Welcome to Edition 91 of Boardroom Brief. This is a service specifically targeted at the needs of busy non-executive directors. We aim to give you a “heads up” on the things that matter for NEDs in the week ahead – all in two minutes or less.
The Federal Government has recently published a discussion paper titled ‘Decommissioning Offshore Petroleum Infrastructure in Commonwealth Waters’. The discussion paper provides an overview of the current decommissioning framework for offshore petroleum infrastructure in Commonwealth waters and identifies several areas for potential reform.
At the 2018 Annual RBB Economics Conference last Thursday, Australian Competition and Consumer Commission Chairman Rod Sims delivered an important speech that highlighted Australia’s position on competition law in light of the current “hipster antitrust” debate.
As the Royal Commission hearings draw to a close and the Commissioner prepares to draft his Final Report, the financial services industry is bracing itself for a new age in regulation with widespread reform on the horizon.
Regardless of what the Commissioner recommends, it is clear that that there will be a strong focus on effecting a fundamental change to enforcement.
Open banking is the application of a national Consumer Data Right to the banking industry. It will allow customers to request that their data be transferred to third parties and is expected to facilitate more competition (by facilitating entry of new providers).
We have been aware that the Western Australian Office of State Revenue (OSR) has been reviewing the treatment of farm-in agreements for some time and on 28 November 2018, the Minister for Finance announced amendments to the duties concession for farm-in agreements.
The UK Information Commissioner’s Office has issued its first official enforcement notice under the GDPR, against a company with no establishment in Europe. This insight discusses the enforcement notice and the questions it will hopefully clarify in relation to extra-territoriality and jurisdiction under the GDPR.
There have been many significant developments in the fintech sector this month. Against the backdrop of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, APRA and ASIC have indicated that they are likely to increase enforcement action in the future, APRA has released guidance on the Banking Executive Accountability Regime, and the Senate Economics Reference Committee has launched an inquiry into non-bank lenders.
The new Australian hybrid mismatch rules generally commence on 1 January 2019 with no grandfathering of existing arrangements. These rules are far reaching and can result in the denial of tax deductions or the inclusion of amounts in assessable income. Taxpayers should be carefully reviewing all of their arrangements to consider the application of these rules and restructuring accordingly.
Welcome to Edition 90 of Boardroom Brief. This is a service specifically targeted at the needs of busy non-executive directors. We aim to give you a “heads up” on the things that matter for NEDs in the week ahead – all in two minutes or less.
The Australian Prudential Regulation Authority has responded to the issues that have emerged at the Royal Commission into the Misconduct in the Banking, Superannuation and Financial Services Industry and the Productivity Commission’s Inquiry into Competition in the Australian Financial System by announcing a review of its enforcement strategy.
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At Gilbert + Tobin, our team looks at technology influences as they apply to all industries. We advise on the impacts of technology on the contract structures, the laws and the corporate/commercial processes that underpin your business. Our focus, like yours, adjusts as your company and your industry demands dictate.