Things To Think About
ASIC has provided a summary of its enforcement actions from January to June 2016, while ACCC Chairperson Rod Sims has criticised the privatisation of public assets. (His clarifications here.)
Notable Litigation Actions
The US’s first (in recent decades) successful corporate criminal conviction on the basis of “collective knowledge” completed this fortnight. Pacific Gas & Electric Co (PG& E) was convicted of five counts of violating the US Pipeline Safety Act (PSA) and one count of obstructing the National Transportation Safety Board (NTSB) investigation into a 2010 pipeline explosion in San Bruno. The company had pleaded not guilty and the matter proceeded as a jury trial. Sentence to follow.
Law & Policy Updates
Under the Australian Consumer Law, unfair contract terms in standard form contracts will not be lawful in small business contracts entered or renewed on or after 12 November 2016. The ACCC is urging businesses to review their contracts now.
Mr Simon Gray is the new Chairperson of ASIC’s Markets Disciplinary Panel, to serve a two-year term from 1 August 2016.
Event Calendar
The 2016 ACCC/AER Regulatory Conference was held in Brisbane on 4 and 5 August.
ASIC is seeking submissions on two consultation papers this month: Consultation Paper 266 Remaking ASIC class order on managed investment schemes: Not for money (CP 266) (comments due September 9) and Consultation Paper 267 Remaking and repealing ASIC class orders on audit and financial reporting (CP 267) (comments due September 12).
Like the new “fortnightly update” format? Loathe it? Let me know. Cases are now collected under “Corporate Crime Collections”, sorted by type.