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 …

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 …

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 …

The BEAR Necessities: Understanding the Proposed Banking Executive Accountability Regime

In response to the Coleman Report on Australia’s four large banks (see here for a summary), the 2017 Federal Budget included a proposed Banking Executive Accountability Regime (BEAR) to be administered by the Australian Prudential Regulation Authority (APRA). Treasury released a consultation paper on the BEAR on 13 July 2017 (the Paper) and has been …

“Worth the Whistle”​ – Australia to shake-up whistleblower laws

Whistleblower laws in Australia have been the subject of recent media and parliamentary scrutiny, with calls for greater protections for those who disclose wrongdoing. As part of an agreement with Senator Nick Xenophon to get its industrial relations reforms through the Senate in November 2016, the Federal Government agreed to …

Equity crowdfunding state of play

Equity crowdfunding offers the prospect of small companies and start-ups raising capital quickly and cheaply from a large number of investors using internet based platforms. Australia is lagging behind the US and the UK in putting in place laws to enable crowdfunded equity investments. A draft Bill was introduced in …