From cgw.com.au: The Full Court of the Federal Court of Australia ruled in ASIC v Macleod that a third-party accountant’s report retained legal professional privilege even after being voluntarily disclosed to ASIC under a Voluntary Disclosure Agreement (VDA).

The Court determined that providing the report did not constitute a waiver of privilege, as the VDA prevented the regulator from disclosing the report’s confidential information.

This decision highlights the importance of carefully drafting VDAs and maintaining robust controls around privileged documents during regulatory investigations.