AMP’s employee surveillance

👋 G’day

Today’s brief:

• AMP imposes controversial surveillance contract on staff.

• Crypto exchanges face new regulatory standards.

• Aussie banks adopt agentic AI for legal reviews.

Here’s your Friday insights to close out the week 👇

PRACTICE POINTS

Crypto’s new standards

• Crypto exchanges face the same standards as banks. The Albanese government will require crypto exchanges to obtain an Australian financial services licence (AFSL), aligning them with banks and traditional fin sec services. Here’s what to expect: exchanges must ensure they meet minimum capital adequacy requirements, provide services honestly and avoid conflicts of interest. Draft legislation is due later this year, after years of industry frustration over regulatory delays: AFR

• ACCC is after feedback on new merger assessment guidelines. The guidelines outline the analytical framework the ACCC will apply when assessing mergers under the new mandatory notification system, taking effect 1 January 2026. The 70-page guidelines cover a range of topics, including the substantial lessening of competition test. The consultation period runs until 17 April, with final guidelines expected before voluntary notifications begin on 1 July: Capital Brief

• ASIC’s cyber warfare ramps up. The regulator is suing FIIG Securities over cyber failures, launching Federal Court proceedings against the bond specialist for failing to implement adequate cyber risk management. That failure lead to the theft of 385GB of confidential data. Cyber security and enforcement action remains a key priority for 2025. And ASIC is taking no prisoners, with ASIC Chair Joe Longo warning “this matter should serve as a wake-up call to all companies on the dangers of neglecting your cyber security systems.” ASIC is seeking civil penalties, contravention declaration and compliance orders.

WORD ON THE STREET

NRF’s China gamble

• After five years as "best friends", Norton Rose Fulbright and Chinese law firm Shanghai Pacific Legal have locked in a joint operation in the Shanghai Free Trade Zone. With Shanghai Pacific growing from 4 to 22 lawyers, the partnership lets both firms offer foreign and local legal services, while staying financially separate: Law.com

• 16 Victorian community legal centres will share in a record $19.3m funding boost from the Victorian Legal Services Board. The grants will support housing justice, family violence services, and mental health legal aid. The Advocacy and Rights Centre leads the pack with $2.7M, aiming to improve regional legal services across Victoria: Lawyers Weekly

• The Big 4 are making a legal push in Portugal. Deloitte, PwC, and EY are reshaping the legal market following the approval of new multidisciplinary services regulations, allowing them to expand their offerings to include legal services. KPMG is the only one of the Big 4 not yet involved. EY Law and Deloitte Legal are fighting to compete in tier-1 markets like M&A, ESG, and private equity: IberianLawyer

• And the AFR has done a fact-check of that Slater + Gordon email, which was sent to more than 900 employees. Check out their interactive review on its content here.

TALKING POINTS

Big Tech’s Aussie vendetta

• Tech bros want Trump to punish Australia. Musk’s X, Meta, and Amazon are lobbying Trump to push back against Aussie digital laws, including the News Media Bargaining Incentive, which forces platforms to pay for local news. They claim Australia is hurting US profits, and their complaint could fuel Trump’s push for retaliatory tariffs on countries he believes is hurting American exporters: SMH

• After all that hoo-ha, the ACCC won’t touch Coles and Woolies despite grocery prices rising at more than twice the rate of wages. The watchdog admits they’re an oligopoly, but has ditched its plans to break up the supermarket giants. Instead, the $120bn supermarket sector gets tighter pricing rules, supplier protections, and real-time price comparisons. Critics say it’s just more red tape, while the grocery giants keep their stranglehold on the market: Bloomberg, The Australian

• Outgoing Assistant Treasurer Stephen Jones says PwC “lied to the government and the public” about the tax leaks scandal—and nearly got away with it. Regulators pushed to keep explosive emails hidden, but after reviewing them, Jones insisted on their release. PwC has since axed partners and sold its government advisory arm—but Jones says its “massive corporate repair job” is far from done: The Australian

TREASURY

DEAL ROOM

Musk’s $1bn boost

• Elon Musk’s X has raised US$1bn in new equity, bringing its valuation back to US$44bn, the price Musk paid in 2022. Musk, Darsana Capital, and Trump-linked 1789 Capital were among the investors. The fresh cash will help pay down expensive junior debt from the buyout, which had been costing X 13% in annual interest: Financial Times

• Meanwhile, Musk’s xAI has teamed up with Microsoft and BlackRock to build its US$30bn (A$47.4bn) fund focused on data centres and AI infrastructure. The initiative could unlock up to US$100bn in total investments, with Nvidia Corp also joining as a technical advisor: Capital Brief

• Nine in talks to offload its controlling stake in Domain to US real estate conglomerate CoStar, with $4.65 per share floated—a 49% premium valuing Nine’s 60% holding at $1.76bn. Jefferies and Macquarie are leading negotiations, but no deal is certain. Some Nine investors back a sale, urging CEO Matt Stanton to cash out and pay down some $628m debt: AFR

• ACCC clears Vocus’ acquisition of TPG Telecom’s fixed-line business, enterprise, wholesale government and fibre network assets. The regulator found Vocus and TPG focus on different market segments and after the acquisition, will face strong competition from the likes of Telstra, Optus, and Aussie Broadband. G+T advises Vocus while Allens reps TPG.

• Bain Capital revives Virgin Australia IPO plans after selling 25% to Qatar Airways at a $4bn valuation. New CEO Dave Emerson will court investors, with Goldman Sachs, UBS, and Barrenjoey running the pitch. The IPO resurrection comes as Qantas stock soars 76% in the last 12 months, and now Bain is hoping for a better-than-Qantas valuation: AFR

SECTOR SPECIFIC

AMP’s shock surveillance

🚜 DIGGERS

• The east coast gas shortage has been pushed back to 2028, giving some breathing room, but shortfalls are still a reality without urgent investment in import terminals, pipelines, and new fields. Meanwhile, QLD Treasurer David Janetzki has signalled coal plants could stay open beyond 2035, as the state prioritises energy reliability over rapid transition: AFR

• The Albo Government has committed $750m to develop lower-emissions metal technologies, focusing on making the mining and refining of critical metals like alumina, aluminium, iron, and steel cleaner. This follows the $1bn Green Iron Investment Fund and aims to decarbonise Australia’s high-emission metals industries, key to the global green revolution: RenewEconomy

🏦 FIN

• AMP is forcing 2,000 staff to sign the world's most one-sided contract within a week. It grants AMP the right to continuous video surveillance and to demand medical exams by company-appointed doctors. Employees can’t even seek legal advice without AMP’s approval. The FSU is urging workers to reject the deal, calling it "draconian": The Australian

• Australian banks are accelerating their adoption of ‘agentic AI’ to enhance efficiency, compliance, and technology. CBA leads the way, using multi-agent systems for platform migration and code conversion, while NAB is using generative AI for legal reviews. Despite security and privacy concerns, AI agents are expected to streamline processes like fraud detection and loan approvals: Capital Brief

🏡 RETAIL & REAL ESTATE

• Victoria has overtaken Queensland for the fastest-growing construction insolvencies, with a 46% spike in company collapses as contractors struggle with cost blowouts, delays, and rising interest rates. Roberts Co’s closure and John Holland’s $55.5m loss highlight the crisis. Meanwhile, Canberra refuses to protect subcontractors, rejecting trust-like protections to ensure tradies got paid: AFR

• Goodman Group has acquired a $200m intermodal terminal in Minto, Sydney, from Qube, expanding its industrial property footprint. The site, which includes rail siding, warehousing, and container storage, will continue as an intermodal facility. The acquisition enhances Goodman’s leverage with its proximity to existing estates: The Australian

📱 TECH & STARTUPS

• Clayton Utz acting for WiseTech co-founder, Richard White have claimed the billionaire nor the law firm saw the full board review into allegations of his misconduct, despite accepting its findings and threatening sue over its release. The review found White “made inaccurate and incomplete disclosures” over his conduct. Despite this, WiseTech is taking no action against him, and White has returned as executive chairman: AFR

• Satya Nadella, Microsoft CEO, says Australia can become a global AI leader by leveraging its strengths in AI applications and data centres. Despite global competition, he believes AI’s diffusion opens doors for innovation worldwide. Australia’s focus on cloud infrastructure and generative AI tools could fuel growth: The Australian

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