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Gavin McInnes

  • Joined: April 9, 2026
  • Articles: 156

ASIC v BPS Financial: Narrowing the Path for Authorised Representatives

The Full Court allowed ASIC’s appeal against Downes J’s 2024 decision, holding that BPS Financial Pty Ltd (BPS) could not rely on the ‘authorised representative’ exemption in s 911A(2)(a) Corporations Act for a 10‑month period in which it issued and promoted the Qoin Wallet—a non‑cash payment (NCP) facility—because, as a matter of fact and substance, BPS was acting on its own behalf, not “as representative of” the AFSL holder (PNI Financial Services Pty Ltd). The Court therefore declared BPS had contravened s 911A(1) by dealing in a financial product and providing financial product advice between 5 November 2020 and 30 August 2021. Costs: no order, save that ASIC was to pay the costs of the amicus.

How to Release a PPSR Security Interest Without a Registration Token

In the Personal Property Securities Register (PPSR), each security interest registration is protected by a unique registration token (a 16-digit alphanumeric code). This token functions like a password – it’s required (along with the registration number) to amend, transfer, or discharge the registration. When a financing statement is first registered, the PPSR system emails the token to the secured party’s address for service on record. In addition, registrations are associated with a Secured Party Group (SPG), which has its own SPG number and an SPG access code (a 12-character password) that can also be used to manage all registrations under that group.

Major vs Minor Defects in Queensland Industrial Construction: QBCC Rules

In Queensland’s construction industry, defects are generally classified as major or minor. A major defect is typically one that compromises the structural integrity of the building, poses a safety risk, or fundamentally impairs the building’s intended use. In other words, a major defect might risk serious damage to the shed (e.g. structural collapse or failure) or prevent the facility from being used as designed.Examples of major defects in an industrial shed could include significant foundation cracks, failures in steel framing connections, or a roof installation so faulty that it allows major water ingress affecting structural components. By contrast, a minor defect is any issue that does not meet the threshold of a major defect.

Regulatory Changes for Non-Bank Lenders: ASIC Scrutiny and CDR Expansion

The Australian financial landscape has witnessed a notable rise in the significance of non-bank lenders, particularly private entities such as family offices, specialized funds, and private companies. These players provide crucial capital, often catering to borrowers or segments underserved by traditional banking institutions. However, this growth, occurring partly outside the full glare of prudential regulation applied to banks, has attracted increasing attention from regulators.

AML/CTF Reform in Australia: Implications for Asset Protection & Crypto

The Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (the Amendment Act) represents a significant overhaul of Australia's financial crime regulatory framework. Passed by Parliament on 29 November 2024 and receiving Royal Assent on 10 December 2024, this legislation marks the most substantial reform to Australia's anti-money laundering and counter-terrorism financing (AML/CTF) regime since its inception. The Amendment Act extends regulatory oversight to previously unregulated sectors, modernizes the approach to digital assets, and introduces more flexible, risk-based compliance obligations.

QLD Rental Law Update: New Rules for Lease Breaks, Bonds and Invoicing

The Queensland government recently announced the proclamation dates for stages two and three of the New Rental Laws, being 30 September 2024 and 1 May 2025 respectively.

Break of Lease

Effective from 1 October 2024, all new leases will be governed by the new legislation in relation to the amount of compensation that a tenant who breaks their lease will be required to pay. They have certainly made the changes in the tenants’ favour, and it will see investors left out of pocket when a tenant breaks their lease.

Leases that were signed prior to 30 September will still be treated within the framework prior to the proclamation so tenants will be remain liable for the full break of lease costs and rent until a new tenancy commences.

The new method for calculating break-of-lease costs will now be determined by how much of the tenancy has passed, existing leases are not affected until they are renewed.

What are Featherweight Securities? Managing Administration Risk for Lenders

Financiers taking security from a company that does not capture the whole (or substantially the whole) of that company’s assets should consider taking a featherweight security.

A featherweight security should be drafted to ensure that the company is not restricted from dealing with its assets, other than where an administrator is appointed, and the amount secured by the featherweight security should be limited to a nominal amount.

The featherweight security interest must be appropriately registered on the Personal Properties Security Register (PPSR) on time.

Registered vs Unregistered Managed Investment Schemes: ASIC Requirements

Under the Corporations Act 2001 (Act), (Section 601ED) a managed investment scheme (where interests in it are financial products) must be registered if:

  • it has more than 20 members; or

  • it was promoted by a person, or an associate of a person, who was, when the scheme was promoted, in the business of promoting managed investment schemes; or

  • a determination [is in force under which ASIC has determined that a number of managed investment schemes are closely related and must be registered when the total number of investors across all the scheme exceeds 20].

AFS Licensing and MIS Registration: What the Corporations Act Requires

The term “managed investment scheme” is often used but not always well understood.  You might have come across the term while planning a new business venture which will involve attracting investors and having them contribute funds.  Or perhaps you want to provide advice to investors about an investment product and you are not sure whether it is covered by your existing Australian financial services (AFS) licence authorisations.

Unfair Contract Terms: New Penalties and ASIC Enforcement Priorities

Time is of the essence for companies to prepare for changes to unfair contract terms (UCT) laws. The new regime will apply to standard form contracts entered into or renewed following 9 November 2023, and to terms of standard contract terms varied after this date.
In this article, we explore the regime changes and how your organisation can prepare for the new reforms.

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