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International Law

Australian Regulatory Compliance Review

information about Australian laws, regulations and legal compliance particulartly in the financial services industry

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Last Entry: June 15, 2014 at 16:41:06

Are draft statements 'books' of a company?

Posted on March 10, 2008
In Areva Nc (Australia) Pty Ltd -V- Summit Resources (Australia) Pty Ltd [No 2] [2008] WASC 10, the Supreme Court of Western Australia dealt with the issue whether a draft incomplete statement taken from a witness by a former solicitor...

ASIC and ASX on share lending and short selling

Posted on March 07, 2008
The Australian Securities and Investments Commission (ASIC) and the Australian Securities Exchange (ASX) have issued three statements to clarify and reinforce existing obligations in relation to share lending and short selling. These statements follow the joint statement issued by the...

Self managed super funds compliance

Posted on March 06, 2008
Ian Read, Assistant Deputy Commissioner of the ATO has delivered a speech on The SMSF Regulatory Environment which discussed the regulatory environment for SMSFs, upcoming rulings and determinations and what is on the ATO's "compliance radar". He made it clear...

Consumer policy under the new Government

Posted on March 06, 2008
Speaking at the National Consumer Congress the Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, the Hon Chris Bowen MP discussed the current policy debates of developing truly national approaches to Australia?s consumer policy framework...

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Telstra loses challenge to telecommunications access regime

Posted on March 06, 2008
In Telstra Corporation Limited v The Commonwealth [2008] HCA 7 the High Court of Australia upheld the constitutional validity of the telecommunications access regime set out in the Trade Practices Act. Telstra asserted that contrary to section 51(xxxi) of the...

Franchising Code of Conduct compliance manual

Posted on March 06, 2008
The ACCC has published a Franchising Code of Conduct compliance manual for franchisors and master franchisees . The manual contains sample disclosure documents and checklists.

Terms contracts for sale of land are regulated by Credit Code

Posted on March 04, 2008
In Geeveekay Pty Ltd & Ors v Director of Consumer Affairs Victoria [2008] VSC 50 , the Victorian Supreme Court decided that a terms contract of sale for land was regulated by the Consumer Credit Code. The Director of Consumer...

Treasury Secretary speaks about regulation and COAG reform

Posted on March 04, 2008
Secretary to the Treasury, Dr Ken Henry's Ian Little Memorial Lecture pays tribute to the former Secretary of the Victorian Department for Treasury and Finance for a number of reasons including his involvement with the National Competition Policy which lead...

Misleading advertising: Kleenheat Gas deceptive pricing

Posted on March 04, 2008
In Australian Competition And Consumer Commission v Wesfarmers Kleenheat Gas Pty Ltd Acn 008 679 543 the Federal Court made orders by consent against Wesfarmers Kleenheat Gas Pty Ltd in relation to conduct of Kleenheat Gas varying the pricing for...

National Rental Affordability Scheme

Posted on March 03, 2008
The Prime Minister has announced the National Rental Affordability Scheme which is designed to create a new ?asset class? of affordable rental properties. Under the Scheme, the Commonwealth will provide private investors with tax credits of $6,000 a year for...

Disclosure guidance for listed entities

Posted on March 02, 2008
ASX and ASIC have co-operated on the release of two Companies Updates to assist companies meet their disclosure obligations in ensuring the market is fully informed in a timely manner.. Companies Update 02/08 provides guidance on the disclosure of material...

Austrac reporting reminder

Posted on March 02, 2008
All reporting entities under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) must submit a compliance report to the Australian Transaction Reports and Analysis Centre (AUSTRAC) by 31 March 2008.

Financial Disclosure Simplification update

Posted on March 02, 2008
The Minister for Superannuation and Corporate Law, Senator the Hon Nick Sherry, has announced that the Financial Services Working Group will initially focus its efforts on the development of a short form disclosure document for the First Home Saver Account...

Employment Seminar: Workplace Relations under Labor

Posted on March 01, 2008
On Thursday 13 March 2008 in Sydney, a seminar will be held at which Ron McCallum, Professor of Law at Sydney University, former Dean of Sydney Law School and leading authority on employment law, will guide you through and provide...

Franchising Code fact sheets

Posted on March 01, 2008
Amendments to the Franchising Code became law on 1 March 2008. The ACCC has issued new publications including: Disclosure under the Franchising Code of Conduct Overview of the Franchising Code of Conduct, fact sheet The franchisee manual Resolving franchising disputes,...

Basel II update

Posted on February 28, 2008
APRA Basel II specialist, Katrina Squires has given an update on outstanding issues following Basel II implementataion in Australia on 1 January 2008. These include: APRA?s review of ADIs' own internal capital adequacy assessment process (ICAAP); the inclusion in the...

Draft Corporations Amendment Regulations: managed investment schemes

Posted on February 28, 2008
Treasury has released draft Corporations Regulations for consultation until 28 March 2008. These draft regulations will amend the Corporations Regulations 2001 to remove the requirement for managed investment schemes (registered schemes) to notify the Australian Securities and Investments Commission of...

Climate change, emissions trading and corporate social responsibility

Posted on February 27, 2008
I recently attended a stimulating panel discussion organised by the Australasian Compliance Institute on issues businesses need to consider in dealing with climate change. The discussion showed that there is a lot of regulatory activity by different organisations across Australia...

Review of Australia's national innovation system

Posted on February 27, 2008
The Minister for Innovation, Industry, Science and Research, Senator Kim Carr, has announced a review of Australia's national innovation system. The Review Panel will identify gaps and weaknesses in the innovation system and develop proposals to address them...

Deregulation update

Posted on February 26, 2008
In a speech to the Sydney Institute, the Minister for Finance and Deregulation, Lindsay Tanner has reported on progress on deregulation and repeated the Government's commitment to change. "We are serious about change. I understand that business wants certainty and...

Trans-Tasman disqualification of disqualified directors

Posted on February 26, 2008
The Minister for Superannuation and Corporate Law has announced that the Government will introduce legislation to ensure that persons who are disqualified from managing companies in New Zealand will also be disqualified in Australia. The amendments to the Corporations Act...

Demutualisation of Health Insurers: CGT relief for policyholders

Posted on February 26, 2008
The Assistant Treasurer has announced that the new Government intends to confirm's the previous Government's policy of providing relief from capital gains tax (CGT) for policyholders of health insurers who receive shares when their health insurer demutualises...

Austrac issues generic customer identification form

Posted on February 25, 2008
Austrac has issued a generic customer identification form (pdf) for reporting entities as an example of what they may choose to use under 'safe harbour' to identify and verify customers of designated services. The procedure may only be used where...

Austrac issues draft AML managed investment rule

Posted on February 25, 2008
Austrac has issued draft AML/CTF Rules (pdf)to allow customers who acquired interests in a managed investment scheme between 12 December 2007 and 30 January 2008, to be treated as pre-commencement customers under the AML/CTF Act, so that the identification procedures...

National Health and Hospitals Reform Commission established

Posted on February 25, 2008
Federal Cabinet has formally approved the establishment of the National Health and Hospitals Reform Commission. The Commission will provide an interim report on a long-term health reform plan to the Commonwealth Government by the end of 2008, and a final...

Inspector-General of Taxation: review of the potential revenue bias of ATO in private binding rulings involving large complex matters

Posted on February 24, 2008
The Government has released the Inspector-General of Taxation?s report on the Review of the potential revenue bias in private binding rulings involving large complex matters. The review looked at whether there is a ?pro-revenue? bias evident in private binding rulings...

Emissions projections

Posted on February 24, 2008
The Government has released a report (by sectors) on Australia's progress towards achieving its targeted reductions in greenhouse gas emissions under the Kyoto Protocol.

Legal professional privilege claim rejected: Cadbury v Amcor and Visy

Posted on February 24, 2008
In Cadbury Schweppes Pty Ltd (ACN 004 551 473) v Amcor Limited (ACN 000 017 372)[2008] FCA 88 the Federal Court rejected the ACCC's claim for legal professional privilege and public interest immunity privilege in relation to 111 witness statements...

1000th post

Posted on February 23, 2008
This is my 1000th post since this weblog began as a spin-off of my other sites on 17 July 2004 ! Here's my first post (the passage of CLERP9). If you google "australian financial services compliance" it is the number...

Review of directors' liability and financial reporting

Posted on February 23, 2008
Is our corporate regime causing directors to be overly cautious when making decisions, particularly in fast-moving and complex business situations? In a speech to ASIC's Summer School by Minister for Superannuation and Corporate Law Nick Sherry (delivered by Treasury Secretary...

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