the reforms offer a clearer, consistent and more rational framework for addressing corporate misconduct in Australia, some elements (such as the adoption of a general 'associate' model for criminal attribution) will no doubt raise concern given their capacity to significantly extend corporate liability. We examine some of the key proposals and their likely impact. Partner Christopher Kerrigan and Senior Overseas Practitioner Cindy McNair report. ...

The Equator Principles Association unveiled the finalised fourth version of the Equator Principles (EP4) on 18 November 2019. Set for an effective date of 1 July 2020, EP4 heightens requirements for designated OECD countries and tightens due diligence assessments with a greater focus on human rights, climate change and biodiversity. While there are many improvements and refinements from the draft we reviewed in June, the only potentially material change is a compromise on the 'free prior and informed consent' requirement for affected Indigenous communities. ...

In this update, our colleagues at Linklaters highlight the impact of Brexit on the prospectus, transparency and market abuse regimes for UK listed companies, if the United Kingdom leaves the EU on or after 31 October 2019 without a withdrawal agreement and transition period (a 'no-deal' Brexit). ...

ASIC has released its first report focusing on director and officer oversight of non-financial risk in seven large financial services companies (the First Report). While the report focuses on financial services companies, ASIC points out expressly that all companies, regardless of sector, should read and engage with the findings of this report. ...

In a recent Federal Court decision Justice Murphy refused to approve the settlement agreement between the parties to the Willmott class action finding that the terms of the settlement were not fair and reasonable ...

The recent Great Southern class action settlement included a term by which group members acknowledged and admitted that loans taken out with independent financiers to finance investments in Great Southern managed investment schemes were valid and enforceable Two separate Victorian Supreme Court ...

Major changes to PNG company law have important ramifications for company directors company secretaries and anyone with an interest in the winding up of a company Partner Richard Kriedemann and Senior Associate Sarah Kuman report on the impact of the new laws ...

The High Court has reaffirmed the powers of a responsible entity are ultimately derived from the scheme's constitution, but the exercise of those powers is constrained by the statutory and fiduciary duties imposed on the responsible entity. ...

Allens has secured ACCC clearance on behalf of E.I. du Pont de Nemours and Company ( DuPont ) for its proposed merger with The Dow Chemical Company ( Dow ). The ACCC decision follows DuPont's joint ...

This Insight examines the use of statutory assumptions under S129 of the Corporations Act by banks and others, in light of a recent decision of the NSWCA. ...