The Queensland Supreme Court has refused an application by a class action plaintiff seeking to compel the defendant to disclose its insurance policy and documents relating to its insurance position. In doing so, the court commented on the recent Federal Court decision in the Radio Rentals class action but came to a different result on the facts. This decision shows that when determining whether or not to make an order for disclosure, the court is likely to take into account the defendant's financial capacity, and may be less likely to make such an order where the defendant's solvency is not a concern. ...

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 recent case of ASIC v Goldsky Global Access Fund raises a number of compelling questions (some of which we explore below), and fund managers would do well not to place too much stock in the judgment in support of arguments that a trustee of a wholesale fund may act as trustee with the benefit of ...

There are considerable problems with some guidance that was published a few months ago on section 68A ('no treating of employers') of the Superannuation Industry (Supervision) Act 1993. Michael Mathieson and Ally Crowther report. ...

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. ...

A recent Supreme Court of Victoria decision sounds a warning to principals and contractors alike – your dispute resolution clause must be clear and unambiguous, because the court will not go out of its way to cure a commercially peculiar, but perfectly workable, clause. ...

Hot on the heels of its Implementation Roadmap, the Federal Government has released draft legislation introducing a best interests duty and banning conflicted remuneration for mortgage brokers. ...

Papua New Guinea (PNG) recently acceded to the UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards, which is likely to increase its attractiveness to foreign investors. ...

On 7 August 2019, the United Nations Convention on International Settlement Agreements resulting from Mediation (the Convention) will be open for signature.  It will come into force six months after three countries have signed, with Singapore expected to be the first State to do so. ...

After much anticipation, ASIC has provided an update on its proposed changes to the licensing relief currently available to foreign financial service providers operating in Australia. ...