Financial Services and Credit Quarterly Update October 2018

We’ve just published our latest quarterly update for the third quarter of 2018, which you can download from our website here. The Hayne Royal Commission has handed down its interim report, identifying many issues but also questioning whether passing new laws is the solution. In the meantime, new laws and proposed …

Open Banking takes shape

The features of Open Banking in Australia are now emerging, with the recent release of draft legislation and a proposed framework for the governing rules. Open Banking will require banks to securely share a customer’s banking data to the customer and approved third parties nominated by the customer, such as …

Prepare for the BEAR

The Banking Executive Accountability Regime (BEAR) commences for medium and small ADIs on 1 July 2019. We’ve put together a detailed briefing paper on the BEAR which explains the BEAR requirements and things that ADIs may need to do to get ready for it. You can download the paper for free …

On target

Imagine if the Government required car makers to have a target market for each of their models. Utes are for tradies. Luxury sedans are for professionals. Mini hatchbacks are for under 25’s. Car dealers would then have to take reasonable steps to sell the models in accordance with the target …

Financial Services and Credit Quarterly Update July 2018

We’ve just published our latest Financial Services and Credit Quarterly Update for July 2018, and you can download a free copy from here. We look at all of the main legal developments over the last three months. There is an in-depth article on the review of the Commonwealth Bank commissioned by …

First credit card reform starts 1 July

From 1 July 2018, it will be illegal for a credit provider to make an invitation to increase the credit limit for a credit card contract, even if the customer has given informed consent to receive invitations. This is the first of four credit card reforms that were legislated in …

Bank Conduct and Skin in the Game

The ancient code of Hammurabi had a law that if a builder built a house that collapsed and caused the death of the owner, the builder would be put to death. Babylonian builders had Skin in the Game, the title of the latest book by the great writer on risk, …

ASIC just updated its guidance on ICOs: what’s changed?

Last week the Australian Securities and Investments Commission (ASIC) updated its guidance on initial coin offerings (ICOs). It was only in September last year that ASIC first issued its guidance. The short space of time between initial release and update shows how regulators are trying to keep up with a …

How the Productivity Commission wants to shake up competition in the financial system

With all the news about the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, we should not overlook an inquiry by another commission into the financial system, also announced last year, which has already proposed big changes. Background On 8 May 2017, the Treasurer asked the …

Financial Services and Credit Quarterly Update – April 2018

We’ve just published our latest Financial Services and Credit Quarterly Update for the first quarter of 2018, which you can download here. The Royal Commission is getting a lot of news, but there is plenty more happening. New controls on credit cards have been legislated, with some coming into effect …

Blockchain, smart contracts, cryptocurrency and ICOs

BLOCKCHAIN AND SMART CONTRACTS What is a blockchain? A blockchain is a form of ‘distributed ledger’ technology which does away with the need for a central ledger record. “A blockchain is a tamper-evident, shared digital ledger that records transactions in a public or private peer-to-peer network. Distributed to all member …

AML/CTF changes in 2018

In this article we take an in-depth look at the latest amendments to the AML/CTF legislation and rules. Background In December 2013 the Government began a statutory review of Australia’s anti-money laundering legislation, the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (the AML/CTF Act). The report of the review …

Financial Services and Credit Quarterly Update – January 2018

North Sydney business lawyers

Welcome to 2018. 2017 ended with a bang, in the form of a Royal Commission into misconduct in the banking, superannuation and financial services industries announced on 30 November. You’ll find an overview of the Royal Commission and other developments in the last quarter of 2017 in our latest Financial …

NPP + NDB

  The New Payments Platform (NPP) and Notifiable Data Breaches (NDB) are both starting in early 2018. It’s now time to assess your readiness and update your policies, procedures and documentation. NPP If you are participating in the NPP, you will have to amend your account and payment facility terms …

Soon it will be easier to become a bank

Regulation makes it hard to set up a new bank in Australia. But the Government says the banking system should be more competitive. Well, wouldn’t it be more competitive if they made it easier to become a bank? Finally, something is being done. The Australian Prudential Regulation Authority (APRA) recently …

Competition law – 10 key changes in effect now

Competition and consumer lawyers Sydney antitrust lawyers Australia

It’s been a long time coming. Significant reforms to Australia’s competition laws recommended by the Harper Review back in 2015 came into effect on Monday, 6 November 2017. This article highlights 10 key changes to the Competition and Consumer Act 2010 (Cth) (CCA). We’ve also produced a Quick Guide to …

Open Banking for Australia: hand over your data

The Federal Government announced in the 2017-18 Budget that it would introduce an “Open Banking” regime in Australia. Under Open Banking, banks will have to share product and customer data with customers and third parties, if the customer gives consent. There is already plenty of sharing of bank data. Accounting software such …

Australian Fintech Regulation 101

Click here to get our one page basic overview of the main legislation and codes affecting fintech business in Australia.

Financial Services and Credit Quarterly Update October 2017

Our latest Financial Services and Credit Quarterly Update for the third quarter of 2017 can be downloaded here. In the last 3 months, APRA has been much in the news: draft legislation for the APRA-administered BEAR has now been released; APRA is consulting on a new regime to make it easier to become …