Permanent Changes Afoot to Allow Virtual Meetings and Electronic Execution of Documents

The Federal Government has signalled its intention to make permanent the temporary COVID-19 exemptions allowing virtual meetings and the electronic signing and sending of certain documents by companies. If passed in its current...

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ASIC brings action against small amount credit lender for licence breaches

ASIC has brought civil penalty proceedings against Ferratum Australia Pty Ltd, the Australian arm of the Finland-based financial services company Multitude SE, offering mobile and digital financial services in approximately 25 cou...

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New Director Identification Number Requirements Coming Soon

From November 2021, directors will be able to apply for a Director Identification Number (Director ID), in an effort to prevent the use of false or fraudulent director identities and prevent director involvement in other unlawful ...

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New breach reporting regime for holders of Australian Financial Services Licences and Credit Licences

Regulatory breach reporting is a concept that has been in and out of favour since the FSR reforms of twenty years ago.  After the introduction in March 2002 of the breach reporting obligation of Australian Financial Services Lice...

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Unfair contract terms reforms – Stronger unfair contract protections proposed for consumers and small business

The Australian Consumer Law and ASIC Act each contain identical provisions that give consumers and small business the right to have contract terms in standard form contracts declared to be void if they: cause a significant im...

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ASIC promises to initially “go easy” on enforcement of new laws affecting the financial services industry commencing early October 2021

The heading might well be regarded as an “oxymoron” but at least it is eye catching. The following law reforms commence in October 2021, affecting both financial services providers and providers of credit services: R...

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