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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

Super System Review Report released

Posted on July 05, 2010
The Government has released the final report of the review into the governance, efficiency, structure and operation of Australia’s Superannuation System (the Cooper Review). There are 10 key recommendation “packages”. These include recommendations for improved trustee governance and efficiency...

Australian Information Commissioner: Privacy and Freedom of Information

Posted on July 05, 2010
Under a new framework to commence on 1 November 2010, the Australian Information Commissioner will assume responsibility for both the Privacy Act (Cth) and the Freedom of Information Act (Cth). The Freedom of Information (Reform) Act 2010 and the Australian Information Commissioner Act 2010 received Royal Assent on 31 May 2010...

Credit risk and personal property security interests

Posted on July 05, 2010
If you are a business that provides credit to your business customers then you need to know about new laws to commence next year that will change your terms of trade. Whether you provide goods on a deferred payment basis, on consignment, supply on a “retention of title” basis, lease equipment or finance inventories or [...

ASIC relief applications August- November 2009

Posted on July 05, 2010
ASIC has released a report outlining its recent decisions on applications for relief (including licensing and disclosure relief) from the corporate finance, financial services and managed investment provisions of the Corporations Act 2001 between 1 August 2009 to 30 November 2009.

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Corporate reporting reform regulations

Posted on July 04, 2010
The Corporations Amendment Regulations 2010 (No. 6) amend the Corporations Regulations 2001 to assist in giving effect to the reforms contained in the Corporations Amendment (Corporate Reporting Reform) Act 2010 relating to streamlining parent-entity reporting and introducing a three-tiered reporting framework to reduce the regulatory burden on companies limited by guarantee.

Tax reforms modified

Posted on July 04, 2010
A new Minerals Resource Rent Tax will replace the proposed Resources Super Profits Tax (see Treasurer’s Media Release). As a consequence, the company tax rate will still be cut to 29 per cent from 2013-14 but will not be further reduced as previously announced...

Australia?s Foreign Investment Policy updated

Posted on July 04, 2010
The Foreign Investment Review Board has published an updated Australia’s Foreign Investment Policy. The Policy clarifies the rules relating to investments by foreign governments and their related entities and national interest considerations.

Changes to ASX Corporate Governance Principles

Posted on July 04, 2010
The ASX Corporate Governance Council has released final changes to the ASX Corporate Governance Principles and Recommendations about diversity, remuneration, trading policies and briefings (originally announced here). The changes take effect for the first financial year of listed entities beginning on or after 1 January 2011...

Super System Review update

Posted on June 30, 2010
The Super System Review Panel delivered its final report to the Government on 30 June 2010. The Government will consider the report and will make its own decision concerning the timing of its release and the response to the recommendations made in the report...

Reforms to GST on financial supplies

Posted on June 29, 2010
Assistant Treasurer, Senator Nick Sherry, has released a consultation paper on reforms to the goods and services tax (GST) financial supply provisions. The consultation paper provides further information on the following changes announced in the 2010-11 Budget: increasing the financial acquisitions threshold (FAT) input tax credit test from $50,000 to $150,000; make hire purchase fully taxable; allow full input [...

The AUSTRAC typologies and case studies report 2010

Posted on June 29, 2010
The AUSTRAC typologies and case studies report 2010 has been published. It includes 31 case studies illustrating how legitimate Australian banking, gambling and remittance services have been misused to commit money laundering and other serious offences...

Regulation of mortgage exit fees

Posted on June 28, 2010
ASIC has released Consultation Paper 135 Mortgage early exit fees: Unconscionable fees and unfair contract terms (CP 135) which contains its proposed guidance for compliance with provisions in the National Credit Code and Australian Securities and Investment Commission Act 2001 (ASIC Act) that apply to setting the price of and explaining mortgage early exit fees...

Australian Consumer Law stage 2 passed

Posted on June 28, 2010
The Trade Practices Amendment (Australian Consumer Law) Bill (No 2) 2010 has been passed by Parliament. The Bill represents stage 2 of amendments to the Trade Practices Act 1974 (TP Act) as part of a plan to create a single national consumer law for Australia, including a national product safety law...

Insurance Contracts Amendment Bill update

Posted on June 28, 2010
The Insurance Contracts Amendment Bill 2010 was introduced into the Senate on 24 June 2010. Parliament will next sit on 24 August. Background: unfair terms in insurance contracts

APRA?s supervisory powers expanded

Posted on June 28, 2010
The Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Bill 2010 has been passed by both Houses of Parliament and is awaiting assent. The Bill expand APRA’s supervisory powers.

Misleading descriptions in super investment advertising

Posted on June 28, 2010
APRA has written to trustees of APRA-regulated super funds offering “good practice guidance” on the labelling of investment options offered by superannuation funds. To avoid confusion on the part of fund members by the use of ?labels? such as ?balanced?, ?conservative? or ?growth? and to help properly compare investment performance, APRA has suggested, pending more detailed [...

Exposure draft of new Australian Privacy Principles released

Posted on June 27, 2010
The Government has released an exposure draft of the new Australian Privacy Principles which will be a key part of amendments to the Privacy Act. It has also published a companion guide. The new principles have been referred to the Senate Finance and Public Administration Committee for consultation...

ASIC releases updated requirements for unlisted debentures and unsecured notes

Posted on June 27, 2010
ASIC has released an updated version of Regulatory Guide 69 Debentures and unsecured notes?improving disclosure for retail investors (RG 69). The updated version of RG 69 sets out: adjustments to the eight benchmarks that issuers should disclose against on an ‘if not, why not?’ basis from 1 September 2010, including those relating to minimum amounts of equity [...

Final prudential standards for general insurers

Posted on June 27, 2010
The Australian Prudential Regulation Authority (APRA) has released its response to submissions and final prudential standards in relation to proposals to simplify APRA’s prudential reporting requirements for general insurers. No material changes were made to APRA?s initial proposals as a result of the consultation with industry.

Share register access bill introduced

Posted on June 24, 2010
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has introduced the Corporations Amendment (No 1) Bill 2010 into Parliament. The legislation requires anyone seeking a copy of a member register to state what their intended use for the information contained and enables companies to refuse to provide information if it is not [...

Bankruptcy Amendment Bill passed

Posted on June 24, 2010
The Bankruptcy Legislation Amendment Bill 2009 has been passed by Parliament. The Bill’s reforms include: increasing the minimum amount for which a creditor can petition for bankruptcy from $2,000 to $5,000 (down from the $10,000 originally proposed); increasing the stay period before a creditor can commence action to recover debts from seven to 21 days (as opposed to [...

Corporate reporting reforms passed

Posted on June 24, 2010
The Corporations Amendment (Corporate Reporting Reform) Bill 2010 has been passed by Parliament The key measures include: reducing the regulatory obligations of companies limited by guarantee, which typically have a not-for-profit purpose, by introducing a three-tiered differential reporting framework: Small companies limited by guarantee will be exempt from reporting and auditing requirements and other companies limited by [...

Trade Practices and Consumer Law amendments explained

Posted on June 22, 2010
The Parliamentary Library has published Bills Digests for the Trade Practices Amendment (Australian Consumer Law) Bill (No. 2) 2010 (here) and the Competition and Consumer Legislation Amendment Bill 2010 (here).

Simplified PDSs for margin loans, super funds and managed investments

Posted on June 22, 2010
The Corporations Amendment Regulations 2010 (No. 5) commenced on 22 June 2010. The regulations prescribe product disclosure statements (PDSs) not exceeding eight pages in length for superannuation funds and simple managed investment schemes. Margin loan PDSs are required to be no longer than four pages...

Personal Property Securities (Corporations and Other Amendments) Bill 2010 passed

Posted on June 20, 2010
The Personal Property Securities (Corporations and Other Amendments) Bill 2010 has been passed by Parliament. Under PPS reform, non-real property security interests will be registered in the PPS Register even if they are given by companies. The Bill includes provisions which: replace the Register of Charges under Chapter 2K of the Corporations Act with the PPS [...

Paid Parental Leave Bill 2010 passed

Posted on June 20, 2010
The Senate has passed the Paid Parental Leave Bill 2010. The Bill will now be approved by the House of Representatives. UPDATE: Senate amendments agreed to by House of Representatives. The Paid Parental Leave scheme will commence on 1 January 2011. It will provide eligible working parents with 18 weeks of pay at the weekly rate [...

Austrac AML/CTF update

Posted on June 20, 2010
AUSTRAC has released Information Circular No. 71 entitled Observations on compliance by reporting entities that provide only item 54 designated services. Draft Amendments to Chapter 19 AML/CTF Rules These draft amendments incorporate the changes to the reporting of signatories which were previously published for public consultation in January 2010...

Personal Property Securities Register website

Posted on June 14, 2010
The Personal Property Securities Register information website has been launched and the register itself is now being built with a “go live” date in May 2011 (see Schedule of Activities for detailed timetable). If you take non-real estate security or provide non-real estate security in the course of your business or want to know whether non-real [...

Franchising disclosure changes

Posted on June 14, 2010
The Trade Practices (Industry Codes - Franchising) Amendment Regulations 2010 (No. 1) amend the Trade Practices (Industry Codes - Franchising) Regulations 1998 . The changes increase franchisor disclosure on a number of different matters including: liability for significant capital expernditure, the right of a franchisor to unilaterally vary the agreement, the right of a franchisor to [...

Regulation of lending to super funds

Posted on June 14, 2010
Treasury has released an exposure draft of Corporations Regulations designed to give effect to the Government proposal to provide that certain borrowing arrangements by superannuation fund trustees permitted by the Superannuation Industry (Supervision) Act 1993 (the SIS Act) are financial products under the Corporations Act 2001 (Principal Act)...

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