First mortgagee consent currently required in NSW Currently in New South Wales, if a lender wishes to register a second (or subsequent) mortgage on title it must obtain the consent of the first mortgagee on title. If a mortgage is not registered, the lender/mortgagee...
Insurers win COVID-19 business interruption dispute against Star Entertainment Group – what does this mean for businesses?
Disputes concerning the availability of exclusion clauses to deny liability for COVID-19 related insurance claims continue to be litigated before the Courts. As lockdowns and closure orders take an increasingly heavy economic toll on businesses, policy holders...
Can an employer mandate that employees be vaccinated
Key Takeaways Whether employers can mandate vaccinations against COVID-19 for employees depends on the unique circumstances surrounding each workplace and whether it is lawful and reasonable. The Fair Work Ombudsman (FWO) has set out guidance for employers to...
Implementation of Recommendations from the Banking Royal Commission
FINANCIAL SERVICES AFSL REGULATORY UPDATES COMING IN TO EFFECT 5 OCTOBER 2021 The Australian Securities Investment Commission (ASIC) has introduced a number of new rules and amended others as recommended by the Royal Commission into Misconduct in the Banking,...
Electronic execution in the time of Coronavirus
New legislation allows the continuation of electronic execution of company documents There is some welcome news for companies executing documents whilst lockdown persists. The Treasury Laws Amendment (2021 Measures No. 1) Act 2021 (Cth) came into operation on and from...
What Financial Services businesses need to know about the AFCA Complaints Process
Key takeaways Dealing with AFCA complaints can be a costly, time consuming and daunting experience. Sound legal advice and in-depth knowledge of AFCA's process is a key success factor when facing complaints. Ensure AFCA has jurisdiction to hear a complaint, before...
Insurers lose bid to appeal COVID-19 business interruption test case
Introduction Back in January, we wrote about an important test case that considered whether insurers could deny liability for small business insurance claims amid the pandemic. Insurers argued that exclusion clauses in its policies excluded cover for business...
Congratulations Elouise Monck on elevation to ClarkeKann partnership!
ClarkeKann is gearing up for continued growth in the financial services sector with the internal promotion of banking and financial services lawyer Elouise Monck to Partner. The move offers ClarkeKann clients even greater legal insight and incisive solutions for...
Climate-related Risks for Financial Services Companies
Key takeaways: The Australian Prudential Regulation Authority (APRA) is ramping up regulations on climate–related risks and taking submissions for its new guidelines. The guidelines are not enforceable requirements, but it shows that regulators are pushing the...
Beware – Exclusive Jurisdiction Clauses
Jurisdiction clauses are often not examined as closely as they should be. You should ensure that your agreements contain a jurisdiction clause that nominates a convenient jurisdiction for your business. Jurisdiction clauses are often overlooked when parties are...
A recent case concerning forged signatures, the Home Building Act 1989 (NSW) and misleading and deceptive conduct
In The Owners – Strata Plan No 87265 v Saaib; The Owners – Strata Plan No 87265 v Alexandrova [2021] NSWSC 150, an Owners Corporation brought proceedings against a builder and an insurance broker. The Owners Corporation contracted Mr Saaib (builder) to do residential...
Have your say on the future of strata laws in NSW with a digital strata hub
In a review of the laws under the Strata Schemes Management Act 2015 and Strata Schemes Development Act 2015, the Minister for Better Regulation and Innovation opened community consultation as a crucial part of that statutory review. The Government sought feedback on...