Norton Rose Fulbright (LexBlog Australia)

The Australian government is considering the standardisation of the definitions in insurance policies sold to the public particularly of natural hazards such as ‘fire’, ‘storm’, and ‘stormwater and rainwater run-off’. The criteria for standardisation is whether the terms used are causing consumer confusion. Does the term relate to a significant area of coverage in the...

In this latest episode of our EMEA regulatory insights series colleagues from Australia, Hong Kong, and Singapore provide their thoughts and insights on what 2024 holds from a financial services regulatory perspective. The podcast can be found here.

The status of silica regulation across Australia This article was co-authored by Hattie Wilson In recent years, Australia has seen a significant increase in the number of cases of silicosis and other crystalline silica (silica) related diseases in the workplace.  Silica is a naturally occurring mineral which is used in many products such as asphalt,...

This article was co-authored by Hattie Wilson In recent years, evidence of the link between concussions and repeated head trauma sustained in contact sports, and the short and long-term impacts of such injuries on an individual’s health, has gained increasing awareness and concern, both in Australia and internationally. Consequently, on 1 December 2022, the Senate...

In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on the key regulatory issues they are seeing in their local market. In this third episode James Morris from our Sydney office discuss what they are seeing in the Australian market touching on reforms to payment systems regulation, buy now pay...

In this October 2023 appeal the Australia supreme court dealt with complex facts and interpretation regarding the application of a contracts work exclusion in the insurer’s home insurance policy. The insured’s substantial residential home was destroyed by a fire while undergoing renovation works and had to be demolished.  The fire started in a green rubbish...

In this recent Australian judgment the appeal court said: “The contra proferentem principle is a rule of last resort. The rule acknowledges that, in cases of ambiguity, a liberal approach may be adopted in the construction of an insurance contract. However, it is preferable that the court should struggle with the words used as applied...

On 16 October 2023 the Australian Federal Treasury released its public consultation paper regarding the proposed regulatory regime for digital asset platforms. The proposed framework highlights the Australian Government’s intention to ensure consistent oversight and safeguards for consumers by regulating digital asset platforms and other intermediaries within the existing Australian Financial...

On 17 October 2023, there was published in the Official Journal of the European Union (OJ) Commission Implementing Decision (EU) 2023/2207 of 13 October 2023 amending Implementing Decision (EU) 2016/2272 on the equivalence of financial markets in Australia in accordance with the European Markets Infrastructure Regulation to take account of recent developments in the financial...

An engineer firm WSP Structures was liable to make payment of damages arising from its professional negligence. The debt was paid by the parent company WSP Australia. Despite this payment the insurers of WSP Structures were not relieved of the liability to indemnify the insured on the basis that WSP Structures debt had been discharged....

Following amendments made by Safe Work Australia (SWA) to the model Work Health and Safety Act and the model Work Health and Safety Regulations (model WHS Regulations) in June 2022 (see our related blog articles here and here), the Commonwealth, and most States and Territories have implemented specific regulatory duties requiring persons conducting a business...

On 17 July 2023, the European Commission published a draft Implementing Decision amending Commission Implementing Decision (EU) 2016/2272 of 15 December 2016 on the equivalence of financial markets in Australia in accordance with the European Market Infrastructure Regulation. The draft Implementing Decision notes that since adopting Implementing Decision 2016/2272, an additional financial market...

A July 2023 judgment by the Federal Court of Australia held that by reason of the definition of “Contract Works” in the Contractors Liability Policy, the contract works exclusion was not limited to those parts of the works owned by or in the possession of the insured because the natural and ordinary reading of the...

Earlier this month, the High Court of Australia ultimately rejected trade mark infringement and misleading/deceptive conduct claims by Allergan (owner of the injectable BOTOX®) against Self Care’s anti-wrinkle skincare products PROTOX and INHIBOX (marketed under the slogan ‘instant Botox® alternative’). The case has been running for 6 years. Allergan relied on the overwhelming reputation of...

Our global restructuring team has released its quarterly International Restructuring Newswire. Our new issue features articles from Hong Kong, Australia, the US, the UK and Canada to help you stay current on recent developments in restructurings in various jurisdictions around the globe.

In this case, class action proceedings were brought against the insured claiming damages for property loss arising from the release of, or failure to release, water from two dams. The liability of the insured arose out of its agreement to provide flood management services to the dam operator. The insured had been held vicariously liable...

The Federal Court of Australia found in March 2023 that a claim under a Directors & Officers Policy was excluded because the director had gained personal advantage from his wrongful act to which he was not legally entitled when he concealed information to avoid cancellation of a contract held with another company owned and controlled...

From 1 January 2021, Australia’s insolvency framework for small businesses changed. The purpose of the change was to assist small businesses, with debts under AUD $1 million, to survive – specifically, by providing these businesses with simpler, more flexible restructuring options outside the existing “one size fits all” voluntary administration and scheme of arrangement processes...

This December 2022 Australian judgment of Ritchie v Insurance Australia [2022] NSWCA 278) considered an event where two employees of the insured were engaged in installing reinforced steel into trenches as part of a residential building works and used a power cutter fitted with a cutting blade to cut reinforcing steel. The use of the...

Today’s announcement of a review into managed investment schemes signals a potentially significant overhaul of the laws governing Australia’s main investment vehicle. In arguably the broadest review since that undertaken by the former Corporations and Markets Advisory Committee in 2012, the Assistant Treasurer announced that the Federal Government will undertake a review of “the regulatory...

By Nicki Milionis with thanks to Artemis Sfendourakis for her contribution Following amendments made by Safe Work Australia (SWA) to the model Work Health and Safety Act and the model Work Health and Safety Regulations (model WHS Regulations) in June 2022 (see our related blog articles here and here), the Commonwealth, States and Territories are...

Summary In a highly anticipated decision, the High Court of Australia has unanimously determined in Bryant & Ors v Badenoch Logging Pty Ltd [2023] HCA 2 that the peak indebtedness rule is not part of the unfair preference provisions in the Corporations Act 2001 (Cth) (Act).  The decision means liquidators will no longer be able...

The Attorney General’s Department released its Privacy Act Review report on 16 February 2023, that includes the broad suite of reforms you would expect to bring Australia’s privacy laws in to line with both international standards and the reality of our data-based economy. These include enhanced data subject rights and increased accountability requirements for organisations collecting and...

Please see our latest post on our FinTech blog, covering Australia’s recent announcement of a Token Mapping Consultation.

In a landmark case, the High Court of Australia this month unanimously determined in Metal Manufactures Pty Limited v Morton [2023] HCA 1 (Morton) that set-off is not available against a liquidator’s unfair preference claim. The effect of the decision is that a creditor is not entitled to deduct any outstanding claim that it might...

Overview There has been a growing appetite for corporate insolvency law reform in Australia in the last 18 months. In 2021, public consultations were completed on improvements to creditors’ schemes of arrangement and the treatment of insolvent trusts, and there was an independent review of the laws providing directors with a safe harbour from insolvent...

From today, Australian permanent and casual employees working for non-small business employers can access 10 days of paid family and domestic violence leave (FDV Leave) every 12 months to deal with the impacts of family and domestic violence. This new entitlement replaces the previous National Employment Standards entitlement to 5 days of unpaid FDV Leave. Employees...

The month of November saw a flurry of regulatory activity by APRA and ASIC across strategic focus areas: crypto-asset regulation, enforcement of design and distribution obligations, reforming operational risk requirements for super funds and improving governance practices across the superannuation industry at investment and board levels. Meanwhile, AUSTRAC launched two consultations on proposed...

In the second in our global series of regulatory podcasts focusing on conduct issues, financial services partners from Australia, Hong Kong, Luxembourg, Germany, United Kingdom and the United States consider the cross border distribution of funds by focussing on the following five topics: What trends or industry developments are you seeing in your jurisdiction as...

Major privacy law reform in Australia gathered pace this week, with newly tabled legislation proposing to significantly increase penalties for privacy breaches, among other reforms. Now is the time to start asking questions In preparation for these reforms, companies that collect and process personal information should be asking the following questions: Do we know what...