Financial Services AU
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October 15, 2026
ASIC Floats $14M Capital Rule For Digital Asset Platforms
ASIC proposed on Thursday new capital requirements for digital asset and tokenised custody platforms to win a financial license including having assets worth $14 million or 10% of average revenue, whichever is the greater.
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October 15, 2026
Judge Orders $362K Security In $14.4M Loan Dispute
The NSW Supreme Court ordered a Mauritian company to post $362,000 in security for costs Thursday as it seeks to recover most of a US$10 million ($14.4 million) loan from an investor and his debtors, to whom he transferred some of the funds.
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October 15, 2026
ACCC Chair Says Divestments Can Clear Merger Concerns
The consumer watchdog's chair said Thursday that requiring companies to sell assets can address concerns about anticompetitive mergers — but interventions under the regulator's new merger regime must be proportionate to the risks to competition.
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October 15, 2026
ATO New Powers To Target Tax Fraud, Financial Abuse
The Federal Government plans new powers for the Australian Taxation Office to tackle tax fraud and boost responses to financial abuse, in a statement on Thursday.
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October 15, 2026
ASIC Ends WiseTech Insider Trading Probe With No Action
ASIC will not take action against WiseTech founder Richard White and two other WiseTech employees over allegations of insider trading, the company announced today, though an investigation into alleged insider trading of the shares by another person outside the firm is continuing.
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October 14, 2026
Bluhdorn Allowed To Sue Over Alleged Nero Fund Diversion
The Supreme Court of Queensland has allowed Bluhdorn Investments to bring statutory derivative action against Nero Financial managing director David Crook for alleged diversion of company funds.
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October 14, 2026
NSW Appeals Court Upholds Mayne Win Over Cosette Deal Exit
The Court of Appeal of the Supreme Court of NSW on Wednesday dismissed with costs U.S. pharmaceutical company Cosette's appeal over its attempt to terminate the $672 million acquisition of Mayne Pharma, upholding that weaker sales did not meet the agreement's material adverse change threshold.
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October 14, 2026
IAG Offers NRMA Rights Sale To Win RAC Deal Approval
Insurance Australia Group has offered to sell the renewal rights for NRMA's Western Australia insurance policies in a bid to secure ACCC approval for its $1.35 billion acquisition of RAC Insurance, after the regulator twice opposed the deal over competition concerns.
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October 14, 2026
APRA Says Regulated Financial Assets Top $10T for 1st Time
Australia's regulated financial sector has topped $10 trillion in assets under regulation for the first time, the Australian Prudential Regulation Authority (APRA) has laid out, amid a downsizing of financial operators.
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October 14, 2026
ASIC Scrutinising Interprac Sale After Debt Guarantee Exit
ASIC said it is closely scrutinising Sequoia Financial Planning's sale of its legally-embroiled subsidiary Interprac to a private investor in a deal that Sequoia said revokes a guarantee of Interprac's debt it gave to the regulator.
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October 13, 2026
ASX CHESS Suit Can Proceed Against Former Chairs, CEO
A Federal Court judge on Tuesday allowed investment manager Rosherville to proceed with a shareholder derivative action alleging ASX's directors including the former chairs and CEO breached their duties overseeing the botched replacement of the CHESS platform, rejecting ASX's argument that Rosherville dragged its feet in bringing the case.
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October 13, 2026
Fortnum Accepts $1.35M Penalty In ASIC Cybersecurity Suit
Fortnum Private Wealth, a firm that licenses financial advisers, will pay a $1.35 million civil penalty and $250,000 in costs after admitting its cybersecurity measures were inadequate between April 2021 and May 2023, with a Supreme Court of NSW judge on Monday approving the penalty agreed by Fortnum and ASIC.
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October 13, 2026
ASIC Stops Fidante $799M Fund Sales On Private Credit Flaws
ASIC has stopped Fidante Partners from selling units in its $799.9 million Ares private credit fund as part of its broader crackdown on the private credit sector, citing concerns the high-risk fund inappropriately targets retail investors including suggesting they invest half of their assets in the product.
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October 13, 2026
ASIC Says Brokers Missed Cheaper Loans In 1 In 5 Cases
ASIC has warned mortgage brokers to improve their loan recommendations and complaints handling, saying seven major broker groups did not recommend the cheapest loan option in over 20% of cases in an industry review.
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October 12, 2026
Ferras Merhi Can't Strike Insurers' Claim He Gave False Info
The Federal Court of Australia on Friday rejected former financial adviser Ferras Merhi's bid to strike out parts of an insurers' defence alleging he provided false information when seeking cover for Financial Services Group Australia.
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October 12, 2026
ANZ Loses $117M Insurer's Fight Over Class Settlements
ANZ has failed to convince a Federal Court of Australia judge that its insurers must cover more than $116.9 million in settlements and defence costs related to two class actions because they were outside the excess policies' definition of loss.
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October 12, 2026
Pentridge Developer Denied Costs Stay After $845M Suit Toss
A Victorian Supreme Court judge has refused to stay a costs order against the collapsed developer of the Pentridge Village housing project to facilitate a new lawsuit after previously tossing its roughly $845 million suit against the project's financing company, saying the proposed stay was a delay tactic.
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October 12, 2026
DLA Piper Taps Ex-Mallesons Counsel As Finance Partner
DLA Piper has appointed former Mallesons special counsel Ryan Iskandar as a partner in its global finance practice, the law firm said in a statement.
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October 12, 2026
ASX Directors Face Suit On Botched CHESS Replacement
ASX shareholder Rosherville Pty Ltd. has filed a lawsuit against the stock exchange company's directors in the Federal Court of Australia alleging they breached their duties related to the botched replacement of the ASX's CHESS clearing and settlement platform, the company said on Friday.
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October 12, 2026
White Oak Must Post $8M More For Insurers' Trial Costs
The Federal Court of Australia has ordered White Oak Global Advisors to pay another $8 million in cost securities in its ongoing trial against insurance giants IAG and BCC Tokio Marine, roughly half of what the defendants had requested ahead of the months-long proceedings.
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October 09, 2026
Hollard Penalised $2M In Warning To Insurers Over Delays
A Federal Court fined Hollard Insurance $2 million on Friday for delaying an insured's storm claims, exceeding the initial proposal but falling below ASIC's $30 million demand amid "diametrically opposed views of the seriousness" of its conduct.
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October 09, 2026
KPMG Review Finds Ethical Culture 'Say-Do Gap'
KPMG Australia's ethical culture has a 'say-do gap' between what management says and does that is compounded by governance weaknesses, according to external advisory firm Principia Advisory's assessment of its whistleblower framework and speak-up environment.
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October 09, 2026
AICD Wants Taskforce to Cut Regulations, Climate Reporting
An Australian Institute of Company Directors-commissioned report published Thursday calls for enforceable "shot clocks" on regulators to meet deadlines, adjusting climate-reporting requirements to exclude another 3000 businesses and extending automatic mutual recognition licenses to reach 168,000 workers.
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October 09, 2026
High Court Rejects Bid To Sue Plumber's Insurers Directly
The High Court of Australia has refused a special leave application appealing a Victorian Supreme Court case finding a claimant alleging defective plumbing cannot pursue the plumber's insurers directly without first establishing the plumber's liability, in a judgment published Thursday.
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October 09, 2026
HSF-Led Firmus $44B IPO Scrapped On Weak Demand
Data centre operator Firmus has withdrawn its application for its $44 billion initial public offering in Australia amid weak investor demand, citing market volatility on Friday.
HSF Kramer Survey Flags Cyber As Top Class Action Risk
Cybersecurity and data breaches are a significant class action risk for corporate Australia, an HSF Kramer survey of senior legal, governance and risk professionals shows, with breaches triggering adjacent regulatory, shareholder and consumer proceedings.
Plus500 Seeks High Court Review Of Void Arbitration Clause
Online trading platform Plus500 has applied for special leave to appeal to the High Court of Australia in its continuing bid to stay a class action, arguing that a clause in its user agreement requiring disputes to be resolved by arbitration rather than in court is not "unfair" under the ASIC Act.
ASIC Calls Out EY, PWC For Lack Of Scrutiny on Super Assets
Ernst & Young and PricewaterhouseCoopers approved a combined $80 billion in unlisted super investments without enough evidence to support the valuations, according to an ASIC review that warned auditors and superannuation funds must improve how they scrutinize unlisted investments.
HSF Kramer Survey Flags Cyber As Top Class Action Risk
Cybersecurity and data breaches are a significant class action risk for corporate Australia, an HSF Kramer survey of senior legal, governance and risk professionals shows, with breaches triggering adjacent regulatory, shareholder and consumer proceedings.
Plus500 Seeks High Court Review Of Void Arbitration Clause
Online trading platform Plus500 has applied for special leave to appeal to the High Court of Australia in its continuing bid to stay a class action, arguing that a clause in its user agreement requiring disputes to be resolved by arbitration rather than in court is not "unfair" under the ASIC Act.
ASIC Calls Out EY, PWC For Lack Of Scrutiny on Super Assets
Ernst & Young and PricewaterhouseCoopers approved a combined $80 billion in unlisted super investments without enough evidence to support the valuations, according to an ASIC review that warned auditors and superannuation funds must improve how they scrutinize unlisted investments.
Editor's Picks
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6 Financial Services Cases To Watch In Remainder of 2026
The High Court of Australia's decision in the Commonwealth Bank of Australia shareholder class action, with its implications for plaintiffs seeking to prove causation and loss, and ASIC cases that will test superannuation trustees' obligations are among Law360's financial services cases to watch during the remainder of 2026.
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Class Action Recoveries Tracker: Settlements Top $1.7B in '26
Class action plaintiffs raked in more than $1.7 billion in financial year 2025-26 across 17 cases finalised in the Federal Court and Victorian Supreme Court, according to analysis by Law360.
Expert Analysis
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Navigating New Australia Foreign Capital Gains, Merger Rules
Australia's recently enacted Treasury Law amendments, reforming the foreign resident capital gains tax regime and making critical changes to the merger notification framework, mark a significant escalation in regulatory enforcement, while showing that the government wants to remain attractive for foreign capital in the energy transition, say lawyers at MinterEllison.
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What To Know As Australia's New CGT Regime Takes Shape
Lawyers at Mallesons take stock of Australia’s recently enacted Treasury Law amendments and explain the capital gains tax regime's current state, the issues that were resolved during the legislative process, the questions that remain unanswered, and the practical steps that taxpayers and advisers should take before commencement next year.
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What To Know About ASX Listing Reform, Enforcement Plans
The Australian Securities Exchange’s forthcoming proposed listing rule reforms and enforcement priorities represent a measured evolution in shareholder oversight in public markets, and heightened investor expectations for transparency and participation in corporate decisions, say lawyers at Addisons.
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ASIC Win Broadens View Of Fixed-Yield Crypto Products
The High Court of Australia's recent landmark ruling in Australian Securities and Investments Commission v. Web3 Ventures, determining that fixed-yield cryptocurrency products are financial products, endorses an expansive approach to federal law that suggests purposive readings of existing statutes will be favoured over a wait-and-see approach to novel technology, say lawyers at Hall & Wilcox.
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Practice Leader Insights
Practice group leaders share thoughts on keeping the pulse on legal trends, tackling difficult cases and what it takes to make a mark in their area in this Law360 Australia Expert Analysis series.
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Practice Leader Insights From Norton Rose's Tim Mornane
Tim Mornane, Norton Rose's banking and finance team leader, discusses the challenges of working on contract works insurance policies in real estate development matters, the need for a legislative framework for handling insolvent trusts, and the professional teaching and mentoring hurdles that may arise due to artificial intelligence use.
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Gov't Reforms Should Ease Decisions On Foreign Investment
The government’s recently announced reforms to strengthen its Foreign Investment Review Board framework represent a genuine shift in the regime, streamlining the process for low-risk investments, while equipping the regulator with stronger tools to address those that are medium- and high-risk, says Jeremy Low at Allens.
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Star Ruling Highlights Corporate Governance Hazards
In the Australian Securities and Investments Commission's case against former Star Entertainment CEO Matt Bekier, the Federal Court held several executives liable for money laundering violations, demonstrating what happens when governance systems that appear adequate on paper fail to deliver critical information to decision-makers, say lawyers at Piper Alderman.
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How Australia's AML Reforms Widen Compliance Duty Remit
The most significant reform to Australia's anti-money laundering regime in two decades recently came into force, which not only fundamentally alters the compliance landscape for financial services providers, but also brings lawyers within the regulatory perimeter for the first time, say lawyers at Clifford Chance.
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How Cos. Can Rework AML Controls After AUSTRAC Warning
The Australian Transaction Reports and Analysis Centre's recent risk snapshots on money laundering, financing of terrorism and proliferation risks underscore that with the convergence of artificial intelligence and real-time payment systems, Australia’s financial crime threats are becoming harder to detect through traditional means, say lawyers at Herbert Smith.
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Greenwashing Scrutiny Grows As Regulators Expand Focus
The Australian Securities and Investments Commission and Australian Competition and Consumer Commission continue to penalize investment companies and superannuation trustees for misleading environmental claims, signalling that greenwashing enforcement is an intensifying feature of Australia's corporate accountability framework, say lawyers at Ashurst Perkins Coie.
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Practice Leader Insights From Phi Finney's Joel Phibbs
Joel Phibbs, Phi Finney's anti-money laundering and counter-terrorist financing practice lead, discusses the approach of banks when dealing with compliance, the challenges of delays in getting cases to trial, and why financial bodies' regulatory burden and the desire to lower costs using artificial intelligence seem like a recipe for major problems in the future.
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APRA's Warning Letter Means Directors Must Grasp AI Risks
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A recent letter from the Australian Prudential Regulation Authority outlines industry expectations for managing artificial intelligence-related risk, reminding boards and directors to work closely with their technology officers to ensure compliance with the regulator’s recommendations, says Claire Mallon at HWLE.