1 October 2021
Key points:
• The eligibility requirements to trigger the safe harbour protections are too onerous and should be amended
• Use of the safe harbour should be made more cost effective
• The safe harbour regime would be improved by reducing complexity and providing more certainty in interpretation
• The safe harbour regime should provide for better incentives for the involvement of professional advisers
• Provide for advice to be obtained from a registered liquidator to ensure that it is appropriate
• Increase awareness of the safe harbour regime
• Any changes to the disclosure requirements for safe harbour should recognise that disclosure of the safe harbour restructuring plan is not appropriate in all circumstances
• Consider shifting the burden of proof to establish safe harbour defences to insolvent trading
Latest articles
ABA submission to the ISSB Consultation on Agenda Priorities.
The ABA supports the introduction of mandatory climate-related financial disclosures aligned with the ISSB, and we feel that the proposed model generally strikes an appropriate balance. The submission makes key points across six areas: phased approach, reporting content, reporting location, assurance, continuous disclosure and the modified liability approach.
The ABA’s submission to the ACCC’s Retail Deposits Inquiry 2023. Australian banks continue to provide a competitive, dynamic, and innovative marketplace for deposits. Banks are also cognisant of the variety of uses for deposit accounts and strive to provide products and services that meet the needs of customers.