On 27 October 2022, ASIC released its first publication of information lodged under the new breach reporting regime, Report 740 Insights from the reportable situations regime: October 2021 to June 2022 (Report 740). As readers will be aware, the new breach reporting regime for financial services came into effect on 1 October 2021, seeking to … Read more

On 20 October 2022, Herbert Smith Freehills published our sixth edition of the Global Bank Review: Banking on People. Against a backdrop of increased societal expectations, shifting employee priorities, reliance on technology and an uncertain economic outlook, ‘Banking on People’ delves deeper into the people-centric issues our banks clients are grappling with and explores the … Read more

The Australian Prudential Regulation Authority (APRA) has released its consultation on a new cross-industry prudential standard for operational risk management, CPS 230, which proposes to introduce a range of new requirements on APRA-regulated entities for managing operational risk and enhance existing requirements for business continuity and service provider management. Operational resilience is critical to the … Read more

Our Financial Services Regulatory team surveys the regulatory landscape for 2022 and identifies themes that we expect to be at the core of regulatory priorities globally over the next 12 months.  On 7 December 2021, HSF published its annual Financial Services Regulatory Outlook report surveying the global regulatory landscape for 2022 which addressed the following … Read more

In April of this year, we wrote about draft guidance released by the Australian Securities and Investments Commission (ASIC) on the significant impending changes to Australia’s breach reporting regime. Read more

Background This edition of HSF FSR Australia Notes is the first in our series dealing with legal remediation issues arising from exercises undertaken post Royal Commission. In this edition, as the title indicates, we examine the topical issue of where compensation payments should be made in a situation where multiple parties have been involved in … Read more

THE STARTING POINT This edition of HSF FSR Australia Notes delves into a phenomenon which we see as increasingly prevalent in the Australian financial services market; namely, the over-reporting or under-reporting of significant breaches under section 912D of the Corporations Act. In this sense, the burning question becomes just what is the right compass setting … Read more

The Federal Court has recently reaffirmed that the phrase “in relation to” a financial service is necessarily of wide import. In this context, it is timely to reiterate the practical consequences of this broad interpretation in the context of financial services. “in relation to” In Australian Securities and Investments Commission v Hutchison [2020] FCA 978, … Read more