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Financial Services AU
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August 12, 2026
ASIC Financial Reporting Misconduct Sweep Hits Hudson
ASIC's crackdown on financial reporting misconduct has resulted in a fourth company hit with a penalty this week, with a New South Wales local court handing recruitment firm Hudson Global Resources a $270,000 fine for failing to file its financial reports for three years.
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August 12, 2026
ASIC Warns Consumers Of Yepbit False Asset-Freeze Claim
ASIC has warned consumers against engaging with the unlicensed digital asset and cryptocurrency trading platform Yepbit after the corporate regulator said it had received several reports from investors unable to withdraw their funds.
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August 12, 2026
ASX Shareholder Plans Derivative Action On CHESS Failures
The ASX is facing a potential shareholder-led action in the Federal Court of Australia over the shambolic roll-out of its upgraded CHESS platform, weeks after Australia's largest stock exchange was fined $20.5 million for misrepresenting the project's progress following an ASIC investigation.
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August 11, 2026
Arrium Class Must Prove All Units Were Impaired, Judge Says
A Victorian Supreme Court judge hearing a shareholder class action trial over allegedly misleading financial reports made by collapsed steelmaker and miner Arrium Ltd ruled on Tuesday that the class must specifically prove that all the company's business units faced financial impairments, narrowing its potential path for winning the case.
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August 11, 2026
ASIC Publishes Liquidator Reprimand Over Invalid Appointment
A liquidator disciplinary committee has publicly reprimanded registered liquidator Simon John Thorn for "failing to adequately carry out his duties" as administrator of Premier Energy Resources Pty Ltd, which included making reasonable enquiries to confirm he had been validly appointed and notifying the court of his valid appointment.
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August 11, 2026
Judge Won't Issue Interim Gag In 'Deposit Flicking' Dispute
A New South Wales Supreme Court judge has declined to make an interim order preventing Jared Zak, founder of conveyancing firm Dott & Crossitt, from publicly calling the business model of law firm Agency Settlements illegal.
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August 11, 2026
Norton Rose Fulbright Taps Ex-Baker McKenzie M&A Partner
Norton Rose Fulbright has tapped Baker Mckenzie senior transactional law partner Kate Jefferson to join the firm's Sydney office to advise clients on cross-border and capital markets transactions across the Asia Pacific.
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August 11, 2026
AustralianSuper Hires Michelle Levy To Launch Advice Service
AustralianSuper, the nation's biggest superannuation fund, will launch a personalised financial advice service this year and has appointed Michelle Levy, who oversaw the Quality of Advice Review into making financial advice more accessible and affordable, as the entity's independent director.
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August 11, 2026
Bendigo Bank Agrees To Pay $8M Fine Over Alliance Hack
Bendigo Bank has agreed to pay an $8 million fine proposed by APRA for a series of authentication failures that allowed a hacker to steal $490,000 from 87 customers at subsidiary Alliance Bank in 2023, in a deal subject to Federal Court approval.
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August 10, 2026
AG Seeks Input on Foreign Bribery Reform, Corporate Offence
The Attorney-General's Department has commenced a compulsory statutory review into Australia's foreign bribery laws including the introduction of a new corporate offence for failing to prevent it.
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August 10, 2026
Nicholas Broadbent Appointed Associate Commonwealth DPP
The Albanese government has announced the five-year appointment of senior NSW criminal defence barrister and public defender Nicholas Broadbent SC as the Associate Director of Public Prosecutions.
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August 10, 2026
Tabcorp Taps G+T For $267M BetMakers Acquisition
Gambling giant Tabcorp Holdings has agreed to buy BetMakers Technology Group in a deal that values the betting technology firm at $267 million to accelerate its technology overhaul and expand internationally.
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August 10, 2026
AUSTRAC Shuts Down Cryptolink's 96 Crypto ATMs
AUSTRAC has suspended cryptocurrency ATM company Cryptolink's virtual asset service provider registration for three months, citing concerns it has not been complying with anti-money laundering and counter-terrorism financing reporting obligations.
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August 10, 2026
Lawyer Hit With Misconduct Finding Over Class Action Delay
A Victorian Civil and Administrative Tribunal member has ruled that lawyer Dimitrios Diakou engaged in professional misconduct when he dragged his feet on filing a proposed class action against a now-collapsed real estate and investment firm.
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August 10, 2026
Ex-Finance Firm Boss Gets 6.5 Years For Siphoning $1.75M
The former sole director of an investment firm serving the Muslim community has been jailed for 6.5 years by the District Court of NSW after transferring $1.75 million of company money into his own pockets.
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August 10, 2026
Star's Ex-GC Martin Wins Stay of $400k ASIC Fine
Star Entertainment's former general counsel Paula Martin last week won a stay of her $400,000 fine while she appeals a ruling that she failed in her duties as a director to inform the company's board of money-laundering risks at the Sydney casino.
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August 10, 2026
Mallesons Takes Lead Role On $900M oOh!media Deal
Mallesons is advising Sydney-based outdoor advertising company oOh!media on its nearly $900 million acquisition by U.S. private equity firm I Squared Capital, the companies announced on Monday.
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August 10, 2026
ASIC Hits 5-Year High In Financial Services Bans, Restrictions
ASIC said it removed or restricted 87 individuals and businesses from providing financial services in the year ended June 2026, the highest number the regulator has delivered in five years.
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August 07, 2026
Judge Extends Asset Freeze On Falcon Capital Founder
A Federal Court judge on Friday granted ASIC's request to extend an asset freeze on Simon Selimaj, founder of the operator of the collapsed First Guardian Master Fund, after Selimaj had protested that the freeze and a previously lifted travel ban were "destroying my life."
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August 07, 2026
WA Taps 3 Judges For Supreme, Appeal Court Vacancies
The Western Australia Attorney General has announced the appointment of Supreme Court Justice Stephen Lemonis to the Court of Appeal and District Court Judge Tania Jeyamohan and barrister Steven Wong to the Supreme Court from August 10, to "address vacancies and maintain judicial capacity" in both courts.
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August 07, 2026
Treasury Delays Insolvency Review Citing Productivity Inquiry
Treasury will not consider reviewing Australia's corporate and personal insolvency laws until after a separate Productivity Commission inquiry is complete next year, despite saying it largely supports a parliamentary inquiry's recommendations to simplify liquidation processes and lower reporting burdens.
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August 07, 2026
Justice Murphy Defends Class Action System In Final Speech
Justice Bernard Murphy has used his final speech as a Federal Court judge to champion Australia's class action system, saying he worked to "ensure that it was fair and equitable."
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August 07, 2026
ASIC, Netwealth Urge Approval Of $100M First Guardian Deal
ASIC and Netwealth Superannuation jointly urged a Federal Court judge on Friday to approve a more than $100 million agreement under which the company has already fully compensated customers for their net deposits into the collapsed First Guardian Master Fund, without further penalty.
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August 07, 2026
Ex-Coco Joy CEO Gets 6 Months After Appeal Win
A NSW District Court on Wednesday resentenced the former CEO and director of coconut water company FAL Healthy Beverages, Tim Xenos, to six months' imprisonment, down from 18 months, after his conviction for dishonestly using his position as director for personal gain was overturned in April but held his conviction for making business decisions while disqualified and failing to disclose salary and bank accounts to his bankruptcy trustee.
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August 07, 2026
Palmer Fails To Quash Magistrates Criminal Case in Fed Court
Billionaire Clive Palmer's attempts to overturn a magistrate's refusal to dismiss criminal proceedings against him over alleged fraudulent transfers to his political party have hit another hurdle with a Federal Court judge in Brisbane rejecting his latest application, and refusing to recuse himself from the case.
KPMG Legal Doc Release 'Extraordinary' But Waiver Implied
A parliamentary committee's decision to publicly release KPMG Australia's privileged legal documents on public interest grounds may be unprecedented and lacks a clear legal basis, experts say, though KPMG may have inadvertently waived privilege.
ASIC Greenwashing Case Ends In $7.3M Fiducian Fund Fine
The Supreme Court of New South Wales has ordered a Fiducian Group managed fund to pay $7.3 million for misleading conduct over a purported ethical fund, marking the first time a greenwashing civil penalty has been handed down for duty of care and diligence failures.
KPMG Legal Doc Release 'Extraordinary' But Waiver Implied
A parliamentary committee's decision to publicly release KPMG Australia's privileged legal documents on public interest grounds may be unprecedented and lacks a clear legal basis, experts say, though KPMG may have inadvertently waived privilege.
Ex-CFO Says Adgemis Knew $78M GST Claims Were Fraudulent
The former CFO of Jon Adgemis' personal property investment vehicle JAGA Group has told the Federal Court of Australia the former publican knew $78 million in GST claims were incorrect, but viewed them as "short term loans" from the Australian Tax Office.
ASIC Greenwashing Case Ends In $7.3M Fiducian Fund Fine
The Supreme Court of New South Wales has ordered a Fiducian Group managed fund to pay $7.3 million for misleading conduct over a purported ethical fund, marking the first time a greenwashing civil penalty has been handed down for duty of care and diligence failures.
Editor's Picks
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Allens, Ashurst KPMG Reports Published on 'Public Interest'
A parliamentary joint committee has released the legal advice documents law firms Ashurst and Allens provided to KPMG Australia into whistleblower allegations, citing "compelling public interest" and overriding the auditing giant's request for legal professional privilege.
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Credit Suisse Wins Privilege Fight Over Greensill Report
Compliance with financial regulators does not necessarily entail a waiver of legal professional privilege, the Federal Court of Australia on Monday has ruled after Credit Suisse bid to stop insurance broker Marsh from accessing an internal report over the Swiss bank's management and involvement with collapsed supply chain finance firm Greensill Capital.
Expert Analysis
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How Cos. Can Rework AML Controls After AUSTRAC Warning
The Australian Transaction Reports and Analysis Centre's recent risk snapshots on money laundering, financing of terrorism and proliferation risks underscore that with the convergence of artificial intelligence and real-time payment systems, Australia’s financial crime threats are becoming harder to detect through traditional means, say lawyers at Herbert Smith.
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Greenwashing Scrutiny Grows As Regulators Expand Focus
The Australian Securities and Investments Commission and Australian Competition and Consumer Commission continue to penalize investment companies and superannuation trustees for misleading environmental claims, signalling that greenwashing enforcement is an intensifying feature of Australia's corporate accountability framework, say lawyers at Ashurst Perkins Coie.
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Practice Leader Insights From Phi Finney's Joel Phibbs
Joel Phibbs, Phi Finney's anti-money laundering and counter-terrorist financing practice lead, discusses the approach of banks when dealing with compliance, the challenges of delays in getting cases to trial, and why financial bodies' regulatory burden and the desire to lower costs using artificial intelligence seem like a recipe for major problems in the future.
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APRA's Warning Letter Means Directors Must Grasp AI Risks
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A recent letter from the Australian Prudential Regulation Authority outlines industry expectations for managing artificial intelligence-related risk, reminding boards and directors to work closely with their technology officers to ensure compliance with the regulator’s recommendations, says Claire Mallon at HWLE.
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Practice Leader Insights From HSF Kramer's Andrew Bradley
Andrew Bradley, leader of HSF Kramer's financial services regulatory practice in Australia, discusses managing mental health while working on a complex matter, the glaring need for further reform in the financial advice sector, and why this practice area may be the most dynamic and intellectually stimulating.
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Blue Star Shows Why Liquidators Need Approval Rule Reform
The recent Queensland Supreme Court decision in Blue Star Care v. Rimcroft highlights the uncertainty surrounding Section 477(2B) of the Corporations Act court approvals regime, meaning that until outright reform is implemented liquidators must make unsatisfactory choices between what is safe and what is in creditors’ best interests, says Robert True at Quinn Emanuel.
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What ACCC Data Reveals About Finance Deals
Recent Australian Competition and Consumer Commission data confirm that clearances under the new mandatory merger control regime are moving faster than anticipated and that the system’s waiver process works particularly well for low-risk transactions, making it a natural fit for the financial services sector, say lawyers at Squire Patton.
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Australian Payments Reg. Proposals Will Broaden Oversight
The Australian government’s recent payments regulation proposals for a more activity-based licensing framework will significantly expand the perimeter of entities, indicating that the regulators view payment systems, digital assets and tokenized financial infrastructure as part of a connected regulatory ecosystem, say lawyers at Corrs.
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Australia's Computer Patent Ruling Will Aid Global Companies
While courts around the world have struggled to articulate a technology-neutral test for patentability of computer-implemented inventions, a recent decision by Australia's top court offers a decisive answer, creating strategic opportunities for overseas applicants, say attorneys at Mallesons.
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Assessing The Significance Of Australia-EU's Free Trade Deal
The recently concluded Australia-European Union free trade agreement could be a springboard for a more ambitious initiative bringing together the EU and the economies of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a critical mass capable of shaping norms across subsidies, sustainability disciplines and competition policy, says Alan Yanovich at Akin Gump.
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Decoding Arbitral Disputes: ICSID Enforcement In Australia
The Federal Court of Australia recently ruled for award creditors in Blasket Renewable Investments v. Spain in a judgment that explains how Australia's statute book operationalizes the promise of depoliticized enforcement under the International Centre for Settlement of Investment Disputes Convention while accommodating, without yielding to, the centrifugal forces of European Union law, says Josep Galvez at 4-5 Gray's Inn.