On 14 February 2019, the Australian Securities and Investments Commission (ASIC) announced that it is reviewing its guidance on responsible lending conduct, Regulatory Guide 209 Credit licensing: Responsible lending conduct (RG 209).
In an Australian first, the Federal Court has ordered Cryosite Limitedto pay penalties of $1.05 million for cartel conduct, following proceedings commenced by the Australian Competition and Consumer Commission for gun jumping.
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.
Right before Christmas last year the Government quietly announced that the launch of Open Banking would be delayed by seven months from 1 July 2019 to 1 February 2020. The ACCC also delayed the release of draft Consumer Data Right (CDR) Rules to the first quarter of 2019, instead releasing a Rules Outline outlining what it proposes to include in the draft rules
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.