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Australian class actions trends: 2021 update
Insight 01 Dec 2021

Class action litigation in Australia continues to be active and highly complex. Over the past 10 to 15 years, class actions have become an increasingly entrenched and accepted aspect of commercial life for organisations conducting business in Australia. ...

Portfolio Holdings Disclosure regulations: key aspects of the revised regime
Insight 30 Nov 2021

The long-awaited Portfolio Holdings Disclosure (PHD) regulations were made on 11 November 2021, which will give superannuation trustees certainty about the manner in which portfolio holdings information needs to be disclosed to the public. ...

ASIC consults on relief for superannuation calculators and forecasts
Insight 30 Nov 2021

ASIC has released Consultation Paper 351: Superannuation forecasts: updates to relief and guidance seeking feedback on proposals to extend and expand the relief for superannuation calculators and retirement forecasts. It has also released the draft relief instrument and draft regulatory guide. ...

A tale of two OAIC investigations – privacy implications for the use of facial recognition technology
Insight 23 Nov 2021

Determinations issued by the Office of the Australian Information Commissioner (OAIC) following two recent investigations against 7-Eleven and Clearview AI, reinforce a global trend of growing regulatory scrutiny of the use of facial recognition technology by private sector organisations, and follows Facebook's recent decision to shut down its facial recognition system. ...

What APRA's proposed changes to SPS 530 Investment Governance and findings on unlisted asset valuations mean for superannuation investments
Insight 22 Nov 2021

As promised in its 2021 Policy Priorities, APRA has released its draft revised prudential standard Investment Governance (SPS 530) for RSE licenses, and the outcomes of its review of unlisted asset valuations, as part of its report titled Findings from APRA’s superannuation thematic reviews. ...

Emerging ESG disputes risks and key mitigation strategies
Insight 16 Nov 2021

Pressure is emerging from multiple angles – regulation, investors, employees and communities – to have a proactive approach to ESG issues. In this Insight, we highlight current trends in ESG disputes and outline the key strategies companies should be implementing right now to mitigate ESG disputes risk. ...

The growing importance of ESG due diligence
Insight 16 Nov 2021

Environmental, social and governance (ESG) issues are a major focus of many companies, their stakeholders and regulators. Companies are exploring how to embrace the opportunities that may arise from a well-executed ESG strategy and navigate the risks that ESG issues present, particularly in a period of evolving laws and standards, stakeholder expectations and shareholder activism. ...

Privacy Act reforms: a new Online Privacy Code
Insight 08 Nov 2021

In late October, the Attorney-General's Department released a long-awaited Exposure Draft of the Privacy Legislation Amendment (Enhancing Online Privacy and Other Measures) Bill (Online Privacy Bill) to amend the Privacy Act 1988 (Privacy Act). ...

ASIC publishes updated guidance on hawking reforms
Insight 27 Oct 2021

Under the new hawking prohibition in sections 992A and 992AA of the Corporations Act 2001 (Cth) (Corporations Act), a person must not offer a financial product to a retail client (consumer) in the course of, or because of unsolicited, real-time contact. ...

October compliance deadlines: rounding up the last-minute changes
Insight 27 Oct 2021

October marks the commencement of the design and distribution obligations (DDO) regime, the deferred sales model for add-on insurance (DSM), changes to the anti-hawking rules, refreshed standards for internal dispute resolution systems and, to top it all off, a new breach reporting regime. ...

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