Australia: Inside track: Superannuation, Funds Management & Financial Services - In the media, In practice and courts, Cases and Legislation

Last Updated: 30 September 2019
Most Read Contributor in Australia, September 2019

In the media

APRA responds to court decision on IOOF action
The court has dismissed APRA's application for a finding that IOOF entities, directors and executives had contravened their obligations under the Superannuation Industry Supervision Act 1993. Accordingly, the case cannot proceed to a hearing on penalties, including disqualification (20 September 2019). More...

ASIC remakes instrument about departed former temporary residents' unclaimed superannuation disclosure
ASIC has remade Class Order [CO 09/437] Departed former temporary residents superannuation – Disclosure relief, which was due to expire on 1 October 2019. The new instrument, will continue to provide relief for trustees of regulated superannuation funds from certain obligations in the Corporations Act 2001 (19 September 2019). More...

Government passes legislation to protect low balance and young superannuation members
The retirement savings of Australians will be protected from inappropriate insurance with the passage of legislation through the Parliament. The Treasury Laws Amendment (Putting Members' Interests First) Act 2019 will require insurance in superannuation for new members under 25 and members with low balance accounts to only be offered on an opt-in basis from 1 April 2020 (19 September 2019). More...

Extending the superannuation guarantee amnesty to reunite members with unpaid super
The Government reintroduced legislation to establish a one-off amnesty for historical underpayment of superannuation guarantee. The Bill incentivises employers to come forward and do the right thing by their employees by paying any unpaid superannuation in full (18 September 2019). More...

Unpaid super amnesty extended
Senator Jane Hume, announced a Bill to help incentivise employers to come forward and pay any unpaid super in full, including interest, therefore avoiding late payment penalties. However, those who did not take part in the amnesty, faced higher penalties when they were subsequently caught (18 September 2019). More...

AFCA makes submissions to two ASIC consultations
AFCA has made submissions in response to ASIC consultations, as part of our commitment to be a fair, ethical and trusted service (18 September 2019). More...

ClearView compliance review results in $730,000 compensation to clients
Australian financial services licence holder ClearView Financial Advice Pty Ltd (ClearView) has completed a review and remediation program for over 200 clients who received poor life insurance advice. A sample review of ClearView's advice files highlighted broad areas of concern such as inadequate needs analysis for client, insufficient explanation about the pros and cons of using superannuation to fund insurance premiums (18 September 2019). More...

Online fraud syndicate dismantled after allegedly siphoning millions from shares and superannuation accounts
A 21-year-old Melbourne woman is due to appear before Court as part of investigations into a major fraud and identity theft syndicate, which resulted in alleged thefts from the superannuation and share trading accounts of innocent victims worth of millions of dollars (17 September 2019). More...

Consultation begins on new ASIC powers
Treasury is seeking feedback on its draft legislation that would expand the supervisory powers of the ASIC. The exposure draft legislation is further evidence of the government's commitment to strengthening financial regulators like ASIC and restoring trust in the financial system as part of our plan to build a stronger economy (16 September 2019). More...

FSC supports no hawking of insurance
CEO Sally Loane said it is important to note that the industry has already made significant improvements through better use of monitoring and oversight, through remuneration practices, appropriate incentives, culture, training and the FSC Life Insurance Code of Practice. These anti-hawking measures ensure the conduct on all calls is at the highest standards (17 September 2019). More...

AFCA targets insurers in national tour
The Australian Financial Complaints Authority is kicking off a six-month roadshow aimed at addressing Australians' lack of awareness on how to resolve a dispute with insurers and other financial firms (16 September 2019). More...

Financial Institutions Supervisory Levy Methodology
AIST supports focussed and properly resourced regulators however recommends that the raising of any levies on the industry to cover this should be on a risk-weighted basis (13 September 2019). More...

Taking action on the Banking, Superannuation and Financial Services Royal Commission – Consultation on new financial product design and distribution obligations
The Coalition Government has released for consultation exposure draft regulations to support the operation of updated Design and Distribution Obligations for financial products, which will further improve consumer outcomes requiring issuers and distributors of financial products to ensure products are only sold to customers for whom they are likely to be suitable (12 September 2019). More...

Inquiry into FinTech a boon for Australian consumers

The Financial Planning Association of Australia welcomes the creation of a Senate Select Committee on Financial Technology and Regulatory Technology as recognition of the critical roles Fintech and RegTech play in delivering affordable, high-quality financial advice to Australian consumers (12 September 2019). More...

ASIC prepares to be primary super conduct regulator
ASIC commissioner Sean Hughes has made it clear the regulator is already positioning itself to be the primary conduct regulator in superannuation (12 September 2019). More...

Super funds also exposed to ASIC search warrant powers
Superannuation funds face the same likelihood as financial advice firms of being subject to an ASIC search warrant under new exposure draft legislation revealed by the Government. The draft legislation makes clear that ASIC would be able to seek a search warrant under the Superannuation Industry (Supervision) Act as well as the Consumer Credit Protection Act and the Retirement Savings Account Act (12 September 2019 ). More...

AFCA updates Rules to name financial firms
AFCA has announced its latest Rule change allowing the authority to identify financial firms in published determinations updated and published on the AFCA website (11 September 2019). More...

ASIC suspends the AFS licence of Financial Options Pty Ltd
ASIC has suspended the Australian financial services (AFS) licence of Queensland-based financial services provider Financial Options Pty Ltd until 26 February 2020. The licence was suspended because ASIC was concerned that Financial Options was not meeting its obligations as an AFS licensee (10 September 2019). More...

ASIC extends relief for foreign financial services providers
ASIC has extended to 31 March 2020 licensing relief for foreign financial services providers to allow them to provide certain financial services to Australian wholesale clients without needing to hold an Australian financial services licence (10 September 2019). More...

Taking action on the Banking, Superannuation and Financial Services Royal Commission - Recommendation 2.4: Grandfathered Commissions
The Coalition Government passed legislation through the House of Representatives to end the payment of grandfathered conflicted remuneration to financial advisers. Under the Bill, conflicted remuneration paid to financial advisers will be banned from 1 January 2021 (11 September 2019). More...

Westpac facing class action for allegedly short-changing members
Westpac has received a class action against two of its subsidiary companies in the latest legal action against the big bank. The action relates to aspects of BTFM's BT Super for Life cash investment option with the damages sought by the claim unspecified at the time (09 September 2019). More...

ATO unpaid super action welcome but 99 per cent of workers still short-changed
Moves by the Australian Tax Office to go after those employers not paying their workers super are welcome but barely scratch the surface of the problem Industry Super Australia says (09 September 2019). More...

In practice and courts

Does higher superannuation reduce workers' wages?
Kyle Taylor; The McKell Institute: 16 September 2019
Despite many claims to the contrary, this paper finds there is scant empirical evidence of a causal relationship between superannuation increases and low wage growth and it suggests that increasing the Superannuation Guarantee 2.5 percentage points will give workers a share of productivity. More...

Consultation begins on new ASIC powers
Consultation dates: 11 September 2019 - 09 October 2019
Treasury is seeking feedback on its draft legislation that would expand the supervisory powers of the ASIC. The draft legislation also strengthens ASIC's licensing powers by increasing the standards required of an Australian Financial Services Licence holder, at both the time of application and on an ongoing basis, and extends ASIC's powers so it may ban a person from performing functions in a financial services or credit business. More...

Corporations Amendment (Design and Distribution Obligations) Regulations 2019
Consultation dates: 12 September 2019 - 11 October 2019 - The Government has released for public consultation exposure draft regulations to support the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 and an explanatory statement. More...

Reminder: AFCA naming and shaming from October
The Australian Financial Complaints Authority (AFCA) has confirmed a starting date for it to name firms in its determinations, with the watchdog to start exposing perpetrators from 1 October. The rules which were approved by ASIC in August will allow AFCA to publish the names of financial firms in all determinations. More...

AFCA updates Rules to name financial firms
The updates to the Rules allow AFCA to name financial firms in determinations that are issued and published from 1 October 2019. The Operational Guidelines explain in more detail how AFCA will apply the Rules. See the Rules and Operational Guidelines (11 September 2019).

FASEA releases additional practice questions
FASEA has released additional practice questions to help advisers prepare for the Exam (11 September 2019). More...

Exposure Draft and comment letters—Amendments to IFRS 17
Comments due by 25 September 2019. More...

Exposure Draft and comment letters—Reference to the conceptual framework (Amendments to IFRS 3)
Comments due by 27 September 2019. More...

Proposal to remove special purpose financial statements for certain for-profit private sector entities (AASB ED 297) – Have your say!
ED 297 Removal of Special Purpose Financial Statements for Certain For-Profit Private Sector Entities is proposing to remove the ability of for-profit large proprietary, unlisted public (other than companies limited by guarantee) and small foreign-controlled companies to publicly lodge special purpose financial statements (SPFS) with ASIC. Comments close 15 November 2019
More...

ASIC consultation: New guidance for companies on whistleblower policies
ASIC is calling for public input on its proposed guidance on the new legal obligation on companies to implement a whistleblower policy, which must be made available to their officers and employees by 1 January 2020. The Proposed Regulatory Guide Whistleblower policies explain how companies can establish, implement and maintain a policy. More...

ASIC consultation: Foreign financial services providers relief proposals
CP 301 sets out a proposal to enable foreign providers to apply for a modified form of Australian financial services licence. This follows ASIC's review of the regulatory settings behind our foreign providers relief. The current foreign provider licensing relief due to sunset on 27 September 2018, will be extended until 30 September 2019 while we consult with stakeholders. ASIC has extended licensing relief for foreign financial services providers to 31 March 2020 to allow them to provide certain financial services to Australian wholesale clients without needing to hold an Australian financial services licence (10 September 2019). More...

ASIC CP 300 approval and oversight of compliance schemes for financial advisers
The proposals in CP 300 Approval and oversight of compliance schemes for financial advisers have been outlined outlined, with an intention to release a regulatory guide setting out our final policy by the end of September 2010. More...

ASFA submissions
Submission to The Treasury - Consultation on Financial Institutions Supervisory Levies methodology. More...

FSC submissions
17 September 2019 - FSC SUBMISSION - Putting Members Interest First

AIST policy news - 13 September 2019
Policy News - Regulators set to "name names" on poor insurance handling; ASIC not responsible for your ethical behaviour: Danielle Press; Seniors advocacy group joins calls for changes to Age Pension taper rate; Treasury taskforce to address regulatory barriers to infrastructure investing and Royal Commission implementation a priority says Treasury. More...

AIST policy news - 19 September 2019
19 September 2019 - Coming soon. More...

Current AFCA matters
Sterling Group investors (Updated September 2019).

Gazette - Superannuation Industry (Supervision) Act 1993

16/09/2019
Notice of Disqualification – Lee-Anne Tricia Schoonens; Kane Schoonens

13/09/2019
Notice of Disqualification – Luke John Schoonens; Garry J Jaques; Sally-Ann J Robertson; Tamer Avsar

10/09/2019
Notice of Disqualification – Ronald Peel; Tohuia Tupou; Tevita Tupou

09/09/2019
Notice of Disqualification - Jennifer Harrison

Cases

Aslami v Board of Trustees of the State Public Sector Superannuation Scheme as Trustee for the QSuper Fund [2019] FCA 1560
SUPERANNUATION – appeal from a judgment of the Superannuation Complaints Tribunal (Tribunal) to affirm a decision of the Board of Trustees of the State Public Sector Superannuation Scheme for the QSuper Superannuation Fund to decline the appellant's claim for a total and permanent disablement benefit – construction of the phrase "education, training or experience" – whether the Tribunal adopted the correct approach – whether the Tribunal applied the correct test – appeal dismissed
Administrative Appeals Tribunal Act 1975 (Cth); Superannuation (Resolution of Complaints) Act 1993 (Cth).

Australian Securities and Investments Commission v Gallop International Group Pty Ltd, in the matter of Gallop International Group Pty Ltd [2019] FCA 1514
CORPORATIONS –allegations that two companies contravened s 911A and s 1041H of the Corporations Act 2001 (Cth) and s 12DA and s 12DB(1)(e) of the Australian Securities and Investments Commission Act 2001 (Cth) – whether the companies conducted a business in this jurisdiction without holding an Australian Financial Services Licence – where financial services business promoted on two websites accessible in this jurisdiction – where websites remained accessible following the cancellation of each company's licence – whether conduct of uploading accessible conduct to each website was attributable to both companies – whether representations accessible on website were false or misleading in contravention of s 12DB(1)(e) of the Australian Securities and Investments Commission Act 2001 (Cth) – whether continued conduct of financial services business by first defendant constituted misleading or deceptive conduct in contravention of s 12DA of the Australian Securities and Investments Commission Act 2001 (Cth) and s 1041H of the Corporations Act 2001 (Cth) – contraventions established against first defendant – no contraventions established against second defendant.
CORPORATIONS – whether third defendant aided, abetted, counselled, procured or was otherwise knowingly concerned in the first defendants' contraventions of s 12DB(1)(e) of the Australian Securities and Investments Commission Act 2001 (Cth) – nature and extent of involvement – assessment of pecuniary penalty.
CORPORATIONS – whether second and fourth defendants should be wound up on just and equitable grounds where no contraventions established against them.
CORPORATIONS – whether third defendant should be disqualified from managing corporations – whether third defendant should be permanently restrained from involvement in a financial services business in this jurisdiction.
EVIDENCE – where defendants fail to appear at trial – where court satisfied the defendants are aware of the proceedings the orders sought against them – consideration of the inferences that may be drawn from the defendants' failure to adduce evidence in respect of matters within their knowledge.
Australian Securities and Investments Commission Act 2001 (Cth) ss 5, 12AC, 12BA, 12BB, 12DA, 12DB, 12GBA, 12GD, 12GH, 12GJ, 12GLD, 19, 77
Corporations Act 2001 (Cth) ss 9, 79, 206E, 461, 462, 464, 465A, 761A, 763A, 763B, 766A, 766C, 769B, 911A, 911D, 912A, 912D, 913B, 915B, 1041H, 1317QD, 1324
Trade Practices Act 1974 (Cth) s 86, Pt VI
Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (Cth) Schs 1, 2
Federal Court (Corporations) Rules 2000 (Cth) r 5.11.

Australian Prudential Regulation Authority v Kelaher [2019] FCA 1521
SUPERANNUATION – whether two entities and their directors contravened s 52 and s 52A of the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act) – trustee's duties – duties of trustee directors – alleged contraventions of statutory covenants – care, skill and diligence – best interests of the beneficiaries – conflicts of interest – whether the governing rules of the trusts exclude liability for the alleged contraventions – prudent person and prudent superannuation trustee standards of care – inadequate proof of contraventions – application dismissed.

Inabu Pty Ltd as trustee for the Alidas Superannuation Fund v CIMIC Group Ltd [2019] FCA 1480
CORPORATIONS – interlocutory application to strike out paragraphs of the applicant's further amended statement of claim –– pleadings in paragraphs 33, 34, 37 and 38 insufficiently clear – whether paragraph 41 consistent with the deficiency found in Zonia Holdings Pty Ltd v Commonwealth Bank of Australia Ltd [2018] FCA 659 – paragraph 41 sufficiently clear – orders sought in interlocutory application made in part.

MetLife Insurance Limited v MX [2019] NSWCA 228
SUPERANNUATION – accident and sickness insurance – benefits for disablement – where benefits insured under group life policy – benefit for "total and permanent disability" – where insurer declined claim twice – where the insurer's second decision took into account its first decision – whether insurer took into account irrelevant consideration – whether insurer in breach of its contractual duty – whether insurer acted reasonably and fairly in its consideration of the claim.

Legislation

Commonwealth

Treasury Laws Amendment (2019 Measures No. 2) Bill 2019
Introduced HR 18/09/2019
A Bill for an Act to amend the law relating to taxation, competition, energy and superannuation, and for related purposes.

Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019
Introduced HR 18/09/2019
The Superannuation guarantee amnesty provides for a one-off amnesty to encourage employers to self-correct historical SG non-compliance. The amendments also limit the Commissioner's ability to remit penalties for historical SG non-compliance, where an employer fails to disclose information relevant to their historical SG shortfall.

Treasury Laws Amendment (Putting Members' Interests First) Bill 2019
Finally passed both Houses 19/09/2019
Amends the: Superannuation Industry (Supervision) Act 1993 to prevent trustees from providing insurance on an opt out basis to members who are under 25 years old and begin to hold a new product on or after 1 October 2019, and to members who hold products with balances below $6000; and Superannuation (Unclaimed Money and Lost Members) Act 1999 to make consequential amendments.

Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2019
Senate Introduced and read a first time 12/09/2019
Amends the: Superannuation Guarantee (Administration) Act 1992 to enable certain employees with multiple employers to apply for an employer shortfall exemption certificate which prevents their employer from having a superannuation guarantee shortfall if they do not make contributions for a period; Administrative Decisions (Judicial Review) Act 1977 to make consequential amendments; Income Tax Assessment Act 1997 to ensure that a superannuation entity's non-arm's length income includes income where expenditure in gaining or producing it was not an arm's length expense; and Income Tax Assessment Act 1997, Taxation Administration Act 1953 and Income Tax (Transitional Provisions) Act 1997 to ensure that, in certain circumstances involving limited recourse borrowing arrangements, the total value of a superannuation fund's assets is taken into account in working out individual members' total superannuation balances.

Regulation

ASIC Corporations (Repeal) Instrument 2019/874
18/09/2019 - This instrument repeals the ASIC [CO 09/437] (Departed former temporary residents superannuation – Disclosure relief) and ASIC [CO 09/210] (Intra-fund superannuation advice) which have become redundant and are/ or no longer necessary.

ASIC Corporations (Unclaimed Superannuation—Former Temporary Residents) Instrument 2019/873
18/09/2019 - This instrument continues the relief given by [CO 09/437] with a minor policy change.

ASIC Corporations (Changing Scheme Constitutions) Instrument 2019/700
12/09/2019 - This instrument continues the relief under ASIC Class Order [CO 09/552], which deals with changing the constitution of a registered scheme, with minor changes only.

ASIC Corporations (Product Intervention Order—Short Term Credit) Instrument 2019/917
12/09/2019 - This instrument prohibits the provision of short term credit except in accordance with conditions which limit the total fees that can be charged.

This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Similar Articles
Relevancy Powered by MondaqAI
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
 
Similar Articles
Relevancy Powered by MondaqAI
Related Articles
 
Related Video
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions