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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

ASIC issues revised IDR and EDR Guides

Posted on February 16, 2011
ASIC has issued revised Regulatory Guide 165 Licensing: internal and external dispute resolution (RG 165) and Regulatory Guide 139 Approval and oversight of external dispute resolution schemes (RG 139) under the Corporations Act and National Credit Act...

ASIC v Hassle Free: injunction to prevent unsolicited share offers

Posted on February 16, 2011
In ASIC v Hassle Free Share Sales Pty Ltd (Hassle Free) , ASIC obtained consent orders for injunctions preventing the company from making unsolicited offers to shareholders in health insurer, nib Holdings (NIB), for the next five years. According to ASIC, in December 2010 Hassle Free used NIB?s share register to make 25,000 unsolicited share [...

Reportable details for AML/CTF threshold transactions

Posted on February 16, 2011
Under section 43 of the AML/CTF Act, if a reporting entity provides a designated service to a customer which involves the transfer of physical currency or e-currency of AUD10,000 or more (or the foreign currency equivalent), the reporting entity must submit a threshold transaction report (TTR) to AUSTRAC...

First Home Saver Account changes

Posted on February 16, 2011
The Assistant Treasurer and Minister for Financial Services and Superannuation has released for public consultation an exposure draft of regulations which make amendments to the disclosure requirements for First Home Saver Accounts (FHSAs) in the Corporations Regulations 2001 as a result of proposed tax changes to FHSAs...

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Vodafone privacy investigation report released

Posted on February 15, 2011
In an own motion investigation following media allegations that billing and call records for up to four million Vodafone customers were available on a publicly accessible website protected only by passwords that change every three months (see here), the Australian Privacy Commissioner has concluded that he could not substantiate the claim that Vodafone customers’ personal [...

COAG regulation and competition reform update

Posted on February 14, 2011
In COAG’s communique following its meeting on 13 February 2011, it has included a report on the progress of its Seamless National Economy reform package. In its list of reforms to be completed over 2011 and 2012 it has included: personal property securities national electronic conveyancing system national system for consumer credit registration of business names directors’ liability not for profit sector...

Anti-Money Laundering Act amendments

Posted on February 10, 2011
The Government has introduced the Combating the Financing of People Smuggling and Other Measures Bill 2011 into the House of Representatives. If passed the Bill will amend the AML/CTF Act to: introduce a more comprehensive regulatory regime for the remittance sector; introduce measures to enhance within the Australian Intelligence Community information sharing of financial intelligence prepared by the [...

Electronic Transactions Amendment Bill

Posted on February 10, 2011
The Electronic Transactions Amendment Bill 2011 has been introduced by the Government into the House of Representatives. The Bill will update Australia?s electronic transactions regime to reflect internationally recognised legal standards on e-commerce and will enable Australia to accede to the UN Convention on the Use of Electronic Communications in International Contracts 2005...

Is a product banned?

Posted on February 07, 2011
If you are a retailer how do you find out what products have been banned, recalled or are the subject of mandatory standards? Product Safety Australia has a full list of banned products here. You can sign up for email updates here.

Financial service regulation and compliance issues for 2011

Posted on February 06, 2011
This article was first published in Retail Banking Review GFC or not, the volume of new legislation, and its complexity, increases every year. As evidence, look at the calendar of compliance changes scheduled this year at the end of this article. These need to be factored into the year?s compliance calendar...

ASIC settles Westpoint actions

Posted on February 06, 2011
ASIC has announced that it has reached agreements to settle the actions it has conducted on behalf of 9 Westpoint Group of companies against certain directors of the companies and KPMG. The action against accountancy firm KPMG was over its alleged negligent auditing auditing of the companies...

Commonwealth legislative program released

Posted on February 03, 2011
Commonwealth Parliament resumes sitting on 8 February 2011. The Department of Prime Minister and Cabinet has released a list of the proposed legislation for introduction. In particular the list identifies the Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill for both introduction and passage: see background here.

Credit reporting bill exposure draft released

Posted on February 03, 2011
An exposure draft of the credit reporting reforms to the Privacy Act has been referred to the Senate Finance and Public Administration Committee for review together with a Companion Guide. The exposure draft contains new provisions relating to collection, use and disclosure of information for credit reporting purposes...

TFN?s to be used as super member identifiers

Posted on February 03, 2011
The Government has released draft Tax Laws Amendment (2011 Measures No. 2) Bill 2011 that will allow superannuation funds to use tax file numbers (TFNs) to identify members’ accounts from 1 July 2011. Although members can currently supply their TFN to their fund, it cannot be used as the primary identifier of their accounts or to [...

SMSF investment in collectables and personal use assets authorised

Posted on February 03, 2011
The Assistant Treasurer has released an exposure draft of the Tax Laws Amendment (2011 Measures No. 2) Bill 2011 giving effect to the Government’s commitment to continue to allow self managed superannuation funds (SMSFs) to invest in collectables and personal use assets, provided that they are held in accordance with tighter legislative standards.

Flood insurance definition

Posted on February 03, 2011
The Assistant Treasurer has announced that the Government is working with the insurance industry to develop a plain english standard definition of flood insurance.

Trustee Companies Bill: voluntary transfers

Posted on January 31, 2011
The Assistant Treasurer and Minister for Financial Services and Superannuation has released for public comment a draft Bill and explanatory material for the Corporations and Other Legislation Amendment (Trustee Companies and Other Measures) Bill 2011 in relation to trustee companies...

Commonwealth flood response

Posted on January 27, 2011
The Prime Minister has announced the Federal Government’s response to the reconstruction costs following the floods in Queensland, northern NSW and Victoria. The response consists of a levy, spending cuts and deferral of infrastructure projects...

Redefining wholesale and retail investors

Posted on January 24, 2011
The Assistant Treasurer and Minister for Financial Services and Superannuation, the Hon Bill Shorten MP, has released Wholesale and Retail Clients Options Paper reviewing the distinction between retail and wholesale clients in the Corporations Act 2001...

Investigation of alleged privacy breach at Vodafone

Posted on January 23, 2011
Whilst privacy is in a general sense, a “motherhood” principle, privacy breaches which involve financial, health or sensitive personal information of customers can result in reputational damage as well as being in breach of the Privacy Act...

Consultation on not-for-profit sector regulator

Posted on January 20, 2011
Assistant Treasurer Bill Shorten and Minister for Social Inclusion Tanya Plibersek have released a consultation paper on the design of a new national regulator for the not-for-profit sector. Treasury will use the consultation paper to seek the views of stakeholders on the goals of national regulation, the scope of national regulation, and the functions and form [...

Austrac 2010 compliance report

Posted on January 16, 2011
The 2010 AML/CTF compliance report for AML/CTF reporting entities must be lodged by 31 March 2011. The 2010 AML/CTF compliance report covers the period from 1 January 2010 to 31 December 2010. The responses you provide in your AML/CTF compliance report should relate to your business activities during this reporting period...

Free Australian legal sources on the internet

Posted on January 16, 2011
At some stage, whether or not you are a lawyer, you will want to look at the primary source of a law or a court decision. From time to time this site links to ComLaw and Austlii: ComLaw is the Australian Government site for legislation and regulations, Austlii is a free facility provided by the UTS [...

Virgin Blue to remedy email unsubscribe breaches

Posted on January 12, 2011
The Australian Communications and Media Authority (ACMA) has accepted an enforceable undertaking from Virgin Blue Airlines following an investigation into complaints alleging that the company continued to send commercial emails despite recipients? multiple attempts to unsubscribe from its mailing list...

GST exemption review

Posted on January 11, 2011
The Assistant Treasurer has released exposure draft legislation to reform the mechanism for exempting Australian taxes, fees and charges from the Goods and Services Tax (GST) for public consultation. The key features of the amendments to Division 81 include: ?Replacing the current mechanism for exempting Australian taxes, fees and charges from the GST with a principles-based [...

Account Portability Feasibility Study terms of reference

Posted on January 09, 2011
Treasury has released a copy of the Treasurer’s letter to Bernie Fraser setting out the terms of reference for the Bank Account Portability Feasibility Study as part of the Competitive and Sustainable Banking System package. The report is scheduled for delivery by 30 June 2011.

Credit Reporting Code of Conduct

Posted on January 09, 2011
The Minister for Privacy Brendan O?Connor has announced that a roundtable meeting to discuss the development of a proposed new industry-agreed Credit Reporting Code of Conduct will be held at Parliament House, Canberra on Thursday, 10 February 2011. Credit reporting agencies that collect, store and disclose consumer information, finance companies, and consumer and privacy [...

Social media policies in the workplace

Posted on January 09, 2011
Most organisations have technology use policies setting out the authorised use by employees of work computers and smartphones as well as their use of the internet, email and blogging. These policies need to be reviewed to cover Facebook, Twitter and other social media and when a breach of these policies can lead to termination of [...

Advertising and Direct Marketing Legal Clearance Checklist

Posted on January 05, 2011
The diversity of marketing channels now used was reflected in the interest shown in 2 posts last year: the note on Australian Competition and Consumer Commission v Singtel Optus Pty Ltd and the comment on website records retention. Most laws are now technology neutral: they apply regardless of the method of communication...

Consolidated Competition and Consumer Act published

Posted on January 04, 2011
ComLaw has published a 3 volume consolidated Competition and Consumer Act 2010 up to date as of 1 January 2011 incorporating the changes made to the Trade Practices Act by the Trade Practices Amendment (Australian Consumer Law) Act (No. 1) 2010 and the Trade Practices Amendment (Australian Consumer Law) Act (No...

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