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Your guide to the 'Your Future, Your Super' package reforms
Consultation is now open on the Government's 'Your Future, Your Super' package. As foreshadowed on Budget night, the package seeks to make three key changes to the current superannuation regulatory regime. ...
Internal emails, multiple recipients and the question of privilege
The recent decision of TEC Hedland Pty Ltd v The Pilbara Infrastructure Pty Ltd indicates that, for the purpose of assessing whether privilege can be claimed, multi-addressee emails will be considered as a number of separate communications between the sender and each recipient. ...
Government introduces the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020
The government yesterday introduced into Parliament the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 to implement a large number of the Hayne Royal Commission recommendations. Many provisions have a start date of 1 January 2021, and some don't have a transition period. ...
Full Federal Court dismisses Commissioner's transfer pricing appeal against Glencore
On 6 November 2020, the Full Court of the Federal Court of Australia handed down its much anticipated decision dismissing the Commissioner's appeal (save for one issue) against Glencore Investment Pty Ltd in a significant transfer pricing dispute. ...
Retirement Income Review
Our key takeaways from the Government's Retirement Income Review (with a focus on the superannuation implications). ...
A win to litigation funders in employment class actions
A decision in a 'wage underpayment' class action (Simon Alexander Turner v Tesa Mining) examines the extent to which funders can be liable for costs in Fair Work Act proceedings. ...
APRA's revised Prudential Standard CPS 511 on remuneration frameworks and incentives for ADIs, superannuation funds and insurers
After 17 months of consultation and internal review, APRA has released its revised draft prudential standard on remuneration (CPS 511) seeking to regulate incentive structures across all APRA-regulated entities. ...
Foreign influence – from education to enforcement
A heightened risk of foreign interference and a shift towards enforcement of the new foreign influence and interference legislation means it is now critical to consider any compliance risks your business may face. ...
A key landmark in IBOR transition
The long-awaited ISDA IBOR Fallbacks Supplement and Protocol will be going live today with the endorsement of ASIC, the RBA and APRA. They implement new benchmark fallbacks for both future and existing derivative contracts, facilitating the efficient transition from LIBOR and other IBORs in anticipation of their discontinuation. If you have a derivatives portfolio, the Protocol allows quick and easy adoption of the new fallbacks through a one-off adherence. That said, it may not be sufficient to cover all scenarios. ...
Australia's second shareholder class action judgment
In the wake of Crowley v Worley Limited, Australia's first two shareholder class action judgments highlight the significant risk that applicants, and the litigation funders that support them, take when pursuing such claims to trial. Neither judgment sounded in any award of damages for shareholders. ...