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In AML & Financial Services Regulatory

Australia: ASIC extends transitional relief for Foreign Financial Service Providers again – but wait, there’s more

by , , , and 7 Mins Read

For the fourth time since its inception in September 2016, the Australian Securities and Investments Commission (ASIC) has extended the transitional relief period for Foreign Financial Services Providers (FFSPs) for a further 12 months until 31 March 2025. In its introduction of the ASIC Corporations (Amendment) Instrument 2023/588 on 4 August 2023, FFSPs have been offered a further extension on relief from the requirement to hold an Australian financial services license when providing certain financial services.

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In Anti-Corruption

Australia: Bribery of Foreign Officials

by 7 Mins Read

A recent High Court decision and the re-introduction of proposed legislation to Parliament which will make it easier to prosecute bribery of foreign officials, both emphasize the importance of companies having adequate procedures in place to ensure that their employees and agents are not engaging in conduct which could expose the company to significant fines.

In ESG

Australia: ACCC issues new draft greenwashing guidance

by , , , and 2 Mins Read

With the rapid rise of environmental consciousness in Australia and abroad, consumer-facing businesses are increasingly making claims about the environmental qualities of their products, services and business operations. While the ACCC has had guidance on the practice of “greenwashing” for some time, policing of environmental and sustainability claims has been a core area of focus for the ACCC in the last 12 months.

In Sanctions

Global: Five Eyes Partners agree to coordinate enforcement on export controls

by , , , and 1 Min Read

Baker McKenzie’s Sanctions Blog published the alert titled  Blog Series: Sanctions Enforcement Around the World – Five Eyes Partners agree to coordinate enforcement on export controls on 11 July 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.  

In Antitrust / Competition

Australia: Unfair terms penalties countdown – From 9 November 2023 prohibitions for unfair contract terms commence

by , , , , , and 8 Mins Read

From 9 November 2023, the unfair terms regime will change so that significant penalties may apply for breaches of the UCT regime. As a result, businesses need to look again at their standard terms for unfair terms risks.

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In Trade and Foreign Investment

Australia: Register of Foreign Ownership – 1 July 2023 commencement confirmed

by 3 Mins Read

Australia’s new Register of Foreign Ownership of Australian Assets will take effect on 1 July 2023. Expanding on the previous registers for water interests and agricultural or residential land, the new Register records foreign interests in a broader range of Australian land, entities, businesses and assets, with significant potential penalties for non-compliance.

In AML & Financial Services Regulatory

Australia: Strategic plan set to expand licensing and regulatory oversight of payment industry

by 14 Mins Read

In announcing its Strategic Plan for Australia’s Payments System, Treasury has provided the clearest direction to date on how it plans to modernize and revamp the regulatory framework for payments in Australia. It outlines the Australian Government’s key priorities and initiatives for modernizing and regulating payments systems in coming years. This announcement follows a very broad consultation on its strategic plan and a number of reviews undertaken in this space.

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