Banking and Financial Services (122)

The Privacy Amendment (Notifiable Data Breaches) Act 2017 (Breach Notification Act) received Royal assent on 22 February.  This means that private sector organisations and Commonwealth Government agencies will have breach reporting obligations that start on Thursday 22 February 2018 (unless the Government chooses to proclaim an earlier commencement). Data breaches which occurred before commencement will not be reportable.

On Wednesday, 19 October the Government introduced the Privacy Amendment (Notifiable Data Breaches) Bill 2016 to Parliament.

ASIC releases guidance on robo-advice

Tuesday, 13 September 2016

ASIC has released guidance on providing digital financial product advice - or "robo-advice" as it's being called.1

Privacy professionals have been closely watching a case with potentially far reaching implications for international policy. 

Two recently announced measures will have a dramatic impact on limited recourse borrowing arrangements (LRBA) going forward.

Tim Pilgrim, the current Privacy Commissioner, is enforcing the Privacy Act like never before.

The Government has now responded following consultations involving the draft Superannuation Legislation Amendment (Governance) Bill 2015 and Superannuation Legislation Amendment (Governance) Regulation 2015.

Most APRA regulated superannuation funds and Pooled Superannuation Trusts (PSTs) have significant exposure to over-the-counter (OTC) derivatives due to the requirement to manage currency exposure, obtain exposure to certain asset classes, or through transition management arrangements.

HWL Ebsworth's Financial Services and Regulatory team acted for the consortium comprised of KKR, Varde Partners and Deutsche Bank in the AUD8.2 billion acquisition of GE Capital Finance Australasia Pty Ltd's Australian and New Zealand consumer lending business.

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