Each year when I write a “year in review” I go through my past articles to see if there is a theme or a single important event.
This year it wasn’t hard to choose the dominant topic: I created a new category on my website for COVID-19 in March!
My recollection of April and May this year (the “first wave”) is the stream of announcements and temporary exemptions and daily live broadcasts of press conferences.
At the same time, I was attending board meetings to decide organisations’ responses to the restrictions and what they would look like “on the other side”.
From July until recently we all were concerned for friends and colleagues in Victoria during their “second wave”.
COVID-19 affected businesses in every way including the Government’s economic response.
It was a year of upheaval.
Temporary rules were made for:
• Company meetings, transactions, and reporting;
• Electronic signing;
• Lending;
• Workplace Health and Safety;
• Employee Awards;
• Privacy;
• Banking;
• Insurance;
• Superannuation;
• Leases and Tenancies; and
• Foreign Investment.
And regulators had to modify their normal activities, including Austrac, AFCA, ASIC, APRA, and the ACCC.
At the same time, court cases continued, mostly remotely.
Westpac featured: in Austrac’s anti-money laundering action, Westpac was ordered to pay a record $1.3 billion penalty.
And ASIC’s loss in its responsible lending action against Westpac will have ongoing consequences for both ASIC and consumer credit regulation.
2021 will see the delayed implementation of many of the Financial Services Royal Commission recommendations.
And risk management (particularly for cybersecurity and climate change) will have heightened importance!
I’ll see you on the other side.
It won’t be “normal” but, once the vaccine is distributed, we will have a sense of safety, renewed purpose, and hope.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
