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ARTICLE · 25 AUGUST 2017

Regulatory Reports, Reviews And Initiatives

Dentons
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The below provides a very brief and incomplete summary of government and regulatory initiatives with potential impact for the credit industry as at the date of this report.

AustraliaFinance and Banking
Jon Denovan
Jon Denovan
Elise Ivory
Elise Ivory
Susan M. Walker
Susan M. Walker
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SMALL BUSINESS LOANS INQUIRY (CARNELL REPORT)

On 3 February 2017, Australian Small Business and Family Enterprise Ombudsman (ASBFEO) released the Final Report on its Small Business Loans Inquiry.

ASBFEO's key recommendations

The Code of Banking Practice (COBP) should be amended to include a dedicated section on small business customers dealing with the following.

  • For loans below AU$5 million, where a small business has complied with loan payment requirements and has acted lawfully, the bank must not default a loan for any reason. Any conditions under which banks can unilaterally value existing security assets during the life of the loan, or invoke financial covenants or catch-all 'material adverse change' clauses, must be removed.

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