Insights

Digital Bytes – cyber, privacy & data update

Welcome to Digital Bytes, our latest quarterly update on current developments in cyber, privacy and data governance.

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Update to AICD Not-for-Profit Governance Principles

As the Australian Institute of Company Directors (AICD) notes in its recently released Not-for-Profit Governance Principles (Third Edition) (Principles), there are approximately 600,000 not-for...

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Disclosing regulatory investigations: failed CBA shareholder class actions point the way

In two recent class actions by shareholders against Commonwealth Bank of Australia Limited, the Federal Court was asked whether, and if so when, CBA should have disclosed that its non-compliance...

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AIC v Medibank – Concise Statement released by OAIC

A Concise Statement released by the Office of the Australian Information Commissioner (OAIC) this week provides important insights into the OAIC’s security expectations in relation to large...

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Indonesian airline ‘flying high’: High Court confirms foreign entity immunity from winding up

The High Court of Australia has upheld the New South Wales Court of Appeal decision that foreign state immunity extends to a national airline subject to a winding up proceeding. The High Court held...

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Tech M&A – what are the key deal risks?

Despite macroeconomic uncertainty and a slowdown in leveraged buyouts, M&A activity continues to play a critical role in unlocking value in the tech industry. In this article, we discuss four key...

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Corporate governance implications of Medibank enforcement proceedings

In a landmark move, the Australian Information Commissioner has filed civil penalty proceedings against Medibank in connection with a data breach.

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Victorian Commercial and Industrial Property Tax Reform Act is now law: here’s what you should know

The Victorian Commercial and Industrial Property Tax Reform Act 2024 (Vic) (CIPT Act) passed both houses of Parliament and received royal assent on 21 May 2024.

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Report of Continuous Disclosure Review tabled in Parliament

In a long-awaited development, a report from Dr Kevin Lewis, former ASX chief compliance officer, was quietly tabled in Parliament last week, some three months after it was delivered to the Federal...

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Cybersecurity governance: are directors doing enough?

The revelation this month of another major cyberattack in Australia – this time a ransomware attack on electronic prescription provider MediSecure – has many board and C-suite members re-examining...

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Australian Federal Budget 2024: key taxation matters for large business and investors

What does the Federal Budget mean for corporate taxpayers? Now that everyone has had time to wade through the media reporting, we bring you our commentary.

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Australian Government announces overhaul of Privacy Act and doxxing reforms

The Australian Government has announced that it will bring forward legislation to address doxxing in August 2024. It has not released information on what those reforms will cover. Options...

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Continuous disclosure: new data breach example added to ASX Guidance Note 8

In response to market feedback, ASX has released a useful data breach example to be included in its Guidance Note 8 on Continuous Disclosure, which will take effect from 27 May.

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ASIC wins Qoin case: freshly minted jurisprudence on crypto, NCPs and the meaning of ‘on behalf of’

The Federal Court has found in favour of ASIC against digital currency payments provider BPS Financial Pty Ltd over its Qoin Wallet product. We unpack the Court’s findings and comment on the...

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Climate-related financial disclosure legislation clears Senate Economic Legislation Committee

The climate-related financial disclosure (CRFD) legislation that was introduced into Parliament in late March 2024 has cleared the next hurdle. Last Friday (3 May), the majority of the Senate...

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The NSW housing supply problem – the making of the TOD SEPP and 4 other areas to watch

The NSW State Government is well underway in utilising a number of levers to address the housing supply crisis, particularly with the commencement of the TOD SEPP. The question remains as to...

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Recent trends in ACCC SOI informal merger clearance decisions

We are pleased to share with you the 8th edition of our report on recent trends in informal merger clearance decisions made by the Australian Competition & Consumer Commission (ACCC) that involve a...

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Navigating the land taxes regime – Victorian land owners must keep up with changing tax rules

Many Victorian land owners and investors are uneasy as they await the 2024 state budget, to be delivered on 7 May 2024. Will the government use this budget as a further opportunity to balance its...

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Is your recyclable claim ocean bound or court bound? ACCC’s first greenwashing case against Clorox

After reconfirming that greenwashing is a key enforcement priority, the ACCC has commenced its first Federal Court action against plastic wraps manufacturer, Clorox. For FMCG businesses seeking to...

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Australia's merger control mandatory in 2026

The Treasurer yesterday announced far-reaching reforms of Australia's merger control regime. The reforms proposed by the Government include the introduction of a mandatory notification requirement...

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Scheme or non-scheme? Australian Energy Regulator’s review of gas pipeline regulation

The Australian Energy Regulator will review the form of regulation – a ‘scheme’ or ‘non-scheme’ – of gas pipelines around Australia (excluding Western Australia). The outcome of a review has the...

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Vanguard pinged for greenwashing

In proceedings brought in the Federal Court of Australia, ASIC has successfully established that one of the world’s largest investment managers contravened the ASIC Act when it made a series of...

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Mandatory climate-related financial disclosure bill introduced

Legislation for Australia’s mandatory climate-related financial disclosure (CRFD) regime was introduced into Parliament on the last sitting day before Easter. This is the next step in a process...

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Desiring a tax benefit is not enough for Part IVA to apply: Minerva Appeal

In a unanimous decision, the Full Federal Court has overturned a decision of a single judge of the Federal Court in Minerva Financial Group Pty Ltd v Commissioner of Taxation [2022] FCA 1092...

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