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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

National Credit Code registrations closing date

Posted on June 07, 2010
ASIC has issued a reminder that anyone who is currently engaged in credit activities (as defined by the National Consumer Credit Protection Act) who is yet to register must do so before 30 June 2010, and ideally, by 18 June 2010, to ensure they can continue offering credit activities after 1 July 2010...

Insolvent trading law reform: Sons of Gwalia reversed

Posted on June 02, 2010
The Corporations Amendment (Sons of Gwalia) Bill 2010 has been introduced into Parliament. The Bill, if passed, will give effect to the Government?s decision to reverse the High Court decision in Sons of Gwalia v Margaretic. The Sons of Gwalia decision determined that, in a corporate winding up, certain compensation claims by shareholders against the company ranked [...

National business names registration exposure draft bill

Posted on June 02, 2010
The Australian Business Number (ABN) Business Names Registration Project has released a public exposure draft of the Business Name Registration Bill and its related fees bill for consultation until 27 June. Background

ACCC guide to unfair contract terms

Posted on June 01, 2010
The ACCC has issued a booklet Australian Consumer Law: A guide to unfair contract terms which provides information on the types of contracts and contract terms which may be affected by the new Australian Consumer Law?s unfair contract terms (UCT) provisions...

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Superannuation fund borrowing rules change

Posted on May 30, 2010
The Superannuation Industry (Supervision) Amendment Bill 2010, if passed, will change the conditions on which superannuation funds can borrow on a limited recourse basis for investment purposes. The Bil will replace the existing Section 67(4A) and replace it with Sections 67A and 67B the effect of which will be: each borrowing is permitted only in respect of [...

Competition and Consumer Legislation Amendment Bill 2010

Posted on May 27, 2010
The Competition and Consumer Legislation Amendment Bill 2010 has been introduced into the Commonwealth Parliament. If passed, the Bill will amend the Trade Practices Act 1974 (?the TP Act?) to clarify the operation of the “creeping acquisitions” provisions relating to mergers and acquisitions...

Enforcement of Securities under the Personal Property Securities Act 2009

Posted on May 26, 2010
Langes+ Partner Shannon Adams recently spoke at the Law Society of South Australia Personal Property Securities Conference on the topic “Enforcement of Securities under the Personal Property Securities Act 2009″. You can download his slides here.

Corporate reporting reform

Posted on May 26, 2010
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has introduced the Corporations Amendment (Corporate Reporting Reform) Bill 2010 into Parliament to reduce red-tape on business and improve Australia’s corporate reporting framework...

Do Not Call Register Legislation Amendment Act 2010

Posted on May 26, 2010
The Do Not Call Register Legislation Amendment Act 2010 was assented to on 18 May and is now available on Comlaw here. The changes are expected to come into effect on 30 May 2010. The Act allows the registration of emergency service and government phone numbers and all Australian fax numbers on the Do Not [...

Senate Committee report on Australian Consumer Law Stage 2

Posted on May 23, 2010
The Senate Economics Legislation Committee has delivered its report on the Trade Practices Amendment (Australian Consumer Law) Bill (No. 2) 2010. The Committee recommends that the Senate pass the bill, preferably adopting the other recommendations in the report, such as requiring plain English explanations be provided to consumers of the additional benefits, or otherwise, of any [...

APRA proposes changes to capital standards for general insurers and life insurers

Posted on May 23, 2010
The Australian Prudential Regulation Authority (APRA) has released a discussion paper describing its proposals to update the capital standards for general insurers and life insurers. The proposed changes for general insurers ensure that all material types of risks, including asset/liability mismatch, asset concentration and operational risks, are adequately catered for within the capital standards...

CAMAC report on director guidance

Posted on May 22, 2010
The Corporations and Markets Advisory Committee (CAMAC) has published a report “Guidance for directors” in response to a request from the Minister for Financial Services, Superannuation and Corporate Law for advice on whether there is sufficient guidance provided to directors to ensure that they clearly understand their roles and responsibilities and whether their performance would [...

Draft new access to member register rules and increased market offence penalties

Posted on May 20, 2010
Treasury has released an Exposure Draft of the Corporations Amendment (No 1) Bill 2010 for consultation. Access to member register The Bill amends the Corporations Act and the Corporations Regulations to change the procedures for accessing information kept on company member registers...

Small Business Superannuation Clearing House registrations

Posted on May 20, 2010
Eligible small businesses (those with fewer than 20 employees) will be able register to use the free Small Business Superannuation Clearing House from Monday, 24 May. The service is an optional superannuation clearing house service for small business operated by Medicare which allows employers to meet their obligation to promptly remit superannuation amounts deducted from employees? [...

Future of Financial Advice consultation

Posted on May 20, 2010
The Future of Financial Advice website provides information on the implementation process, answers to frequently asked questions, and enables the public to provide feedback about the financial advice reforms announced on 26 April. The Future of Financial Advice reform package includes such measures as a ban on conflicted remuneration structures, including commissions and any form of [...

Draft regulations for ASIC financial market supervision

Posted on May 20, 2010
The Minister for Financial Services, Superannuation and Corporate Law, has released an exposure draft of regulations which support the Corporations Amendment (Financial Market Supervision) Act 2010 which transfers responsibility for supervision of Australia’s financial markets to the Australian Securities and Investments Commission (ASIC)...

Austrac to introduce fees

Posted on May 20, 2010
The Government has decided to introduce a cost recovery regime for AUSTRAC’s regulatory functions. It is proposed that from 1 July 2011 AUSTRAC will recover costs from industry through: A flat annual levy (initially proposed to be set at $500) A fee for each international funds transfer instruction report (IFTI) and threshold transaction report (TTR) lodged with [...

Langes+ to open Melbourne office

Posted on May 19, 2010
We are excited to announce that Langes+ will be opening an office in Melbourne on 1 June 2010 with a new member of our team, Ronen Atzmon. Ronen will be in charge of our Melbourne office. He is the former General Counsel of Cuscal, and will join Langes+ in the position of Executive Counsel...

ASIC decides not to regulate rumours

Posted on May 16, 2010
ASIC has announced it will not issue regulatory guidance on the responsible handling of rumours and corporations? management of confidential information at this stage. In September 2009, ASIC set out principles to assist market participants when handling rumours in Consultation Paper 118 Responsible handling of rumours...

National business names registration

Posted on May 12, 2010
A new national business names registration system is due to start in the first half of 2011. The prposed changeover date is 4 April 2011. The purpose of business name registration is to protect consumers by identifying persons trading under names that aren?t the same as their personal, company or other entity name...

ASIC issues corporate bond prospectus relief

Posted on May 12, 2010
ASIC has announced class order relief which will help promote the issue of vanilla corporate bonds to retail investors. The ASIC initiatives will allow certain offers of listed vanilla bonds to be made with reduced disclosure under a short-form prospectus...

Senate Committee approves PPS Corporations Act changes

Posted on May 12, 2010
The Senate Legal and Constitutional Affairs Legislation Committee has tabled a report titled “Personal Property Securities (Corporations and Other Amendments) Bill 2010 [Provisions] “. The report recommends passage of the Bill which will make consequential amendments to the Corporations Act as part of the new Personal Property Securities scheme.

Margin lending regulations

Posted on May 12, 2010
The Corporations Amendment Regulations 2010 (No. 4) prescribe details for the Commonwealth’s new margin lending regime which commences on 1 January 2011. The new regulations permit a person providing both financial services and credit products to combine the Financial Services Guide and Credit Guide...

Federal Budget 2010-2011

Posted on May 11, 2010
This year’s Federal Budget is as much an annual report (looking back on the past period) as a traditional forward looking budget. Whilst the headline tax changes were previously announced in response to the Henry Tax Review on 2 May, there is actually a lot of information that is relevant to business and the financial services [...

Managed Investment Trusts tax changes

Posted on May 09, 2010
The Assistant Treasurer, Senator Nick Sherry has announced the Government will put in place a new tax system for Managed Investment Trusts (MITs) for commencement on 1 July 2011. The reforms are the Government’s response to the Board of Taxation’s (Board) report into the tax arrangements applying to MITs...

National regulation of trustee companies commences

Posted on May 09, 2010
The national regulation of licensed trustee companies commenced on 6 May 2010. The scheme replaces eight separate State and Territory regimes. The national regime is contained in Schedule 2 of the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009, and in regulations amending the Corporations Regulations 2001 and the Australian Securities and Investments Commission Regulations 2001, [...

Superannuation fund transfer following relationship breakdown

Posted on May 09, 2010
Treasury has released an exposure draft bill amending the Superannuation Industry (Supervision) Act 1993 (SIS Act 1993) to allow the trustee of a regulated superannuation fund to acquire an asset in-specie from a related party of the fund, following the relationship breakdown of a member of the fund, without contravening the prohibition in subsection 66(1)...

Proposed Bills for introduction

Posted on May 09, 2010
The Bills proposed for introduction and passage in the Winter sittings of the Commonwealth Parliament include: Corporations Amendment (Corporate Reporting Reform) Bill - cut red tape for unlisted public companies limited by guarantee, streamline parent entity reporting, provide greater flexibility for companies to pay dividends and to more easily change their year-end reporting dates - improve disclosures in the [...

Legislation update 2010-2013

Posted on May 08, 2010
This article by me was first published in Retail Banking Review here. I?ve commented previously that media releases are not law. A law isn?t a law until it is passed by Parliament and for Commonwealth law, that means the Senate as well as the House of Representatives...

Privacy case notes 1-8 of 2010

Posted on May 06, 2010
The Australian Privacy Commissioner has published eight new case notes: Own Motion Investigation v Insurance Company [2010] PrivCmrA 1: The Commissioner made enquiries with an insurer about a clause in one of its forms that required individuals to agree that the company ‘may disclose to anybody any information about you...

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