Search for:
Category

Australia

Category
In AML & Financial Services Regulatory

Australia: Almost there – Foreign Financial Services Provider exemptions legislation tabled

by , and 7 Mins Read

There has been further progress towards a new Foreign Financial Services Providers (FFSPs) framework in Australia. The Treasury Laws Amendment (Streamlining and Improving Economic Outcomes for Australians) Bill 2022 (Bill) was introduced to Parliament on 17 February 2022. This bill is very similar to the exposure draft released for consultation in December, discussed here. The Bill continues to propose three key exemptions for FFSPs: the professional investor exemption, the comparable regulator exemption and the fit and proper person test exemption and although largely unchanged there are some important new requirements that we consider are important to highlight.

Read More
In Asia-Pacific

Australia: Cleaning up the law – Appeal Courts clarify environmental law issues for insolvency appointees

by , and 8 Mins Read

The courts were busy in the second half of 2021 with developments in the space where insolvency law and environmental law overlap.
In Victoria, the Court of Appeal has affirmed the potential for a liquidator to be personally liable, and for there to be a prospective ground to block the disclaimer of contaminated land, where the liquidator has the benefit of a third-party indemnity for environmental exposures

In Asia-Pacific

Australia reviewing additional sanctions targeting Russia

by 2 Mins Read

The Australian government has been consulting on potential additional sanctions measures to target Russian individuals and entities if considered by the government as being implicated in aggression towards Ukraine. At this point it is unclear what regulatory path the government would take in imposing any new measures. The government could impose measures using the new US Magnitsky-style thematic sanctions that took effect in December 2021. Alternatively, the government may decide to take the path already well-trodden and add to the existing list of designated parties for Russia, Crimea and Sevastopol.

Read More
In Asia-Pacific

Australia: AFSL exemptions for Foreign Financial Service Providers – 2022 Redux

by and 5 Mins Read

The Australian Government has released the Treasury Laws Amendment (Measures for Consultation) Bill 2021: Licensing Exemptions for Foreign Financial Service Providers (“Draft Legislation”), outlining the updated exemptions for certain foreign financial service providers (FFSPs) from the requirement to hold an Australian financial services license (AFSL). In particular, the Draft Legislation proposes three exemptions: the professional investor exemption, the comparable regulator exemption and the fit and proper person test exemption. Each of these exemptions has the objective of promoting diversified investment opportunities for Australian investors and attracting additional investment to Australian markets.

In Asia-Pacific

United States: White House announces export controls and human rights initiative

by and 3 Mins Read

On 10 December 2021, at the Summit for Democracy, the US, Australia, Denmark, and Norway, released a Joint Statement announcing an Export Controls and Human Rights Initiative to curb the misuse of technologies by certain governments. The initiative aims to combat digital authoritarianism in countries where software and advanced surveillance technologies have been used to hack the communications of political opponents and journalists, shape public opinion, and censor information the government deems threatening.

In Asia-Pacific

Australia: Federal Government passes Magnitsky-style thematic sanctions laws

by and 6 Mins Read

On 2 December 2021, the Australian Parliament passed the Autonomous Sanctions Amendment Act 2021 (Cth) (Act) which is partly based on the United States’ Magnitsky Act, and similar laws already in place in the UK, Canada and the European Union. The Act is designed to sanction individuals and entities responsible for certain “thematic” categories of “egregious conduct”. The Act came into force on 7 December 2021.

Read More
In Anti-Corruption

Australia passes Magnitsky-style Thematic Sanctions laws

by 2 Mins Read

On 2 December 2021, the Australian Parliament passed the Autonomous Sanctions Amendment (Magnitsky-style and Other Thematic Sanctions) Act 2021 (Cth). The new laws are intended to modernise Australia’s autonomous sanctions regime by creating a framework to facilitate the establishment of a thematic sanctions regime to enable Australia to respond flexibly and swiftly to a range of situations of international concern. A key difference to the current sanctions regime is that the new laws will not be restricted in their operation to any particular country / jurisdiction.

In Asia-Pacific

Nuts and Bolts of Trade Compliance in Asia Pacific: Spotlight on Warehousing

by 1 Min Read

In this annual webinar series, we are putting a spotlight on warehousing arrangements. Our speakers will update you on legislative and customs developments, share insights into the current practices of authorities, and provide practical tips on how you can identify opportunities, maximize benefits and mitigate risks when utilizing these warehouses as part of your supply chain solutions.

Load More