Corporate Regulatory News

High Court Finds Sufficient Causal Nexus for Account of Profits Remedy: [2018] HCA 43

The High Court unanimously dismissed an appeal, and by majority, allowed a cross-appeal, from a judgement from the Full Court of the Federal Court of Australia in the case of Ancient Order of Foresters in Victoria Friendly Society Ltd v Lifeplan Australia Friendly Society Ltd [2018] HCA 43 on 10 October 2018. The case concerned breach of fiduciary duties of the Corporations Act 2001 (Cth) and whether there was a sufficiently causal nexus for the remedy of account of profits.

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WA Consumer Legislation Amendment Bill: Toppling Furniture and Other Changes

Monday 15 October 2018 @ 10.25 a.m. | Corporate & Regulatory | Trade & Commerce

Last week on Wednesday, 10 October 2018, the Consumer Protection Legislation Amendment Bill 2018 (the Bill) was introduced into the WA Parliament by the Minister for Commerce and Industrial Relations. The Bill makes a wide range of changes to Western Australian consumer, tenancy and building laws. Notable among the changes is the introduction of an important change relating to tenants being allowed to affix furniture to walls to prevent it from toppling over and causing injury, and as a result the bill has become known as "the toppling furniture Bill". 

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An Overview of the Banking Royal Commission Interim Report

Friday 5 October 2018 @ 10.42 a.m. | Corporate & Regulatory | Trade & Commerce

On Friday, 28 September 2018, the interim report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Commission), was released by Commissioner Hayne (the Commissioner). The interim report documents the findings of the Commission so far and considers some of the measures needed to address the failings in the financial system found by the Commission.

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Protecting Your Superannuation Package Bill: Committee Reports on Government Bill

Thursday 13 September 2018 @ 12.03 p.m. | Corporate & Regulatory | Taxation

The Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 (Cth) (the Bill) was introduced into the Federal Parliament by Minister for Revenue and Financial Services, Kelly O’Dwyer, on 21 June 2018. The Bill was then referred to the Senate Standing Committee on Economics (the Committee) which reported on the legislation on 13 August 2018. The Government states that the Bill makes amendments that ". . . will protect individuals' retirement savings from erosion,  ultimately increasing Australians’ superannuation balances."

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Proposed Reforms to Private Health Insurance Referred to Senate Committee

Thursday 19 July 2018 @ 2.43 p.m. | Corporate & Regulatory | Legal Research

The Private Health Insurance Legislation Amendment Bill 2018 (CTH) (‘the Bill’) has been referred to the Senate Community Affairs Legislation Committee on 19 June 2018. The Bill is part of a larger package of reforms to private health insurance options as announced in 2017, and proposes to enable private health insurers to have more flexibility in offering hospital and treatment cover products by using age-based discounts. In addition, this Bill proposes to improve information for consumers, and streamline benefit arrangements for hospitals.

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