Three financial services compliance lessons from the Royal Commission

Three financial services compliance lessons from the Royal Commission

Today we continue to look at financial services compliance.“It’s not enough, is it… to have those policies and procedures in ...
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NDB scheme

OAIC releases first quarterly statistics report under the NDB Scheme

By Anne Wardell, Compliance Quarter.  Photo by Jefferson Santos on Unsplash The OAIC has published its first quarterly statistics report ...
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What is a small, medium or large ADI? Latest BEAR Update

What is a small, medium or large ADI? Latest BEAR Update

The Banking Executive and Accountability Regime (BEAR) was passed into law in February of this year. We have talked about ...
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ASIC releases updated guidance on client money

ASIC releases updated guidance on client money

ASIC has this week released updated guidance for Australian financial services (AFS) licensees that hold client money for trading in ...
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Solar feed-in tariffs

Solar feed-in tariffs 2018/19 for NSW call for submissions

By Anne Wardell, Compliance Quarter.  The Independent Pricing and Regulatory Tribunal (IPART) has released an Issues Paper for discussion on ...
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Royal Commission, Round One: The home loan ‘Introducer’ program

Royal Commission, Round One: The home loan ‘Introducer’ program

This week the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission), began round ...
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February Fintech Roundup: The Open Banking Review and Fintech lending to SMEs

February Fintech Roundup: The Open Banking Review and Fintech lending to SMEs

February Fintech Roundup: The Open Banking Review and Fintech lending to SMEs. In February we saw the release of two ...
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Restrictions on payday loans and rent-to-buy schemes? New private members Bill

Restrictions on payday loans and rent-to-buy schemes? New private members Bill

Restrictions on payday loans and rent-to-buy schemes? On the 26 February, legislation was introduced to the Commonwealth House of Representatives ...
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ASIC oversight of the Australian Financial Complaints Authority (AFCA): Consultation Open

ASIC oversight of the Australian Financial Complaints Authority (AFCA): Consultation Open

ASIC oversight of the Australian Financial Complaints Authority (AFCA): Consultation Open - On March 5 the Australian Securities & Investments ...
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ACCC compliance and enforcement priorities

ACCC compliance and enforcement priorities for 2018 include energy

In this article, we examine ACCC compliance and enforcement priorities for 2018, including energy and the consumer data right. By ...
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Window safety devices

Window safety devices in common areas

By Anne Wardell, Compliance Quarter.  Owners corporations must ensure that all windows fitted to common property, above the ground floor, ...
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energy experts

Webinars with the Energy Experts at Compliance Quarter

In addition to our regular news updates and analysis, the regulatory energy experts at Compliance Quarter have been busy helping ...
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Consultation on Exposure Draft on Australian Consumer Law (ACL) Amendments

Consultation on Exposure Draft on Australian Consumer Law (ACL) Amendments

The Government recently released an exposure draft of a Bill (the draft Bill) capturing many of the recommendations of 2017’s ...
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Safety Management system

Safety Management system reporting requirements under review – NSW

Photo by Adam Birkett on Unsplash By Anne Wardell, Compliance Quarter.  The Electricity Supply (Safety and Network Management) Regulation 2014 requires all NSW electricity network ...
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New law proposed strengthening ATO’s powers: Are you ensuring that your employees get their Superannuation entitlements?

New law proposed strengthening ATO’s powers: Are you ensuring that your employees get their Superannuation entitlements?

The Government is currently seeking submissions on an exposure draft of the Treasury Laws Amendment (Taxation and Superannuation Guarantee Integrity ...
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NSW water compliance reform: Expected changes in 2018

NSW water compliance reform: Expected changes in 2018

NSW irrigators will soon be subject to a host of new water compliance reform obligations, due to a swift government ...
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design obligations

New Design and Distribution Obligations for Financial Products

On 21 December 2017, the Government began consultation on the exposure draft of a new law (the draft Bill) which ...
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ASIC’s New Product Intervention Power

ASIC’s New Product Intervention Power

Last time we talked about the Government’s introduction of design and distribution obligations for financial products in a draft Bill ...
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energy ombudsman

Strengthening protections for customers requiring life support equipment

Photo by Jair Lázaro on Unsplash By Anne Wardell, Compliance Quarter.  The Australian Energy Market Commission (AEMC) has today released ...
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understanding GDPR

Understanding GDPR: Opportunities and Risks

In this post on understanding GDPR, we'll look at the following: Data Disruption Regulation in the age of Data The ...
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A new Consumer Data Right for 2018: What we Know So Far

A new Consumer Data Right for 2018: What we Know So Far

On 26 November the Federal Government announced its intention to legislate a national Consumer Data Right next year, following the ...
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BEAR

1 July 2018: Are you getting prepared for the Banking Executive Accountability Regime (BEAR)?

The Banking Executive Accountability Regime (BEAR) is shaping up to be the most significant piece of business-related legislation hitting this ...
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smart contracts

How might smart contracts fit into your 2018 compliance program?

‘Smart contracts’ have not yet taken off as a common commercial tool in Australia. In light of this, consideration of ...
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AUSTRAC

AUSTRAC’s regulatory approach in 2017

On November 13, the Australian Transaction Reports & Analysis Centre (AUSTRAC) commented on the civil proceedings that it successfully brought ...
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WIX-Act

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

Last week we talked about the Independent Pricing and Regulatory Tribunal NSW (IPART) Review of Compliance and Enforcement Policy (read ...
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minority-shareholders

How minority shareholders might take action against corporation wrongdoing

In the past, we have looked at some of the existing powers and proposed powers that the Australian Securities & ...
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fintech-collaboration

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

On 19 October, the Australian Securities & Investments Commission (ASIC) and New Zealand’s Financial Markets Authority (FMA) “re-affirmed” a commitment ...
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Demand Response Initiative

Innovative demand response programs being trialled for the upcoming summer

On 11 October, the Australian Renewable Energy Agency (ARENA) and the Australian Energy Market Operator (AEMO) jointly announced that 10 ...
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pds

AER seeking feedback on revised Draft Retail Exempt Selling Guideline

By Anne Wardell, Compliance Quarter.  On 6 November 2017 the Australian Energy Regulator (AER) released a revised Draft Retail Exempt ...
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ASIC Corporate & Financial Misconduct

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

The Australian Securities & Investments Commission ASIC Enforcement Review Taskforce (the taskforce) recently released a positions paper 'Strengthening Penalties for ...
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ASIC Innovation

ASIC Annual Report: Current and future directions for compliance

On Thursday, 26 October, the Annual Report of the Australian Securities & Investments Commission (ASIC) was tabled in the House ...
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Data Protection Officer - Which Businesses Need One & What do they do?

Data Protection Officer – Which Businesses Need One & What do they do?

We have previously looked at the sweeping changes to privacy laws coming into effect in the EU. These laws will ...
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Australian Energy Market Commission

IPART review of Compliance and Enforcement Policy

By Anne Wardell, Compliance Quarter.  The Independent Pricing and Regulatory Tribunal NSW (IPART) is currently undertaking a review of its ...
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October FinTech update: The new FinTech services and products to be trialled through the regulatory sandbox

October FinTech update: The new FinTech services and products to be trialled through the regulatory sandbox

Several months ago, we discussed the Government’s announced expansion of the FinTech regulatory sandbox (https://compliancequarter.com.au/regulatory-changes/). It was proposed then to ...
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OAIC Annual Report 2017: Three developments of note for businesses that deal with personal information

OAIC Annual Report 2017: Three developments of note for businesses that deal with personal information

The Office of the Australian Information Commissioner (OAIC) released its Annual Report last month. It summarises the work of the ...
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An update on the OTC derivative client money reforms: be ready for 4 April 2018

An update on the OTC derivative client money reforms: be ready for 4 April 2018

A few months ago, in The low-down on the retail client money reforms for OTC derivatives, we looked at client ...
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Banking Executive Accountability Regime Exposure Draft - Part Two

Banking Executive Accountability Regime Exposure Draft – Part Two

Last time in The Banking Executive Accountability Regime (BEAR) Exposure Draft - Part One we talked about the new role ...
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Revised Compliance procedures and guidelines released for review

Revised Compliance procedures and guidelines released for review

By Anne Wardell, Compliance Quarter The Australian Energy Regulator (AER) has released a consultation draft of proposed new AER Compliance ...
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The Banking Executive Accountability Regime (BEAR) Exposure Draft- Part One

The Banking Executive Accountability Regime (BEAR) Exposure Draft- Part One

In May we talked about the Government’s Budget commitment to a new Banking Executive Accountability Regime (BEAR) in Budget 2017 ...
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Updates to the Compliance HUB

Updates to the Compliance HUB

Today we are pleased to announce a number of updates to the Compliance HUB. The focus of our most recent ...
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Unfair contract terms

Unfair contract terms

By Anne Wardell, Compliance Quarter UPDATE: In the JJ Richards matter the Federal Court has declared by consent that eight of ...
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embedded-networks

Power of Choice Procedure Changes Package 3 released

By Anne Wardell, Compliance Quarter The Australian Energy Market Operator has released Package 3 changes to amend a number of ...
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AEMC releases draft rule to support a competitive market for ‘behind the meter’ battery storage

AEMC releases draft rule to support a competitive market for ‘behind the meter’ battery storage

By Anne Wardell, Compliance Quarter The Australian Energy Market Commission has released a draft rule to support a competitive market ...
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murray darling basin authority

A braided network of reviews and investigations into the Murray-Darling river basin

On 31 July, the Prime Minister requested the Murray-Darling Basin Authority (MDBA) to consider conducting a nation-wide compliance review (https://www.mdba.gov.au/media/mr/basin-wide-compliance-review) ...
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australian financial complaints authority

Upcoming changes to dispute resolution: the new Australian Financial Complaints Authority

The Australian Financial Complaints Authority (AFCA) is the proposed new dispute resolution body for the financial sector. Last week, the ...
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clean energy

Energy Storage Reforms suggested by the Clean Energy Council

In May 2017, the Clean Energy Council (CEC) released a Briefing Paper, Charging Forward: Policy and regulatory reforms to unlock ...
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superannuation

The superannuation overhaul: seven areas of reform in the draft bill out for consultation

Today we look at proposed changes to regulatory obligations for those operating in the superannuation sector. Namely, the seven key ...
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fintech

An open banking regime for Australia: July fintech update

On July 20, the Government announced that an independent review has been set up to consider the best process for ...
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national energy retail law

Key definitions under the Energy Retail Law

There are some key definitions contained in the Energy Retail Law which need to be understood.  Chapter 10 of the ...
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apra

APRA’s new capital benchmarks for banks

The Australian Prudential Regulation Authority (APRA) has just announced that it is increasing the capital adequacy ratios for banks and ...
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Cyber Security

Government progress on cybersecurity in Australia

Earlier this year, the Government’s cyber security advisor, Alastair MacGibbon, described a “prevailing ‘tick box’ compliance culture” for federal government ...
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risk assessment

AUSTRAC’s risk assessment: three areas where you may need to step up your compliance program

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has just released a report (12 July) Securities & derivatives sector: money ...
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company tax

The Australian Tax Office and the company tax rate for small businesses – what’s all the fuss about?

A key part of the Government’s Budget package last year was a reduction in company tax rates for small businesses ...
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crowdfunding

The Crowd-funding Act and changes to the Australian Market Licence regime: The latest ASIC consultation paper

Most businesses that facilitate the trading of assets or financial instruments (‘market venues’) are required to hold an Australian Market ...
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pds

Are You Producing The Correct Type Of Product Disclosure Statement?

Last week, the Australian Securities & Investments Commission (ASIC) announced that it is extending an existing form of regulatory relief ...
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457 visa changes

The rules for temporary work visas changed (again) on 1 July: An update

In May, we discussed the Government’s announcement that there would be significant changes to Temporary Work (Skilled) (subclass 457) visas, ...
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credit risk

Expected Credit Loss: The New Way Banks Must Recognise Shifting Credit Risk

In OTC derivatives trading in Australia – are you playing by the rules? we looked at how new regulatory requirements ...
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competition law

Understanding ‘Markets’ in Australian Competition Law: The Recent High Court Decision

On 14 June 2017, the High Court of Australia delivered its decision in Air New Zealand Ltd v ACCC; Pt ...
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finkel review

Prof Garnaut: Does Finkel Solve the Trilemma?

By Anne Wardell, Compliance Quarter Professor Ross Garnaut recently delivered a lecture to the Faculty of Business and Economics at ...
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Competition

AEMC Market Review 2017 and 2016

By Anne Wardell, Compliance Quarter The Australian Energy Market Commission (AEMC) has obtained an extension of the timeframe for publication ...
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deductible gift recipient

Government seeks public input on tax arrangements for environmental organisations and other not-for-profits

The Federal Government has recently issued a discussion paper (the paper) titled Tax Deductible Gift Recipient Reform Opportunities. The proposed ...
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Today, we look at the second plank of the reform proposed by the Commission: The proposed scalable risk framework for data sharing and release.

Productivity Commission Part Two: A new framework for data sharing and release

In our earlier article, The Productivity Commission’s proposed comprehensive consumer right to data, we looked at the new consumer right ...
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Today’s article is our third piece on OTC derivatives regulation in Australia. In

The low-down on the retail client money reforms for OTC derivatives

Today’s article is our third piece on OTC derivatives regulation in Australia. In today’s piece, we take a look at ...
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OTC electricity derivatives: Are your risk management policies up to scratch?

OTC electricity derivatives: Are your risk management policies up to scratch?

Today, we continue our discussion about AFSL obligations looking at OTC electricity derivatives. By Dr. Drew Donnelly, Compliance Quarter. Last ...
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Derivatives

OTC derivatives trading in Australia – are you playing by the rules?

Yesterday we mentioned AFSL obligations in relation to OTC derivatives trading by electricity retailers who operate under an energy retail ...
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AUSTRAC

The AUSTRAC risk management tool: Are you meeting your obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006?

By Dr. Drew Donnelly, Compliance Quarter. Last month in Financial crime doesn’t pay – three ways in which wrongdoers may ...
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blockchain

Three areas where blockchain could revolutionise compliance in Australia

By Dr. Drew Donnelly, Compliance Quarter. In our last article on blockchain, Understanding smart contracts, we talked through an example ...
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Smart Contracts

Understanding smart contracts

By Dr Drew Donnelly, Compliance Quarter. Continuing in our series of posts on blockchain and related financial technology, today we ...
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regtech

From fintech to regtech: a new area for innovation focus

By Dr Drew Donnelly, Compliance Quarter. Today, continuing in our series of articles concerning developments in the fintech regulatory space ...
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blockchain explained

Future possibilities for Australian business with blockchain

By Dr Drew Donnelly, Compliance Quarter. Last year, the Federal Government announced its commitment to Australia being a world-leader in ...
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finkel review

The Australia-Hong Kong Fintech Agreement: Q & A

By Dr Drew Donnelly, Compliance Quarter. On 13 June, The Hong Kong Securities and Futures Commission (SFC) and Australian Securities ...
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privacy

The Productivity Commission’s proposed comprehensive consumer right to data

By Dr Drew Donnelly, Compliance Quarter. Over the last couple of weeks we have asked the question ‘Is your business ...
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AFMA

A stocktake on the fisheries red-tape reduction programme

By Dr Drew Donnelly, Compliance Quarter. The Australian Fisheries Management Authority (AFMA) has just announced that it has passed the ...
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phoenix company

Dousing the phoenix: Three measures that could curb this dodgy insolvency practice

By Dr Drew Donnelly, Compliance Quarter. We mentioned last time that the Government is consulting on some options for curbing ...
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BEPS

Combating base erosion and profit-shifting: A primer on the new multilateral tax convention

On 7 June in Paris, 68 nations signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base ...
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fair entitlements guarantee

In the case of business failure: your obligations for employee entitlements

Last month, we discussed recent Senate committee proposals to strengthen the civil penalties regime under the Corporations Act 2001 for ...
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NDB

Is your business prepared for roll out of the Notifiable Data Breaches Scheme?

This is our second post on the Notifiable Data Breaches Scheme. Amendments made to the Privacy Act 1988 (Cth) this ...
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data breach

Notifiable Data Breaches: Draft Resources Released

Last Friday the Office of the Australian Information Commissioner (OAIC) released draft resources to help businesses comply with the Notifiable ...
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GDPR

What will the new EU Privacy Laws mean for your business?

As of 25 May 2018, the European Union General Data Protection Regulation (GDPR) will implement a new extra-territorial data protection ...
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money laundering

Financial crime doesn’t pay – three ways in which wrongdoers may soon be hit in the pocket

Previously, we discussed some core areas where financial professionals need to think about their own compliance, including compliance with the ...
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data protection gdpr

Are you up-to-date with your obligations as a financial professional? Five quick questions

Are you up-to-date with your obligations as a financial professional? Five quick questions We recently looked at some key regulatory ...
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regulatory sandbox

Three ways that financial technology changes can grow your business

In our last article, we talked about some general changes that the Government is making to the financial services industry ...
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budget 2017

Budget 2017 and financial services: an opening for the minnows and a warning for the sharks

Last week we talked about the Government’s new rules for temporary working visas. On 9 May, the release of Federal ...
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ppsr

Hire and Rental Businesses take note: PPSR changes

Are you in the hire or rental business? The law is about to change — and it’s good news On ...
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temporary work visa

The new rules for temporary work visas: seven key changes that every Australian business needs to know

Last month the Government announced sweeping changes to the temporary work visa in Australia. This suite of changes is complex ...
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Position Vacant: Key Account Manager

Position Vacant: Key Account Manager

Located in Erina and Sydney NSW, with an exciting product that solves a significant problem for our customers, we are ...
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compliance management

The Compliance Portal– the Background

In this post we provide some of the background to the compliance portal, why we are doing what we are ...
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corporate compliance

Establishing an Effective Compliance Program: Five Tips

An effective corporate compliance program is essential to good governance and risk management. Many businesses have invested significantly in compliance ...
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