Publication
What M&A trends will transform the 2024 insurance landscape?
It is widely accepted that 2023 was one of the worst years in recent memory for M&A activity.
Australia | Publication | August 2022
Modern Slavery Act review
The Terms of Reference for the statutory review of the Commonwealth Modern Slavery Act 2018 (Act) have been released and public submissions are now open.
On 22 August 2022 the Attorney-General’s Department released its Issues Paper for public consultation in relation to the operation of the Act since its commencement in January 2019 and whether any reforms are necessary or desirable to improve compliance.
The consultation process presents an opportunity for business and other key stakeholders to provide feedback on their experience in dealing with the Act to date and their views on proposed legislative changes.
Matters to be considered in the review include:
The question of whether the legislature will introduce financial penalties for non-compliance is a live issue. France, Canada, the United States and Germany have already introduced or proposed to introduce legislation that will impose civil penalties or sanctions on companies that fail to comply with mandatory due diligence procedures or reporting requirements.
The review of the Act is expected to be completed by 31 March 2023.
Any person or organisation seeking to make a submission must do so by midnight AEST 22 November 2022. To ensure that you have your say, make a submission by:
Modern Slavery Act Review Secretariat
Attorney-General’s Department
3-5 National Circuit, Barton ACT 2600
ModernSlaveryActReview@abf.gov.au
Attorney General’s Department responsibility for the MSA
The Australian Border Force, which sits under the Department of Home Affairs, has announced that responsibility for the Act is now with the Attorney-General’s Department. The review will be undertaken by Professor John McMillan, AO, supported by this department.
See our update regarding the impact of a change of government upon the review of the Act.
This article was co-authored with Amy O'Bryan.
Knowledge
Publication
It is widely accepted that 2023 was one of the worst years in recent memory for M&A activity.
Publication
The ongoing conflicts and further geopolitical tensions in Eastern Europe and the Middle East, coupled with upcoming elections in a number of key countries including the US and the UK, make 2024 challenging to predict what impact this will have on the insurance sector.
Publication
On 6 September 2022, the European Commission (EC) prohibited Illumina’s acquisition of Grail, bringing to an end the administrative stage of a legal saga that has attracted interest beyond competition law specialists.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023