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Small amount credit contract and consumer lease reforms likely to again die - Apr 2019

With the final sitting days of the federal Parliament before the upcoming election likely to have occurred, the National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consumer Lease Reforms) Bill 2018 and National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consumer Lease Reforms) Bill 2019 – both substantially identical Private Member’s Bills introducing long-discussed consumer-friendly changes to the provisions of the NCCP Act governing small amount credit contracts and consumer leases – have not been passed into law. At the time of writing, the Bills had not progressed past the first reading stage in the House of Representatives, and will lapse when the House is dissolved in anticipation of the upcoming election. It will then be up to members of the next Parliament to reintroduce the Bills if they wish to.

Proposal to allow AFCA to look further back in time - Apr 2019

Have you got a whistleblower policy in place? - Apr 2019

Deadline: 1 July 2019

The Treasury Laws Amendment (Enhancing Whistleblower Protections) Act 2019 has been passed by the Commonwealth Parliament. The previous issue of this newsletter contained an article setting out its provisions in more detail, but one of the key obligations under it, for public and large proprietary companies, is the need to have in place a whistleblower policy that sets out information about:

ASIC consulting on RG 209 update - Feb 2019

ASIC has announced that it is reviewing and updating the Regulatory Guide 209 which has not been revised in four years. Partner, Andrea Beatty and Lawyer, Gabor Papdi review the suggested changes.

Online small business lenders signing up to AFIA code - Feb 2019

The list of online business lenders who become signatories of AFIA’s Online Small Business Code (Code) of Lending Practice is steadily increasing. Partner, Andrea Beatty and Law Graduate, Chelsea Payne highlight the benefits for small businesses borrowers.

ASIC appealing Westpac subsidiaries ‘personal advice’ Federal Court decision - Feb 2019

An appeal has been filed against the decision regarding Westpac subsidiaries, Westpac Securities Administration Limited (WSAL) and BT Funds Management Limited (BT Funds). Partner, Andrea Beatty and Law Graduate, Chelsea Payne report on the ramifications.

New Whistleblowing laws passed - Feb 2019

The long awaited reforms to Australian whistleblower legislation was passed on 19 February 2019. Partner, Andrea Beatty; Law Graduate, Chelsea Payne and Law Graduate, Danielle Bonanno outline the significance of the reforms and what they signify for companies and individuals.

ASIC provides response to Royal Commission Final Report - Feb 2019

A recent media release by ASIC highlights their response to the Banking Royal Commission. Partner, Andrea Beatty and Law Graduate, Danielle Bonanno, review ASICs level of commitment to the recommendations.

ASIC to pursue harsher penalties with tougher laws passed by Senate - Feb 2019

ASIC will soon be able to pursue harsher penalties against banks, executives and other in breaches of financial services laws, after a significant bill was passed by both houses. Partner, Andrea Beatty and Law Graduate, Danielle Bonanno review the proposed changes to ASIC’s power.

Labor plans to require banks and regulators to report every six months - Feb 2019

In the wake of the Banking Royal Commission, the Labor Party has announced plans to require banks and financial regulators to report every six months on their progress to remedy cultural problems. Partner, Andrea Beatty and Law Graduate, Chelsea Payne report on the proposal.

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