Australian competition law was the focus of a lot of high profile activity in 2018, and 2019 is promising more of the same, keeping the market on its toes. In this report, we explore the key themes and developments in Australian competition law in 2018 and the outlook for 2019.
The Bill extends the corporate whistleblower regime in the Corporations Act and creates a whistleblower regime in the Taxation Administration Act 1953 (TAA) for disclosures of information by individuals regarding tax law breaches or misconduct relating to an entity’s affairs.
On 18 February 2019, the Australian Government passed legislation which repeals the limited exemption in section 51(3) of the Competition and Consumer Act 2010 (Cth) (CCA) for conditions in the licensing or assignment of intellectual property (IP) rights.
Australia generally welcomes foreign investment. The Foreign Investment Review Board (FIRB) screens certain foreign investment proposals on a case-by-case basis to determine whether a particular proposal is contrary to the national interest. This brochure explains some of the rules governing the screening process through FIRB.
On 14 February 2019, the Senate passed the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018 which very significantly increases penalties and prison terms for corporate and financial sector misconduct and adds penalties for provisions which were not previously the subject of financial penalty.
In 2018 the Australian financial services sector continued to maintain significant attention on fintech, with a range of regulatory and legislative developments facilitating fintech innovations and new businesses entering the market. In this Fintech Year in Review (2018) publication, we explore these significant developments, with some insights into what we can expect for the fintech sector in the year to come.
To ensure enforceability of a bank guarantee (or other instrument), it is important to comply strictly with any prescribed form or wording requirements for legal communications relating to that instrument.