PPS proposed law reform

On 22 September 2023, the Australian Government released its response to the 2015 statutory review of the Personal Property Securities Act 2009 (Cth)("PPS Act") and regulations ("PPS Regulations"), known as the "Whittaker Review."...

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90 days to the new Unfair Contract Terms Regime: Update for Financial Services Providers

With only 3 months until the Unfair Contract Terms reforms take effect, time is running out for the financial services sector to review standard form contracts for terms that might be deemed unfair. The reforms were enac...

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RG 78 Breach Reporting by AFS licensees and credit licensees: ASIC updates guidance on Reportable Situations Regime April 2023

Since amendments in October 2021 the reportable situations (formerly referred to as breach reporting) regime for AFS and credit licensees has become both broader in its reach and more complex in its operation. Implementation of th...

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Modernising Australia’s anti-money laundering and counter-terrorism financing regime

Tranche-two : New AML/CTF Regulations for Lawyers, Accountants, Real Estate Agents The Commonwealth Attorney-General's department is consulting on long-awaited reforms to modernise Australia's AML/CTF laws. The consultation paper...

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The ‘Magic’ of s447A

Introduction On 1 September 2022, in Re Lord, Invigor Group Ltd (admins apptd) [2022] FCA 1064, the Federal Court of Australia relieved administrators from liability in respect of a funding agreement with a secured creditor to tr...

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Bank guarantees as security for performance

Bank guarantees are now more widely used than ever and most people involved in business and property transactions have come across them in one form or another. Nevertheless, we still see many instances of misunderstanding and unce...

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