From www.icaew.com: (UK context) New measures in the UK financial services sector require banks to reimburse victims of authorized push payment (APP) scams within five days, with increased powers for banks to delay suspicious transactions for further investigation.… read more
From www.lowelippmann.com.au: Australia is considering banning credit card surcharges, following trends in the UK and Europe, as the Reserve Bank of Australia reviews merchant card payment costs and the existing surcharging framework.… read more
From allens.com.au: Utilising artificial intelligence tools in business can pose significant intellectual property risks, according to an analysis of various AI tools’ terms and conditions.… read more
From www.investmentlawwatch.com: The Parliamentary Joint Committee on Corporations and Financial Services in Australia has released a report stating that there should be no increases to the wholesale client test thresholds established in the Corporations Act 2001.… read more
From www.pwc.com.au: On December 16, 2024, the Payment Times Reporting (PTR) Regulator released new guidance material that outlines updated rules and criteria for entities participating in the Payment Times Reporting Scheme, focusing on enhancing reporting quality and compliance.… read more
From www.holdingredlich.com: The Australian government is advancing legislation to regulate AI deployment and enhance cyber security, including the development of a National AI Capability Plan and updates to the Cyber Security Act.… read more
From gtlaw.com.au: This week’s boardroom brief unpacks key corporate, regulatory, and legal updates, including ASX’s expectations for increased market activity, ASIC’s interim stop orders on Green Planet Recycling Solutions, and the recent passage of the Scams Prevention Framework Bill 2025.… read more
From www.accountantsdaily.com.au: Professional bodies have raised concerns that the proposed updates to AUSTRAC’s anti-money laundering and counter-terrorism financing rules lack flexibility for sole practitioners and small firms.… read more
From www.sciencedirect.com: (US context) The study examines the impact of political partisanship on the Securities and Exchange Commission’s investigations and Accounting and Auditing Enforcement Releases regarding financial misconduct.… read more
From allens.com.au: The High Court’s decision clarified that successor trustees do not owe a fiduciary duty to their predecessors, which is significant for insolvency practitioners handling cases of insolvent former trustee companies.… read more
From sladen.com.au: UltraTune received a $1.5 million fine for contempt of court after failing to comply with previous legal orders related to the Franchising Code of Conduct, which required updating disclosure documents and implementing a compliance program.… read more
From www.claytonutz.com: The Government’s response to the Privacy Act Review Report upholds individuals’ rights to opt-out of personal information being used for direct marketing but introduces a more traditional definition of “direct marketing.”… read more
From tractionfintech.com: ASIC has released version 1.1 of its Schedule 1 Technical Guidance, updating reporting requirements for derivative transactions following changes to the ASIC Derivative Transaction Rules (Reporting) 2024 that took effect on October 21, 2024.… read more
From tractionfintech.com: Australian Carbon Credit Units (ACCUs) are classified as ‘financial products’ but are not subject to reporting under the ASIC Derivative Transaction Rules since they do not qualify as over-the-counter (OTC) derivatives.… read more
From www.fintechlawblog.com: The Australian Government released a draft of the National Consumer Credit Protection Amendment (Low Cost Credit) Regulations 2025, which will regulate Buy Now Pay Later providers as ‘low cost credit contract’ (LCCC) providers starting June 10, 2025.… read more