Can you maintain privilege over documents voluntarily disclosed to ASIC?

Federal Court finds waiver despite contrary agreement in ASIC v Noumi Ltd [2024] FCA 349 By Andrew Eastwood, Bryony Adams, Maritsa Samios and Stephanie Crosbie As ASIC continues to exercise its broad-ranging enforcement powers, companies are regularly asked to provide sensitive material to the regulator including documents covered by legal professional privilege. Under the present … Read more

Funds Update – 12 April 2024

In this Funds Update for 12 April 2024: AFSL duty breaches found in CAR business Parliament introduces conflicted remuneration changes ASIC appeals decision that crypto asset is not a financial product Parliament introduces sustainability reporting bill Treasury releases draft legislation encouraging BTR investment AFSL duty breaches found in CAR business On 11 April 2024, the … Read more

FSR GPS: Misleading or deceptive conduct – A disclaimer antidote?

In this edition of the FSR GPS, we explore key principles for financial services businesses to consider when considering the use of a disclaimer to mitigate false, misleading or deceptive conduct. As noted in our previous article about where an unintentional error may not constitute misleading or deceptive conduct, the key test for misleading or … Read more

Defining (narrowing) the parameters of a “financial service” for the purposes of EHF breach reporting

This article is the first of our recently launched “Regulatory Wrangling” client program. According to the Macquarie Dictionary, the meaning of the term ‘wrangling’ is “to engage in argument, debate or disputation”, “to influence, persuade, or otherwise affect by arguing” or “to deal with or manage expertly”. Our take on the term is that “regulatory … Read more

Funds Update – 28 March 2024

In this Funds Update for 28 March 2024: Inquiry into the wholesale investor and wholesale client tests ASIC wins first greenwashing civil penalty action ASIC remakes five ‘sunsetting’ class orders for managed funds, including [CO 13/1409] and [CO 13/1410] First ASIC action for failing to have a director identification number Federal Court rejects ASIC’s first … Read more

FSR GPS Podcast Series – EP10: Impact of quantum computing in financial services

EP 10: Impact of quantum computing in financial services In this episode, join Partner Peter Jones, Regional Head of Emerging Technology (APAC) Susannah Wilkinson, Senior Associate Anjelica Balis and Solicitor Nayan Bhathela as they explore the impact of quantum computing on the financial services sector. Soundcloud | Spotify | Apple      About the FSR GPS Podcast Series Our “FSR GPS” podcast … Read more

Funds Update – 15 March 2024

In this Funds Update for 15 March 2024: Court decision on reasonable steps re conflicted remuneration Crypto-asset found to not be a financial product ASIC publishes enforcement and regulatory update for October to December 2023 Court decision on reasonable steps re conflicted remuneration On 29 February 2024, the Federal Court handed down its decision on … Read more