Webinars with the Energy Experts at Compliance Quarter

Webinars with the Energy Experts at Compliance Quarter

AU Energy Compliance, Uncategorized
In addition to our regular news updates and analysis, the regulatory energy experts at Compliance Quarter have been busy helping to educate our clients with free webinars. Over the last 8 months, we've engaged with over 500 people on our webinar series, allowing us to get free education, advice and news out to more people than we thought possible.   Below is a summary of the webinars we've produced so far, along with links to our upcoming episodes:   Compliance Quarter "Energy Experts" Webinar Series Update on Embedded Networks 16 August 2017 - 11am AEDT - http://bit.ly/2FYmOtB       Energy Retail Update 24 August 2017 - 11am AEDT - http://bit.ly/2sjpdwD       AEMC taking the axe to Embedded Network Exemptions 18 January - 11am AEDT - http://bit.ly/2BKscSU Access Password: Energy001…
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Understanding GDPR: Opportunities and Risks

Understanding GDPR: Opportunities and Risks

Consumer, Uncategorized
In this post on understanding GDPR, we'll look at the following: Data Disruption Regulation in the age of Data The GDPR Opportunity? What are the Next Steps? The post forms the commentary by our regulatory specialists on a recent webinar on understanding GDPR conducted for our clients and interested parties. Below is the video content of the webinar: Introducing Anne Wardell - Compliance Quarter Regulatory Specialist Anne is a former of the Victorian Bar with over thirty years' experience as a lawyer. She was also the National Director of Insolvency at the ATO and a Deputy Registrar of the Federal Court of Australia. She was an insolvency specialist acting for liquidators, banks and the Official Receiver, before moving into compliance and regulations. She has advised energy retailers in relation to…
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Is it time we had an energy sandbox to encourage innovation?

Is it time we had an energy sandbox to encourage innovation?

AU Energy Compliance
Should we be looking to collaborate with the energy industry regulators and push for an energy sandbox that will foster innovation into the industry? By Steve Findley, Compliance Quarter.  It has long been the case that, in a similar way to the banking industry, there are many barriers to entry for those looking to become an energy retailer. Recently we have taken enquiries with a number of technology-focused entrants looking to disrupt the industry. This poses the question: Should the regulators be providing a regulatory "energy sandbox" to allow new-to-market entrants, or tech startups, an opportunity to test their business models and help encourage innovation in the industry? The energy regulators generally maintain good relationships with retailers and some of the collaboration and support they provide to retailers gives them…
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AUSTRAC’s regulatory approach in 2017

AUSTRAC’s regulatory approach in 2017

Financial Services
On November 13, the Australian Transaction Reports & Analysis Centre (AUSTRAC) commented on the civil proceedings that it successfully brought against Tabcorp under Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation (see here). In those statements, AUSTRAC CEO, Nicole Rose, summed up AUSTRAC’s approach to compliance succinctly: AUSTRAC will continue to collaborate with industry to strengthen the financial sector against serious financial crime and reduce regulatory burden where possible, but we will continue to take strong action against those companies who break the law where appropriate In today’s article, we look at how AUSTRAC’s risk-based approach to compliance has informed its regulatory and enforcement program over the 2016-2017 year, as evidenced in its 2017 Annual Report. This provides a good indication as to AUSTRAC’s future focus. Risk-based compliance A risk-based approach…
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The Amending WIC Act: Upcoming regulatory changes for water infrastructure in New South Wales (including recycled water, stormwater and wastewater)

The Amending WIC Act: Upcoming regulatory changes for water infrastructure in New South Wales (including recycled water, stormwater and wastewater)

Uncategorized
Last week we talked about the Independent Pricing and Regulatory Tribunal NSW (IPART) Review of Compliance and Enforcement Policy (read the full story here). We mentioned there that a key compliance and enforcement responsibility of IPART relates to Water Industry Competition Act 2006 (WIC Act) licensing. [caption id="attachment_2555" align="alignnone" width="640"] WIC Act[/caption] Today, we look at the upcoming reform of WIC Act licensing contained in the Water Industry Competition Amendment (Review) Act 2014 No 57 (the ‘Amending WIC Act’). This amending Act, while passed into law in 2014, does not come into effect until an associated regulatory framework is ready to be enforced. Last month IPART gave an information session on progress to date, with the scheme intended to come in to effect in 2019. Today we summarise the key…
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How minority shareholders might take action against corporation wrongdoing

How minority shareholders might take action against corporation wrongdoing

Uncategorized
In the past, we have looked at some of the existing powers and proposed powers that the Australian Securities & Investments Commission (ASIC) has with respect to corporate wrongdoing (see our previous article here). Today we take a look at a remedy which can be taken by minority shareholders and members of a company when the company’s affairs have been conducted in an “oppressive, unfairly prejudicial or unfairly discriminatory manner” against members of the company. The so-called ‘oppression remedy’. This provides an option for redress for minority shareholders even where some conduct is approved or instigated by majority shareholders. [caption id="attachment_2551" align="alignnone" width="640"] minority shareholders[/caption] Note, these introductory notes do not constitute legal advice. For advice on your particular situation, please get in touch with us and we can refer…
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The Australia/NZ FinTech collaboration: Three things to bear in mind if offering FinTech services across the Tasman

The Australia/NZ FinTech collaboration: Three things to bear in mind if offering FinTech services across the Tasman

Uncategorized
On 19 October, the Australian Securities & Investments Commission (ASIC) and New Zealand’s Financial Markets Authority (FMA) “re-affirmed” a commitment to collaboration and cooperation on the expanding opportunities in FinTech collaboration and innovation. [caption id="attachment_2545" align="alignnone" width="640"] fintech-collaboration[/caption] However, in that media release, there is little detail on what practical opportunities this may provide for Australian business. In today’s article, we describe how this announcement might present a change for Australian businesses and point out three things that an Australian business needs to take into account when considering whether to offer a FinTech service in New Zealand. Fintech collaboration - What’s changed? The ASIC/FMA announcement is more than just a “re-affirmation” of the existing relationship between the two regulators. The existing Memorandum of Understanding between the regulators in both countries…
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Innovative demand response programs being trialled for the upcoming summer

Innovative demand response programs being trialled for the upcoming summer

AU Energy Compliance, Uncategorized
On 11 October, the Australian Renewable Energy Agency (ARENA) and the Australian Energy Market Operator (AEMO) jointly announced that 10 pilot projects have been awarded funding under the new ‘demand response initiative’. This is an initiative designed to manage electricity supply during times of intense pressure on the system. [caption id="attachment_2541" align="alignnone" width="640"] Demand Response Initiative[/caption] Today we take a look at some of the innovative and varied response programs that are being trialled through this initiative including programs offered being provided by energy distributors, retailers and customers. Background to the demand response initiative The Independent Review into the Future Security of the National Electricity Market (the ‘Finkel Report’), released earlier this year, emphasised that the continuing retirement of older energy generators will place increasing pressure on the National Energy…
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ASIC Enforcement Review: Strengthening Penalties for Corporate and Financial Sector Misconduct

ASIC Enforcement Review: Strengthening Penalties for Corporate and Financial Sector Misconduct

Financial Services
The Australian Securities & Investments Commission ASIC Enforcement Review Taskforce (the taskforce) recently released a positions paper 'Strengthening Penalties for Corporate and Financial Sector Misconduct' (the positions paper) which it seeks public comment on. Today we summarise that report, setting out the positions that ASIC seeks feedback on. [caption id="attachment_2522" align="alignnone" width="640"] ASIC Corporate & Financial Misconduct[/caption] Background to ASIC Enforcement Concerns have been raised in a number of quarters that the penalties regime in legislation administered by ASIC is not fit-for-purpose, does not reflect the seriousness of some offending, and is inconsistent with the penalties for offending of similar seriousness in other financial contexts (such as penalties for insider trading). For further elaboration on these concerns see our previous piece Financial crime doesn’t pay – three ways in which…
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ASIC Annual Report: Current and future directions for compliance

ASIC Annual Report: Current and future directions for compliance

Uncategorized
On Thursday, 26 October, the Annual Report of the Australian Securities & Investments Commission (ASIC) was tabled in the House of Representatives. As one of the chief compliance authorities for business in Australia, it is worth taking a look at ASIC’s report with a focus on ASIC’s current and future compliance activities. We look at four areas identified in that report which will be most relevant to business compliance: regulatory reform, enforcement activities, supporting innovation and ASIC technology and processes. Regulatory Reform ASIC notes several areas of regulatory change that ASIC has implemented or been actively involved (see Annual Report, p3). Some of these we have commented on over the last six months including: Client money reforms (see An update on the OTC derivative client money reforms: be ready for…
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