Financial Institutions and Markets (J)

Financial Institutions and Markets (J)

Below is a summary of recent developments in the Australian banking & finance legal landscape. Please click on the links to view each article in full.

Westpac wins responsible lending case against ASIC

Westpac has won against ASIC in a responsible lending case.

Partner, Andrea Beatty, Lawyer, Chelsea Payne and Law Clerk, Chloe Kim discuss the significance of this case and its implication for future responsible lending laws.

Read more: Australian Banking & Finance Update

As of Sunday, 21 July 2019, the Prospectus Regulation ((EU) 2017/1129) is now fully in force.

The provisions which apply from this date introduce a new Universal Registration Document, summary requirements, a simplified disclosure regime and a Growth Prospectus.

Key Aspects of Provisions that Apply from 21 July 2019

  • Issuers can avail of the Universal Registration Document to accelerate the prospectus approval process.
  • Only certain material information has to be disclosed by issuers under the new summary requirements.

Read more: The Prospectus Regulation is Fully in Force: Remaining Provisions Apply from 21 July 2019

Hot on the heels of the Central Bank's ‘Dear CEO Letter’  to Regulated Financial Service Providers (RFSPs) on compliance with their obligations under the Fitness and Probity Regime, comes a Government announcement that it is to begin drafting the Central Bank (Amendment) Bill 2019.

The aim of the proposed legislation will be to enable the Central Bank of Ireland to introduce an enhanced Fitness and Probity Regime that will increase the levels of responsibility and accountability of senior individuals working in RFSPs.

Read more: Fitness & Probity Regime: Legislation proposed to introduce greater transparency in financial sector

This article is republished from LexisNexis Financial Services Newsletter 2019 - Vol 17 No 10.

Authored by Andrea Beatty, Partner and Chelsea Payne, Law Graduate.

“Buy now pay later’ is a rapidly expanding industry. It is particularly attractive to young people – it is like ‘credit’, but it is not considered ‘credit’ under Australian credit laws. As a result, it is not regulated like consumer credit.

In November 2018, ASIC released the much anticipated Report 600: review of buy now pay later arrangements (Report), which provides insight into the relatively unregulated ‘buy now pay later’ industry (industry). The review, which examined six buy now pay later providers (providers),[1] identified areas that ASIC intends to monitor and potentially extend its new product intervention power to.[2]

Read more: Australian Securities & Investments Commission (ASIC) reviews “buy now pay later” industry

Author: David B. West

Executors have a duty to gather all of the assets of the decedent’s estate and prepare an inventory of the assets and debts. In days of old, this meant obtaining paper files that had been in the possession of the deceased. The digital world changed all that. Digital content is generally held, not by the owner of the information, but by a third-party custodian. The custodian of digital assets has an obligation to protect against disclosure of data to unauthorized users. Can an executor really be considered an unauthorized user?

Read more: Accessing and Protecting Digital Assets: Fiduciary Duties in a Digital World