FASHION LAW “Style is something each of us already has, all we need to do is find it.” – Diane von Furstenberg MARCH 2018 2 | K&L Gates: Fashion Law November 2017 Welcome to another packed edition of Fashion Law! Time has flown by and as we march through 2018, we are proud to continue our long standing sponsorship of the Virgin Australia Melbourne Fashion Festival (VAMFF). The Festival is a celebration of Australian designers and our rich fashion heritage, showcasing Australian talent on an international stage.
When we began analysing in depth the possibility of Britain exiting the European Union, 18 months prior to the June 2016 referendum, the HERBERT businessSMITH FREEHILLS consensus w07as very muchSECTION TITLE that Brexit was a remote prospect that either would never happen or not matter.
Fast forward just over two years and the reality could not be more different. In this updated edition of our Brexit legal guide, we take stock of the present situation, summarising the key developments since last year's vote and what is to be expected in the months ahead. 10 33 99
Year in Review - Australia Law in 2016
FI and D&O Since our last update, there have been significant developments in the FI and D&O landscape. November saw the first ever UK deferred prosecution agreement (DPA) announced between the SFO and Standard Bank. The DPA process has been available but unused since 2014 so the judgment and the SFO’s comments thereafter provided some much needed guidance on what the process involved. Significantly, weight was placed on Standard Bank’s early self-reporting and cooperation.
After failing to sell Dick Smith as a going concern, receivers Ferrier Hodgson are now trying to sell the company’s New Zealand and Australian assets, including customer databases. But does the Privacy Act 1993 allow it?
The legal position
A receiver or liquidator is bound by the provisions of the Privacy Act 1993.
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.