In New Aim Pty Ltd v Leung the Federal Court of Australia rejected an expert report and oral evidence from a purportedly independent expert witness, on the basis that the solicitors who retained the expert had written her report. The case is a timely reminder of best (and worst) practices in the engagement of independent expert witnesses and the importance of preserving an expert's independence. ...

The Full Federal Court has held that litigation funding agreements are not 'managed investment schemes' (MIS), overturning its own more than decade-old decision in Brookfield Multiplex. ...

Greenwashing in the promotion of managed investment and superannuation funds is one of ASIC's current corporate governance priorities as it continues to 'monitor the market … looking for misleading claims about ESG and sustainability'. ...

The Australian Government, introduced a wave of new trade and financial sanctions measures against Russia in response to the situation in Ukraine. This is the first time in living memory that a major economy has been subject to such wide-ranging sanctions, with implications for a range of industries. ...

The Federal Court handed down its judgment in proceedings brought by ASIC against RI Advice on 5 May 20221. It found that, as result of its failure to manage cyber security risks and cyber resilience, RI Advice breached its obligations to do all things necessary to ensure that the financial services covered by the licence were provided efficiently and fairly, and to have adequate risk management systems in place. ...

Organisations today are both blessed and cursed with extraordinary amounts of data. The responsibility for information security and data governance starts and ends with the board and senior management. We offer a handbook to help navigate duties and liabilities and a checklist of questions directors should be asking. ...

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 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. ...