APRA and AUSTRAC provide risk-management guidance in relation to crypto-assets ...

Coming off a busy 18 months or so – with the number of reforms too long to count on all fingers and toes – superannuation trustees could be forgiven for wanting to take an extended holiday from regulatory change. But with Parliament prorogued ahead of the election, now is a chance for trustees to take stock of the regulatory reforms slated for 2022. In this Insight, we provide a snapshot of the key reforms. ...

The Full Court of the Federal Court has held that group members in class actions may be informed that if they fail to register their claim they could be precluded from participating in any settlement (but remain bound by the proceeding's outcome).1 In reaching this decision, a rift has emerged between the Supreme Court of New South Wales and the Federal Court regarding a key aspect of the case management of class actions. ...

The recently passed Environmental Legislation Amendment Act 2022 (NSW) (the Amendment Act) exposes directors and managers of companies to additional criminal and civil liability for breaches of environmental laws. It is now more important than ever that companies have robust processes in place to ensure they are operating in an environmentally satisfactory manner. It is also critical for directors and managers (and those who advise directors and management) to understand their potential exposure to criminal liability for actions taken (or not taken) by companies. ...

The Federal Government is seeking feedback on a proposed new licensing regime for crypto asset secondary service providers (CASSPrs) and new requirements regulating custody of crypto assets. The new regime would potentially sit alongside the existing AFS licensing regime, with possible overlap and inconsistency in treatment of service providers. The Government is also seeking early views on how crypto assets should be defined and categorised as part of a 'crypto mapping' exercise. The consultation period runs until 27 May 2022. ...

Data from 2021 shows the banking and financial sector was the third biggest target for new class action filings (down to 17% from 32% in 2020), after more than ten years managing heightened risk du ...

The Full Court of the Federal Court has allowed an appeal by shareholders in the class action against Worley Limited, finding that the primary judge’s dismissal of the case must be set aside and remitted to a single judge for determination in light of the Full Court's reasons. ...

Over the past decade, there has been a significant increase in the pace and scale of regulatory investigations and enforcement activity, including a spate of high profile royal commissions and inquiries into potential wrongdoing by institutions, companies, and their directors and officers. ...

With 2022 now in full swing and the due date for AUSTRAC compliance reports just around the corner (on 31 March 2022), we take a look at some recent changes to the form and how they will affect reporting entities. ...

Judgment has been delivered in the third shareholder class action to run to judgment in Australia, with Justice Jagot of the Federal Court rejecting the applicant's claim in its entirety in Bonham as Trustee for the Aucham Super Fund v Iluka Resources Ltd [2022] FCA 71. ...