On 13 February 2017 the Federal Parliament enacted the Privacy Amendment (Notifiable Data Breaches) Act 2017, inserting mandatory data breach notification requirements into the Privacy Act 1988. We review the new requirements below.
As many of our clients would be aware, stapled structures involving a flow-through trust and a corporate tax entity have been commonplace in the Australian market for decades. They are prevalent in the property industry, amongst infrastructure asset operators, in private equity investment structures and any other industry where a passive asset is used in connection with an operating business
After 6 months of the so-called foreign resident capital gains tax (CGT) withholding tax rules, some tax advisers in the Australian market are understandably taking quite strict interpretations of the rules, but to the detriment of the transaction. This blog is a guide to practically dealing with some, but by no means all, of the uncertainty in these transactions.
In May 2015, the Australian Privacy Commissioner, Mr Timothy Pilgrim PSM, had found that Telstra had breached the (Australian Federal) Privacy Act 1988 (the ‘Privacy Act’) by failing to provide Mr Grubb with access to requested metadata relating to his use of Telstra telecommunications services.
After a long and costly saga for ASIC, the Supreme Court of Victoria has found Trevor Flugge, the former chairman and director of AWB Limited, breached his duties as a director by failing to make inquiries and prevent conduct by AWB that contravened United Nation’s sanctions.
On 15 December 2016, the Australian Securities and Investments Commission (ASIC) released Regulatory Guide 257 Testing fintech products and services without holding an AFS or credit licence (RG 257), which details ASIC’s framework for FinTech businesses to test certain financial services, financial products and credit activities without holding an Australian financial services licence (AFSL) or Australian credit licence (ACL).
A review of the results of the 2016 AGM season indicates that shareholder activism is alive and well in Australia. In this insight, we offer four tips our tips to help you be prepared for an attempt to spill the Board.
On 23 November 2016, the government introduced the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 (Bill) to raise the professional standards for financial advisers. The Bill was introduced as part of the government’s response to the Financial System Inquiry on 20 October 2015, which identified examples of unethical and inappropriate financial advice.
On 1 December 2016, the Takeovers Panel released its revised Guidance Note 12: Frustrating Action. Broadly, a ‘frustrating action’ is an action taken by a target board which results in a bid or potential bid being withdrawn, lapsing or not proceeding.