This month's update includes: Legislation and proposed legislation, Future of Financial Advice laws amendments now in force, Going the “full Harper” – Big changes to section 46 announced and a mandatory data breach notification scheme for Australia?
The Australian (Federal) Government’s consultation paper as to the Privacy Amendment (Notification of Serious Data Breaches) Bill 2015 notes the proposed “relatively higher notification threshold” is intended to “help avoid the risk of individuals experiencing ‘notification fatigue’ and will also help avoid unnecessary administrative costs for business”.
In February, ACCC Chairman Rod Sims made clear that in 2016 “detecting and deterring cartel conduct continues to be a major focus for the ACCC”. Consistent with this enforcement priority, on 2 March 2016 the ACCC filed an appeal from the Federal Court’s decision dismissing the ACCC’s proceedings against the Australian Egg Corporation and other respondents in the egg cartel case.
In response to the increasing provision of digital financial product advice, also known as ‘robo-advice’, by both start-up Australian financial services (AFS) licensees and existing AFS licensees, ASIC is now consulting on its approach to the regulation of robo-advice in Australia.
Following the launch of ASIC’s Innovation Hub last year, designed to help new financial technology (‘fintech’) businesses navigate ASIC’s regulatory system, ASIC has released guidance to assist providers of marketplace lending products understand their legal obligations.
In this issue of the WA Resources Update, your regular newsletter about key developments for the Western Australian mining and resources sector we look at Roe 8 delay – the decision of Save Beeliar Wetlands v Jacob, rehabilitation liabilities, the passage of amendments to the Mining Act 1978 (WA) and the implications for miners of unlocking the rangelands in WA.
To extract value from your treasure trove of data and unlock value, you will often need to work with other parties. The problem is that many data analytics services contracts currently in use are not fit for purpose. Below are some key ways to get your contracts right.
Prime Minister Malcolm Turnbull, the Treasurer Scott Morrison and the Small Business Minister and Assistant Treasurer Kelly O’Dwyer today announced that the Government would move to implement the Harper Review’s recommendation to replace the current section 46 provisions.
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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.