The Australian Securities and Investments Commission (ASIC) has published COVID-19 and financial hardship: ASIC's expectations of retail lenders when loan repayment deferral ends, outlining its expectations of lenders when the 6-month mortgage deferrals introduced at the start of the COVID-19 pandemic expire.
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On 12 June 2020 the Federal Government passed the Treasury Laws Amendment (Registries Modernisation and Other Measures) Bill 2019 (Bill). This Bill establishes a new lifetime registration regime for directors, under which every director is assigned a unique identifier known as a Director Identification Number (DIN) that will remain with that individual for all directorships.
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From 1 July 2019, the financial reporting thresholds for ‘large’ proprietary companies have increased. A proprietary company will be considered ‘large’ if it meets the new criteria conditions.
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The United Nations estimates there are more than 40 million victims of modern slavery worldwide. Over half of these victims are exploited in the Asia-Pacific region, in which the supply chain of a significant number of large businesses operating in Australia are based.
Read MoreThe Australian Treasury recently reviewed the Australian Consumer Law (ACL) and is seeking feedback from businesses and consumers to have their say on proposed reforms to clarify, simplify and modernise the consumer guarantee framework in the ACL.
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