On 7 December 2015, the Federal Government released the National Innovation and Science Agenda, delivering a range of new initiatives. Among the key focus areas, the Government highlighted insolvency law as a primary area overdue for reform. Whilst not introducing wholesale reforms to mimic the United States ‘Chapter 11’ framework, the targeted reforms seek to eliminate the stigma associated with business failure.

With the release of its much anticipated National Innovation and Science Agenda (the NISA), the Federal Government has committed more than $1 billion over the next four years to turning around Australia’s innovation performance.  

Australia’s poor record in translating research to commercial products and services is well known. We rank last amongst OECD countries for collaboration on innovation between industry and higher education and public research institutions.

The new Australian Privacy Principles (APPs) came into effect on 12 March 2014. In APP 8, they introduce a new 'accountability' approach to cross-border disclosures of personal information. 

The Financial Reporting Council (FRC) and institutional bodies have published the following guidance in relation to corporate governance and directors' remuneration in the last few months.

Introduction

After a turbulent year in British politics, the UK is now clearly charting a momentous course out of the European Union.

Leaving the European Union is likely to have far-reaching implications, particularly for International Banks who have traditionally used London as a gateway for accessing financial services markets in the rest of Europe. What will happen to single market access in the long term remains to be seen.

The Hogan Lovells’ Corporate Insurance Newsletter for January 2020 has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. In this issue, amongst other items, we cover:

On 7 February 2020 the Financial Conduct Authority (“FCA”), the Information Commissioner’s Office (“ICO”) and the Financial Services Compensation Scheme (“FSCS”) issued a joint statement warning FCA-authorised firms and insolvency practitioners to be responsible when dealing with personal data (the “Joint Statement”).

How would your business be impacted if one of your critical suppliers entered insolvency proceedings? What losses could you suffer, and how would you maintain continuity of supply?

Recent high profile collapses such as Carillion have highlighted this issue, with counterparties suffering significant disruption upon its failure. In the context of increasing financial uncertainty – not least because of Brexit – companies should take a hard look at their supply chain in order to assess and mitigate counterparty risk.

As Parliament debates the draft Withdrawal Agreement prior to the vote on 11 December, this week's Q&A looks beyond the headlines at the potential impact of the proposed Brexit deal on a number of specific topics, including what the Political Declaration tells us about the shape of the future EU/UK trade agreement:

Alternative Investment Funds

Insurance Quarterly Legal and Regulatory

Update

Period covered: 1 July 2018 30 September 2018

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