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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

Responsible lending webinar

Posted on September 13, 2010
We will be holding a webinar on responsible lending on 22 September. We will take you step-by-step through the legal requirements, so you can learn about your obligations and plan your compliance. This easy to follow but comprehensive briefing will use practical examples and discuss the latest insights and guidance on responsible lending...

New Gillard Government federal ministry

Posted on September 12, 2010
The new Gillard Government ministry is named here. In respect of financial services regulatory issues, Penny Wong becomes the Minister for Finance and Deregulation and Bill Shorten is the Assistant Treasurer, Minister for Financial Services and Superannuation...

When a ?private? company isn?t really private

Posted on September 09, 2010
In Dynamic Supplies Pty Ltd v Australian Securities and Investments Commission [2010] FCA 806 the company failed in its action to review ASIC’s decision not to exempt the company from the obligation on large proprietary companies to prepare and lodge certain financial reports and directors? reports which are placed on the public record and are [...

Are you affected by the Personal Property Securities Act?

Posted on September 04, 2010
When the Personal Property Securities Register commences in May 2011 it will have a significant operational and legal effect on any business that provides credit to commercial or consumer customers on non-land security. Who does it affect? If you are a ? Lender ? ADI ? Equipment Lessor ? Manufacturer ? Wholesaler ? Distributor ? Franchisor ? Securitiser ? Retailer ? Consignor ? Buyer of accounts receivable ? Inventory financier ? Farmer ? Builder ? Insurer ? Secured party ? A trustee ? Pawnbroker and you ? take or give fixed and floating charges ? give long term [...

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Meeting chairman?s powers

Posted on September 01, 2010
In Alliance Craton Explorer Pty Ltd V Quasar Resources Ltd [2010] SASC 266 the Supreme Court of South Australia was asked to decide whether the tape recording of Management Committee meetings of a Joint Venture was lawful, whether the ruling of the chairman to prohibit the electronic recording of the meetings was ultra vires, and [...

Super fund related party acquisitions

Posted on September 01, 2010
APRA has issued SIS Determination No. 1 of 2010 to confirm a previous exception to the prohibition on the acquisition of certain assets from a related party of a regulated superannuation fund. It relates to investing in units in a unit trust.

Queensland civil courts changes from 1 November

Posted on September 01, 2010
Changes to the monetary civil jurisdictions of the Queensland Courts will take effect from 1 November 2010. Magistrates Court: the $50,000 monetary limit will be increased to $150,000; District Court: the $250,000 monetary limit will be increased to $750,000; Supreme Court: the minimum claim requirement of $250,000 and over will be increased to claims of $750,000 and over...

No conflicts for Governor-General

Posted on September 01, 2010
There is no comparisons at all between the Governor-General’s potential position and the conflict of interest of a company director but it’s worth looking at the Solicitor General’s advice here.

Paid parental leave update

Posted on August 22, 2010
Regardless of the composition of the next government, it appears that the paid parental leave scheme which will commence on 1 January 2011 will be changed from 1 July 2012. The current arrangement will provide eligible working parents with 18 weeks of pay at the weekly rate of the National Minimum Wage...

Personal property securities administration

Posted on August 22, 2010
The Personal Property Securities Register to commence in May 2011 will be an online national register for many securities which are currently registered in separate state-based registers. It will also provide for registration of some security interests which are not currently capable of being registered...

ASIC guide on unsolicited credit cards

Posted on August 22, 2010
ASIC has responded to Westpac Banking Corporation v Australian Securities & Investments Commission by issuing Regulatory Guide 201 Unsolicited credit cards and debit cards. RG201 discusses ASIC’s views of the exceptions to Section 12DL(1) of the Australian Securities and Investments Commission Act 2001 (ASIC Act) which provides that a person must not send another person [...

Electronic signature allowed for elector enrolment

Posted on August 17, 2010
Although the Electronic Transactions Act (Cth) has been in place since 1999 it has taken a political activist group to highlight its potential use. The Act is designed to encourage technological neutrality in transactions. In Getup Ltd v Electoral Commissioner [2010] FCA 869 the Federal Court declared that an online voting enrolment using a signature generated [...

Personal property securities register fees

Posted on August 16, 2010
The Commonwealth Attorney-General’s Department has released a Cost Recovery Impact Statement containing recommendations for the cost recovery arrangements for the Personal Property Securities Register (PPSR). It is expected that the Register will commence operation in May 2011...

Privacy of your pizza information

Posted on August 16, 2010
The hacking of the customer information database of Hell Pizza New Zealand (reported here) raises the question again of whether there should be mandatory customer notification in such cases. Hell Pizza has notified its 230,000 customers to change their internet passwords...

APRA superannuation prudential practice guides

Posted on August 11, 2010
The Australian Prudential Regulation Authority (APRA) has released prudential practice guides (PPGs) for superannuation trustees in the areas of capital, risk management, adequacy of resources and fitness and propriety. The PPGs are intended to assist registrable superannuation entity (RSE) licensees to satisfy licence conditions and operating standards under the Superannuation Industry (Supervision) Act 1993 (SIS Act) [...

Change in Queensland courts jurisdiction

Posted on August 11, 2010
The Civil and Criminal Jurisdiction Reform and Modernisation Amendment Bill was passed by Queensland Parliament on 3 August 2010. Amongst other things it will increase the monetary limit for civil disputes in the District Court to $750,000 and in the Magistrates Court to $150,000...

ALP?s superannuation policy

Posted on August 01, 2010
The Prime Minister, Deputy Prime Minister and Minister for Superannuation have announced that if re-elected the government will implement a simple, low-cost superannuation product called ?MySuper? from 1 July 2013 as recommended by the Cooper Super Review...

ASIC guide on insolvent trading

Posted on July 29, 2010
ASIC has released Regulatory Guide 217 Duty to prevent insolvent trading: Guide for directors (RG 217) to assist directors to understand and comply with their duty under the Corporations Act 2001 to prevent insolvent trading. Section 588G of the Corporations Act requires a director of a company to prevent the company from incurring a [...

Trusted for transactions

Posted on July 29, 2010
You may know about Langes+ as advisers on regulatory compliance. But that?s only part of what we do. We are also experienced with major business transactions like mergers and acquisitions, commercial lending and outsourcing. To find out more, have a look here.

Proposals for regulation of remittance providers

Posted on July 25, 2010
The Minister for Home Affairs Brendan O?Connor has released proposals to stop international funds transfer services being used to fund people smuggling and serious crime. Under the improved registration scheme, the CEO of AUSTRAC would be given the power to refuse, suspend, cancel or impose conditions on registration of remittance providers...

ASIC report on disclosure by capital protected products

Posted on July 25, 2010
ASIC has released a report Review of disclosure for capital protected products and retail structured or derivative products (Report 201) outlining its key findings from a review of selected Product Disclosure Statements (PDSs) for capital protected products and other structured or derivative products marketed to retail investors...

New Privacy Commissioner appointed

Posted on July 25, 2010
Timothy Pilgrim has been appointed as Australia’s new Privacy Commissioner. From 1 November the Privacy Commissioner will become part of the Office of the Australian Information Commissioner.

Election called: bills lapse

Posted on July 18, 2010
The 2010 federal election will be held on 21 August. The Bills currently before Parliament will lapse. These include the Corporations Amendment (Sons of Gwalia) Bill 2010, the Corporations Amendment (No 1) Bill 2010 and the Insurance Contracts Amendment Bill 2010...

Who is a credit provider under the Privacy Act?

Posted on July 18, 2010
If your organisation is a credit provider for Privacy Act purposes you can gain access to credit reports provided you follow the procedures. The definition of “credit provider” for credit reporting purposes is wider than the National Consumer Credit Protection definition which requires consumer credit providers to be licensed and follow strict requirements...

Award coverage threshold updated

Posted on July 15, 2010
The high income threshold in the Fair Work Act 2009 for modern award coverage increased to $113,800 from 1 July 2010. Modern awards do not cover employees who are paid a guaranteed amount of $113,800 p.a. (during the year ended 30 June 2011 ? indexed annually)...

ASIC?S monitoring of financial services providers

Posted on July 14, 2010
This article by David Jacobson was first published in Retail Banking Review. Did you know that ASIC monitors online, print, TV and radio ads as well as seminars promoting financial products? The information ASIC gathers is included in its research reports and if ASIC identifies a breach of the law or a potential breach it will pursue [...

CAMAC Information Paper on Executive Remuneration

Posted on July 13, 2010
CAMAC has published an Information Paper on some of the approaches taken in Australia and internationally in respect of the regulation of executive remuneration arrangements, including the use and implications of various types of incentives and reporting on executive remuneration arrangements...

ASIC takes over market supervision

Posted on July 11, 2010
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has announced that the transfer of supervisory responsibility for Australia’s domestic licensed financial markets from ASX to ASIC will take place on 1 August 2010 with the commencement of the Corporations Amendment (Financial Market Supervision) Act 2010 and new market integrity rules.

Fair go: unfair contracts

Posted on July 11, 2010
Partner Patrick Dwyer’s article on unfair contracts is the cover article for this month’s NSW Law Society Journal. Here it is. Life may be unfair, but contract terms cannot be. Under provisions of the new Australian Consumer Law commencing on 1 July, unfair contract terms in standard form consumer contracts will be void...

AUSTRAC orders external AML/CTF audit

Posted on July 07, 2010
AUSTRAC has announced that it has given its first written notices to reporting entities requiring the appointment of an external auditor under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The notices given to seven reporting entities in the Thomas Hotels group which provide gambling services follows an AUSTRAC assessment which identified compliance breaches [...

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