ASIC has ramped up enforcement on insider trading in 2025, backing its ‘why not litigate’ stance with real action. It has created a dedicated insider trading team, stepped up use of data analytics to detect suspicious trading patterns, and is aggressively using statutory powers. ASIC has already prosecuted Cameron Waugh, a corporate adviser jailed for two years after trading on inside info about a Genesis Minerals board restructure. It’s also pursuing criminal charges against Duncan Stewart, accused of trading ahead of Wesfarmers’ takeover of Kidman Resources. Even where it couldn’t secure charges, like in the Nuix investigations, ASIC gathered enough evidence to launch civil proceedings against Nuix and its board over disclosure breaches tied to its 2020 IPO. Boards should take the hint: ASIC is watching and ready to act: Hall & Wilcox

When a corporate trustee goes into liquidation, liquidators don’t automatically get control of trust assets. Most trust deeds terminate the trustee’s appointment on liquidation, leaving trust property effectively out of reach. Courts have confirmed this in Brimson and Re Gingerboy: liquidators must be appointed as receiver and manager or get court orders to touch trust assets. So if trust property is in play, liquidators should check the deed, seek court appointment, and avoid acting without authority, or risk overstepping their powers: Kalus Kenny Intelex

In Julien & Perrin (No 2), the Family Court made clear: disclosure in property proceedings isn’t limitless. Parties to a property settlement have an ongoing duty to make full and frank disclosure of all info relevant to any issues in dispute. But that duty is bounded by relevance, efficiency and proportionality. The wife argued the husband’s disclosure was chaotic and incomplete, but the Judge accepted that he had supplied documents in an organised, searchable format. The Court rejected the wife’s demand for documents relating to his prior property proceedings (finalised 8 years before their relationship) and the origins of his mother’s super, calling them irrelevant. Parties must carefully assess what’s material, or risk wasting time, costs and credibility: Barry Nilsson

AI competency is still lacking. New research shows legal teams are rushing into AI, with budgets up 33%, but only 1 in 5 report real “AI maturity”. Most are stuck in pilot phases. Meanwhile, law firms are cashing in - 58% haven’t dropped rates, and 33% are charging more for AI-assisted work. Despite the risks, ChatGPT-style tools remain the default, even as 94% of in-house leaders say they want turnkey AI solutions with expert oversight: Axiom

BCG’s Adam Farber and Rich Hutchinson will be removed from leadership roles but remain in client-facing positions, after an internal probe into the firm’s Gaza-related work. The FT revealed BCG helped model the cost of relocating Palestinians, with both men involved in discussions. BCG says they were misled about the project’s nature. Two partners who led the work have already been fired: AFR

Lavan has promoted 12 lawyers across property, disputes, employment and family law, including Adri Lock and Amanda Valenti to special counsel and senior associate respectively. The firm also welcomed former WA Attorney General John Quigley as a consultant, bolstering its government practice following his March 2025 retirement from politics: Lavan

On day one in China, Albanese dodged Trump administration pressure to spell out Australia’s role in a Taiwan conflict. He backed “the status quo” and wouldn’t bite on hypotheticals. Acting Defence Minister Pat Conroy reinforced that only the elected government can commit Australia to war. Meanwhile, the US wants more defence spending and clarity under its AUKUS review: ABC News

After a Melbourne worker was charged with 70 child abuse offences, major childcare providers G8 and Affinity are fast-tracking CCTV rollout at centres nationwide. G8 will also give parents more say over which staff member handles their child’s personal care. But the United Workers’ Union warns CCTV alone won’t fix deeper systemic issues: The Daily Aus

If you’ve got a spare $15 million lying around, we’ve some good news. A 40-year-old Hermès Birkin, made for Jane Birkin herself, just sold for €8.58m (A$15.2m) at Sotheby’s Paris. After a 10-minute bidding war, a Japanese collector secured the iconic black leather bag by phone. It’s now the most expensive handbag ever sold: ABC News

Mainland Group: the ACCC has cleared Lactalis’ race for the $2bn dairy spin off, while rival Bega is still stuck on the sidelines—blocked from the data room and facing equity raise pressure. With synergies unlikely to outweigh competition risks, French dairy giant Lactalis looks well placed to scoop up Western Star, Perfect Italiano and co: The Australian

Pacific Equity Partners: has inked a $1.3bn deal to buy building services group Johns Lyng, offering $4 a share in what the company calls “an attractive valuation”. The bid follows a brutal share slide from $9 in 2022 to under $3 before PEP circled. Execs, including CEO Scott Didier, will roll their stakes into the private vehicle. Minters is advising Johns Lyng while PEP has G+T in its corner: AFR

Spartan: has voted up Ramelius' $0.25 cash and scrip deal, with 90.3% in favour of the gold miner’s takeover. The WA Supreme Court signs off next, with implementation due end of July. HSF reps Spartan while Allion Partners backs Ramelius: Capital Brief

Pentagon sparks rare earths rally. Lynas and Iluka shares surged after the Pentagon took a 15% stake in MP Materials and guaranteed sky-high prices for US rare earth magnets. Analysts say this could reshape the global market, and Lynas is tipped to be next in line for Western backing. UBS called it the “biggest catalyst yet” for rare earths outside China. Big movements to come: The Australian

Liontown’s $951m Kathleen Valley lithium mine is officially open and shipping spodumene to Tesla, Ford and LG, despite prices crashing 90% from 2022 highs. Boss Tony Ottaviano remains bullish, pointing to soaring demand for stationary batteries. Backed by a $15m WA government loan, Liontown’s betting the price will rebound (or at least stabilise…): ABC

CBA, Westpac and ANZ have joined Project Acacia, a new RBA pilot to test digital currencies and tokenised finance in real-world banking. CBA’s teaming up with JPMorgan and ASX to revamp repo markets, Westpac’s integrating tokens into its app, and ANZ’s eyeing CBDC bond trades. Regulators are waiving red tape to fast-track testing. Looks like a new era of banking is finally here: AFR

UniSuper is backing ASX plans to allow dual-class shares, saying it could help stop Aussie founders heading offshore. He says with the right safeguards (ie, sunset clauses and minimum ownership thresholds) it’s worth considering. Critics warn it could undermine investor rights, but the super’s CEO reckons investors can just opt out if they don’t like the setup: AFR

For the first time in 4 years, all major CBDs saw more office space taken up than vacated, with Sydney leading the rebound. Rents in top-tier buildings rose 9.1%, and investor appetite is back. Mirvac, Charter Hall and Investa are doubling down, as tight supply, falling incentives and rising effective rents fuel confidence in new landmark towers: AFR

Mirvac is circling Lendlease’s $10bn APPF platform, eyeing retail and office assets, while others are tipped to target its industrial fund. Hostplus and Aware Super will be kingmakers in the looming manager shake-up, which could mirror AMP Capital’s messy split: The Australian

JustFund has secured a $200m debt warehouse from MA Financial to scale its niche model of fronting legal fees for divorcing clients who can’t get standard loans. Rather than assess income, loans are secured against expected settlements. With two-thirds of clients facing DV or financial abuse, MA liked the bite-sized loan book and strong credit performance: AFR

Bots for property deals. Sydney start-up Voqo AI has raised $800k from Blackbird, Mark Bouris and UNSW to stop missed calls killing property deals. Its bots answer and triage calls 24/7, replacing real estate admin and legacy call centres. Already in use at Barry Plant, the tech uses voice-based AI to improve speed, service and reduce staff burnout. Pretty neat: The Australian