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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

Productivity Commission Report on Regulatory Burdens

Posted on October 19, 2010
The Productivity Commission’s Annual Review of Regulatory Burdens on Business: Business and Consumer Services reviews regulations and associated administrative processes affecting the finance and insurance sector, occupations, building and planning regulation, accommodation and food services.

AUSTRAC annual report 2009-10

Posted on October 19, 2010
Austrac’s Annual Report gives an insight into its operations. AUSTRAC received a total of 21,555,034 reports from regulated entities and other agencies in 2009-10. This total includes reports submitted by regulated entities under both the FTR Act and the AML/CTF Act, as well as CBM reports forwarded by other agencies...

ASIC reviews independent experts? reports

Posted on October 19, 2010
ASIC has released Consultation Paper 143 Expert reports and independence of experts: Updates to RG 111: Content of expert reports and RG 112: Independence of experts outlining proposals for guidance on independent experts? reports. CP 143 proposes additional guidance on the requirement for an expert?s report to be based on reasonable grounds...

ASIC?s Insolvent Trading Report

Posted on October 14, 2010
ASIC has published a report on its recent insolvent trading visitation and awareness program. ASIC concludes that a director is less likely to breach their duties under the Corporations Act 2001 if they take into account the following key principles in carrying out their role: maintain appropriate books and records; identify insolvency concerns and assess available options; seek professional [...

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Taxation treatment of Islamic finance, banking and insurance products

Posted on October 13, 2010
The Board of Taxation has published a discussion paper on the Board’s review of the taxation treatment of Islamic finance, banking and insurance products. The paper: ? examines the current approach to finance taxation in Australia; ? identifies issues associated with Australia?s current approach to the taxation of Islamic finance products; and ? examines the tax policy response [...

Australian Information Commissioner

Posted on October 13, 2010
Under a new framework to commence on 1 November 2010, the Office of the Australian Information Commissioner will assume responsibility for both the Privacy Act (Cth) and the Freedom of Information Act (Cth). The existing office of the Privacy Commissioner will become part of the new office...

The role of the Federal Court in schemes of arrangement

Posted on October 11, 2010
Members? schemes of arrangement under Part 5.1 of the Corporations Act can be used in some circumstances instead of takeover bids under Chapter 6 of the Corporations Act to achieve a change of corporate control. One of the factors to consider in choosing a change of control by way of scheme of arrangement under Section 411 [...

Disclosure by unlisted mortgage schemes

Posted on October 10, 2010
ASIC has released Consultation Paper 141 Mortgage schemes: Strengthening the disclosure benchmarks (CP 141) which aims to update the benchmark-based disclosure model for unlisted mortgage schemes, as outlined in ASIC?s Regulatory Guide 45 Mortgage schemes ? improving disclosure for retail investors (RG 45)...

First Home Saver Account changes

Posted on October 10, 2010
The Treasurer has released for public consultation an exposure draft of legislation that will increase the flexibility of First Home Saver Accounts. If passed it will allow savings in a First Home Saver Account to be paid into an approved mortgage after the end of a minimum qualifying period, rather than requiring it to be paid [...

Kathleen Harris: Executive Counsel

Posted on October 05, 2010
We are delighted that Kathleen Harris will be joining the Sydney office of Langes+ as Executive Counsel from Monday 11 October 2010. Kathleen spent five years as Special Counsel at Mallesons Stephen Jaques, where she advised and acted for some of Australia’s largest companies...

Austrac?s AML/CTF strategies

Posted on September 30, 2010
AUSTRAC has published its three strategies detailing how AUSTRAC will direct its anti-money laundering and counter-terrorism financing (AML/CTF) efforts over the coming year. The Supervision strategy states that AUSTRAC’s supervisory efforts will focus on assessing compliance behaviour across industries it regulates and identifying specific entities whose behaviours differ from the industry standard...

Reserve Bank role clarified

Posted on September 30, 2010
The Treasurer has issued a Statement setting out the common understanding between the Reserve Bank and the Government on the Reserve Bank’s role in managing monetary policy. The Statement refers to the Reserve Bank’s role in maintaining financial stability: The Reserve Bank?s mandate to uphold financial stability does not equate to a guarantee of solvency for financial [...

Daylight saving 2010-2011

Posted on September 30, 2010
Daylight saving will start in Australian Capital Territory, New South Wales, South Australia, Tasmania and Victoria on Sunday 3 October 2010 at 2:00 am, when clocks will be put forward one hour. Queensland, Northern Territory, and Western Australia will not observe daylight saving...

Corporations Bills re-introduced

Posted on September 29, 2010
The Corporations Amendment (Sons of Gwalia) Bill 2010 and the Corporations Amendments (No. 1) Bill 2010 (dealing with unsolicited off-market share offers) have been reintroduced into Parliament. See our original notes here and here.

Product safety update

Posted on September 27, 2010
Product Safety Australia has provided a useful summary of the product safety laws changes to be implemented by the Australian Consumer Law on 1 January 2011 (here). New Consumer Product Safety Guidelines have been released for comment. Also from 1 January 2011 a supplier will be obliged to report an incident (whether this occurs in Australia or [...

New parliamentary arrangements

Posted on September 26, 2010
Commonwealth Parliament resumes on 28 September. The final Ministry details are here. The initial legislative program will be the re-introduction of last session’s lapsed Bills (see list here). House of Representatives draft legislative program...

Exposure draft ? Australian Consumer Law Regulations 2010

Posted on September 26, 2010
Treasury has released a draft of the Competition and Consumer (Australian Consumer Law) Amendment Regulations 2010 for consultation. The ACL is scheduled to commence as a law of the Commonwealth and each state and territory on 1 January 2011. The proposed regulations cover matters such as: exemptions from the unsolicited consumer agreement provisions of the [...

New AML rules

Posted on September 26, 2010
The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2010 (No.2) amends the AML/CTF Rules Instrument 2007 (No. 1). by inserting: Chapter 46 relating to special circumstances for customer identification procedures Chapter 47 creating an exemption from the AML/CTF Act for risk-only life policy interests in a superannuation fund Chapter 48 creating an exemption from the AML/CTF [...

First bank fees class action filed against ANZ

Posted on September 22, 2010
On 12 May 2010, litigation funder, IMF (Australia) Ltd (through its subsidiary Financial Redress Pty Ltd) announced that it proposed to commence class actions against 12 domestic and international banks on behalf of account holders who had been charged exception fees...

Capital for general insurers

Posted on September 22, 2010
The Australian Prudential Regulation Authority (APRA) has written to all Locally Incorporated General Insurers and Authorised Non-Operating Holding Companies under the Insurance Act 1973 in relation to the announcement by the Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, of a substantial strengthening of existing [...

Corruption and AML risk

Posted on September 20, 2010
If a business is operating overseas there is a risk the staff could be involved in bribery and foreign corruption (as evidenced recently by the Stern Hu case in China). The Wall Street Journal has commenced a blog called Corruption Currents which tracks news about money laundering, bribery, terrorism finance and sanctions...

Dispute resolution requirements for traditional trustee company services

Posted on September 19, 2010
ASIC has released a consultation paper (CP 138) seeking public comment on dispute resolution arrangements required of trustee companies providing traditional services, like preparing wills. Under the Corporations Act 2001, trustee companies as Australian financial services (AFS) licensees, must have an internal dispute resolution (IDR) system for handling client complaints and be a member of an [...

Reforms to banks? global minimum capital standards

Posted on September 19, 2010
APRA has written to Authorised Deposit-taking Institutions (ADIs) in relation to the announcement by the Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, of a substantial strengthening of existing capital requirements for banking institutions...

General insurance reporting standards update

Posted on September 19, 2010
APRA has published an updated Q&A document that responds to further queries received from general insurers in relation to the final reporting standards, with accompanying forms and instructions, that implemented the simplified reporting framework for general insurers.

COAG regulatory reform update

Posted on September 19, 2010
The Council of Australian Governments (COAG) has released the following revised Implementation Plans for the National Partnership Agreement to Deliver a Seamless National Economy in response to recommendations from the COAG Reform Council: Implementation Plan for Deregulation Priorities; Implementation Plan for Competition Reforms; Implementation Plan for Regulatory Reform...

ACCC merger approvals: defining the financial services market

Posted on September 15, 2010
This article by me was first published in Retail Banking Review here. In 2008 when the Australian Competition and Consumer Commission (ACCC) did not oppose the Commonwealth Bank?s merger with BankWest and Westpac?s merger with St George, there was speculation that the ACCC?s merger policy for banks had relaxed...

ASX corporate governance principles update

Posted on September 15, 2010
The ASX Corporate Governance Council has published ASX Corporate Governance Principles and Recommendations (2nd ed with 2010 amendments).

AML draft rules released for consultation

Posted on September 14, 2010
AUSTRAC has released 4 sets of draft rules for consultation until 28 September covering: situations where an individual who is conducting the threshold transaction is not the customer (contained at subparagraphs 19.3(14) to (16)). They apply to three different scenarios and require different details to be reported in each circumstance: (1) where the person is conducting the [...

Senate report on insolvency practitioners

Posted on September 14, 2010
The Senate Economics Committee has released its report The regulation, registration and remuneration of insolvency practitioners in Australia: the case for a new framework. Amongst other things, the Report recommends that: the corporate insolvency arm of ASIC be transferred to ITSA to form the Australian Insolvency Practitioners Authority (AIPA);and the government commission the Australian Law Reform Commission [...

Privacy: UK data loss breaches

Posted on September 13, 2010
In 2 separate UK incidents, the Financial Services Authority (FSA) has fined the UK branch of Zurich Insurance Plc (Zurich UK) �2,275,000 for failing to have adequate systems and controls in place to prevent the loss of customers? confidential information and the Information Commissioner?s Office (ICO) has found Yorkshire Building Society (YBS) in breach of [...

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