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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

Privacy Impact Assessment Guide

Posted on May 06, 2010
The Australian Privacy Commissioner has issued a Privacy Impact Assessment Guide to assist organisations when developing new products, services, projects or systems. The Guide will help organisations in identifying the privacy implications of a proposed project or system by conducting a comprehensive Privacy Impact Assessment...

Paid parental leave update

Posted on May 05, 2010
The Australian Government is planning to deliver Australia?s first national Paid Parental Leave scheme from 1 January 2011. It will provide eligible working parents with 18 weeks of pay at the weekly rate of the National Minimum Wage. An exposure draft of the Paid Parental Leave Scheme Bill 2010 has been released and referred to the [...

Basel II enhancements

Posted on May 05, 2010
The Australian Prudential Regulation Authority (APRA) has released for consultation a discussion paper and proposed amendments to relevant prudential reporting standards and forms in relation to proposals to enhance the Basel II Framework in Australia...

General Insurance Code of Practice

Posted on May 03, 2010
The Insurance Council has released the revised General Insurance Code of Practice which took effect on 1 May 2010. The Code sets out the minimum standards consumers can expect from their insurance provider and covers buying insurance, insurance claims and complaints handling procedures.

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Henry Tax Review Report response

Posted on May 02, 2010
The Government has released its response to the final report of The Australia’s Future Tax System Review Panel (the Henry Tax Review). The key Government proposals include: increasing compulsory superannuation from 9 to 12 per cent by 2019: initially there will be two smaller increases of 0...

Do Not Call Register business extension dropped

Posted on May 02, 2010
The Minister for Broadband, Communications and the Digital Economy Senator Stephen Conroy has announced the Government will not proceed with the proposal to extend the Do Not Call Register to include business numbers. The provisions in the current Bill to allow the registration of emergency service, fax, other non-business and government numbers on the Register will [...

Super System Review Report on SMSF?s

Posted on April 29, 2010
The Super System Review has released Self-Managed Super Solutions, its report which sets out the Panel’s preliminary recommendations on self-managed superannuation funds (SMSFs). The Panel supports trustees keeping control over their SMSFs: it is not proposing compulsory education for trustees or requiring third party custodians to hold SMSF assets...

Financial advice reforms

Posted on April 25, 2010
The Government has issued the Future of Financial Advice reforms package for consultation. The Future of Financial Advice package includes the following: A prospective ban on conflicted remuneration structures including commissions and volume based payments, in relation to the distribution and advice of retail investment products including managed investments, superannuation and margin loans...

Proposed amendments to the ASX Corporate Governance Principles

Posted on April 25, 2010
The ASX Corporate Governance Council has published an exposure draft of Proposed Amendments to the ASX Corporate Governance Council Corporate Governance Principles and Recommendations. The proposed amendments take into account recommendations made in the last 12 months by: i...

AML changes: reportable details for threshold transactions

Posted on April 25, 2010
Austrac has released details of proposed changes to Chapter 19 of the AML/CTF Rules which set out the reportable details for threshold transactions which must be supplied by reporting entities in a threshold transaction report. These AML/CTF Rules currently do not require reporting entities to supply reportable details where the person conducting the transaction is [...

Changes to rules for foreign investment in residential housing

Posted on April 25, 2010
The Assistant Treasurer, Senator Nick Sherry, has announced a tightening of the foreign investment rules as they relate to residential real estate and a package of new civil penalty, compliance, monitoring and enforcement measures. Amendments are being proposed to the Foreign Acquisitions and Takeovers Act 1975, the Foreign Acquisitions and Takeovers Regulations 1989 and Government Policy [...

Insolvency trading law reform update

Posted on April 25, 2010
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has released an exposure draft of Corporations Amendment (No.2) Bill 2010 which will give effect to the Government’s decision to reverse the High Court decision in Sons of Gwalia v Margaretic (previously discussed here)...

CGT rollover relief for mergers and takeovers

Posted on April 25, 2010
Treasury has released for consultation draft legislation that makes it easier for takeovers and mergers regulated by the Corporations Act 2001 to qualify for capital gains tax (CGT) scrip for scrip rollover. The scrip for scrip rollover enables taxpayers to defer realising capital gains from exchanging shares in one company for shares in another as part [...

Listed company proxy documents

Posted on April 22, 2010
ASIC has advised that a listed company may accept proxy votes for general meetings that are lodged by electronic means without amending its constitution to expressly permit that. Further, the requirements of ss 249Y, 250A, 250B and 250BA of the Corporations Act would override any inconsistent provisions in a listed company’s constitution...

ASIC guidance on regulation of clearing and settlement facilities

Posted on April 21, 2010
ASIC has released Regulatory Guide 211 Clearing and settlement facilities: Australian and overseas operators (RG 211) on its approach to the licensing and regulation of clearing and settlement (CS) facilities. It responds to international regulatory developments promoting the use of central counterparty (CCP) clearing and settlement of over-the-counter (OTC) derivative transactions...

Super System Review report: MySuper universal superannuation

Posted on April 20, 2010
The Super System Review has released MySuper: Optimising Australian superannuation. This preliminary report provides more detail on ?MySuper? which is the new name for a universal product concept. Some of the proposed features of MySuper include: A ban on trailing commissions; No contribution fees; A new duty on trustees to manage the overall cost to members; A default post-retirement [...

Government response on executive remuneration

Posted on April 16, 2010
The Government has responded to the Productivity Commission’s (PC’s) final report on Australia’s director and executive remuneration framework. The Government supports 16 of the PC’s 17 recommendations, including the “two strikes” proposal, and has decided to further strengthen several of the recommendations by expanding their scope and enforceability...

Australian Consumer Law commences

Posted on April 15, 2010
The Trade Practices Amendment (Australian Consumer Law) Bill (No. 1) 2010 received Assent on 14 April 2010 and commenced on 15 April, other than for the unfair contract terms provisions which will commence on 1 July 2010. The ACL gives the ACCC new enforcement powers to protect consumers, including the ability to seek or issue: civil monetary [...

AML ongoing customer due diligence:proposed changes

Posted on April 14, 2010
In response to issues raised by the Financial Action Task Force (FATF) in regard to Chapter 15 of the AML/CTF Rules on ongoing customer due diligence, particularly in relation to perceived discretionary action which a reporting entity may undertake in high money laundering and terrorism financing risk situations, AUSTRAC has issued draft amendments to Chapter [...

Personal property securities draft regulations and transition schedule

Posted on April 14, 2010
The PPS Regulations: Exposure Draft and Commentary have been released for public consultation. The PPS Regulations cover: which interests are within the scope of the PPS Act (and those that are out of scope); the interaction between the enforcement provisions in the Act and the National Consumer Credit legislation, and matters relating to the PPS Register (including access to [...

What does your directors? indemnity cover?

Posted on April 10, 2010
In Rickus v Motor Trades Association of Australia Superannuation Fund Pty Limited [2010] FCAFC 16, the Federal Court of Australia Full Court allowed an appeal from a Federal Court decision that a director’s deed of indemnity only related to costs involved in third party claims, not costs in respect of disputes with the company of [...

Applying international financial reforms locally

Posted on April 10, 2010
In Reform of global banking regulation: Balancing national and international interests, Wayne Byres, Executive General Manager, Diversified Institutions Division, Australian Prudential Regulation Authority, explains how APRA decides whether international banking reforms will be imposed in Australia or whether they should be modfied or not adopted at all, depending on our national interest...

ACCC draft guide to unfair contract terms

Posted on April 07, 2010
The ACCC has released for comment a draft publication 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...

Checking your advertising and promotions

Posted on April 05, 2010
Once you’ve developed a new product or changes to an existing product (discussed here) , you need to review your advertising and method of promotion. This means looking at both the content of the ad as well as where you place it. Laws and codes affect both aspects of advertising...

ATO guidance on acquisitions by SMSF?s

Posted on March 31, 2010
The Australian Taxation Office published a new ruling, SMSFR2010/1 on 25 February 2010 that explains the Commissioner’s views on the application of superannuation laws to the acquisition of an asset by a self-managed superannuation fund (”SMSF”) from a related party...

Financial Claims Scheme disclosure regulations

Posted on March 28, 2010
The Corporations Amendment Regulations 2010 (No. 2) will require authorised deposit-taking institutions (ADI?s) and general insurers to provide information relating to the Financial Claims Scheme (FCS) in Product Disclosure Statements. The Financial Claims Scheme currently provides a free guarantee of deposits up to and including $1 million if an ADI becomes insolvent...

Implementing new technology and new products: compliance risks

Posted on March 28, 2010
Changing your technology or altering existing products or introducing new products without proper planning can lead to compliance, marketing and financial disasters. Before you make such changes you need to carry out a risk assessment to identify the compliance risks...

Super System Review Phase 2 Report

Posted on March 22, 2010
The Super System Review has released SuperStream: Bringing the Back Office of Super into the 21st Century, a preliminary report focused on improving the operations and efficiency of the superannuation system. To address these problems, the Review Panel proposes a package of measures which include: improving the quality of data when members enter the system using [...

Australian Consumer Law Stage 2

Posted on March 18, 2010
The Trade Practices Amendment (Australian Consumer Law) Bill (No. 2) 2010 has been introduced into 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...

APRA supervision of conglomerate groups

Posted on March 18, 2010
The Australian Prudential Regulation Authority (APRA) has released a discussion paper containing proposals on supervising conglomerate groups. These are groups with APRA?regulated entities that have material operations in more than one APRA?regulated industry and/or have material unregulated entities...

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