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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

Guarantee Scheme for Large Deposits and Wholesale Funding to end

Posted on February 06, 2010
The Commonwealth Government has announced the withdrawal of its Guarantee Scheme for Large Deposits and Wholesale Funding effective from 5pm on 31 March 2010. The announcement does not affect the Financial Claims Scheme, which will continue protection of deposits of up to $1 million in authorised deposit-taking institutions (ADIs) until the cap is reviewed in October 2011...

Commonwealth Bills update

Posted on January 28, 2010
The Department of Prime Minister and Cabinet has issued a list of Bills proposed for introduction and passage in the Autumn sittings (commencing 2 February 2010). The list includes: Corporations Amendment (Financial Market Supervision Enhancements) Bill to establish a framework to provide for the Australian Securities and Investments Commission (ASIC) to assume responsibility for supervision of Australia?s domestically licensed [...

CAMAC report on schemes of arrangement

Posted on January 28, 2010
CAMAC has published a report on Members? schemes of arrangement. Members? schemes of arrangement under Part 5.1 of the Corporations Act can be used in some circumstances instead of takeover bids under Chapter 6 of the Corporations Act to achieve a change of corporate control...

ASIC market-related powers and penalties expanded

Posted on January 28, 2010
The Minister for Financial Services, Superannuation and Corporate Law has announced proposed changes to the law to expand the Australian Securities and Investment Commission’s investigative powers and increase penalties for market related offences...

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Extension for Austrac international funds transfer instructions reporting

Posted on January 28, 2010
AUSTRAC has announced an extension to the transition period for businesses required to report international funds transfer instructions (IFTIs) under Australia’s anti-money laundering legislation. Under the Financial Transaction Reports Amendment (Transitional Arrangements) Act 2008 regulated entities who have been reporting to AUSTRAC under the Financial Transaction Reports Act 1988 (FTR Act) are permitted to continue to [...

Document retention table update and electronic copies

Posted on January 26, 2010
One of our most popular resources is our record retention checklist. Our general business document retention table has been updated to take into account AML/CTF requirements and the Fair Work Act. The National Consumer Credit Protection Act and the Personal Property Securities Act will also impose new obligations when they commence full operation...

I?m a retailer ? do I need to worry about National Consumer Credit?

Posted on January 24, 2010
If you sell goods or services on credit, you may be wondering how the new National Consumer Credit laws will affect you. Ways you?re involved Retailers should think about two ways in which they are involved in the credit process: as a credit provider; and/or as an intermediary between the customer and the credit provider...

Updated National Consumer Credit Compliance Checklist

Posted on January 24, 2010
We?ve updated our National Consumer Credit Compliance Checklist. You can download version 2 here. There is new content in sections 5, 6 and 7. Thanks for your comments on the checklist. They help us improve it. We will continue to refine and update the checklist over the coming months...

GST administration refinements

Posted on January 24, 2010
The Assistant Treasurer has released exposure draft legislation and an exposure draft explanatory memorandum concerning changes to GST administration. The measures in the draft legislation form part of a package of reforms that were originally announced in the 2009?10 Budget and include: allowing entities to self?assess their eligibility to form, alter or revoke a GST group or [...

Expansion of APRA?s powers

Posted on January 19, 2010
The Minister for Financial Services, Superannuation and Corporate Law has released an exposure draft of the Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Bill 2010, with explanatory material for public consultation...

Financial Claims Scheme disclosure

Posted on January 19, 2010
The Minister for Financial Services, Superannuation and Corporate Law has released exposure drafts of the Corporations Amendment Regulations 2010 and the Banking Amendment Regulations 2010, with explanatory statements for public consultation. The Corporations Amendment Regulations would require authorised deposit-taking institutions (ADI’s) and general insurers to provide information relating to the Financial Claims Scheme (FCS) in Product [...

Insolvent trading law reform

Posted on January 18, 2010
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has announced a package of reforms to Australia’s corporate insolvency laws consisting of: reform of insolvency administrations which will include the adoption of substantially all of the recommendations made by CAMAC in its Issues in external administration report; amendment of the Corporations Act to reverse [...

Responsible lending will not affect all credit licensees

Posted on January 18, 2010
Under the National Consumer Credit regime, one of the main obligations of Australian Credit Licence (ACL) holders will be the responsible lending provisions in the National Consumer Credit Protection Act 2009 (Cth) (the ?National Credit Act?). However, not all licensees will have to comply with them...

Private Health Insurance update

Posted on January 16, 2010
In the Budget 2009?10, the Federal Government announced that it would introduce three new ‘Private Health Insurance Incentive Tiers’ which withdraw the concessions allowed as a person’s income rises through the tiers. The package of 3 Bills was defeated in the Senate but the Bills (including the Fairer Private Health Insurance Incentives Bill 2009 [No...

Report on Australia as a Financial Centre

Posted on January 16, 2010
The Government has released the Australian Financial Centre Forum’s report on Australia as a Financial Centre . The Report concludes that exports and imports of financial services are low by international standards and that there are some policy settings which inhibit a greater volume of cross-border financial transactions occurring through Australia...

Referrers under National Consumer Credit

Posted on January 12, 2010
Under the new National Consumer Credit regime, if you act as an intermediary between a consumer and the credit provider for the purpose of securing consumer credit with the credit provider, the general rule is that you will be engaging in a credit activity, which means you will need an Australian Credit Licence - unless [...

Federal Parliament dates

Posted on January 12, 2010
Federal Parliament will resume on 2 February 2010. Whether Parliament finishes its current Bills Schedule depends on when the next election will be held. ABC Election analyst Antony Green says the available dates point to the election being held between mid-July and mid-September 2010...

When is a director not fit and proper?

Posted on January 11, 2010
APRA has the power to disqualify directors of entities it regulates if it determines they are not fit and proper. In Gardener and Australian Prudential Regulation Authority [2009] AATA 990 the Administrative Appeals Tribunal of Australia decided that it was not satisfied that it had been established that Mr Gardener is not a fit and proper [...

ASIC?s review of 30 June 2009 financial reports

Posted on January 11, 2010
ASIC has released the results of its review of 30 June 2009 financial reports for 350 listed and unlisted entities. It has used that review to identify a number of key areas for continued focus, including the appropriateness of going concern assumptions, asset impairments and fair value determinations for companies preparing their 31 December 2009...

What laws apply to you?: developing compliance policies

Posted on January 10, 2010
Following on from my recent post on risk I was asked: what laws apply to my business? What must I know about? It’s fairly easy to prepare a list of Commonwealth and State laws and local by-laws (and mandatory and self-regulatory codes of conduct) and talk about the significant penalty provisions...

Registering under the National Consumer Credit Protection Act

Posted on January 10, 2010
If you currently carry on a credit activity you must register under the National Consumer Credit Protection Act by 30 June 2010. If you are not registered by that date, you must stop engaging in credit activities from 1 July 2010. The registration period is a three-month period from 1 April 2010 to 30 June 2010...

Personal Property Securities Act commences

Posted on January 10, 2010
The Personal Property Securities Act 2009 and the Personal Property Securities (Consequential Amendments) Act 2009 commenced on 15 December 2009 following receipt of Royal Assent on 14 December 2009. A consolidated Act is available here. It is expected the Act will commence full practical operation in May 2011 following establishment of the Register...

Financial Claims Scheme implementation proposals

Posted on January 06, 2010
The Australian Prudential Regulation Authority (APRA) has released for consultation a discussion paper detailing proposals on the implementation of an Early Access Facility for Depositors under the Financial Claims Scheme (FCS) for authorised deposit-taking institutions (ADIs)...

National Consumer Credit ? what should you be doing now?

Posted on January 06, 2010
The new National Consumer Credit Protection laws have been enacted. Key points: ? The National Credit Code (NCC) will replace the Uniform Consumer Credit Code (UCCC) from 1 July 2010. ? From 1 April 2010, you will be able to register with ASIC, and from 1 July 2010, you will be able to apply to ASIC for your Australian [...

Are directors responsible for a Black Swan risk?

Posted on January 05, 2010
The key roles of a board of directors include monitoring regulatory compliance and risk management systems in their company. Although the economic events of the last 2 years were well beyond the control of any individual board of directors, some companies did a better job than others in anticipating, identifying and managing the consequences of the [...

Final Productivity Commission report on executive remuneration

Posted on January 03, 2010
The Government has released the final Productivity Commission report on executive remuneration. The Government will now consider the Commission’s recommendations; it intends to respond during the first quarter of 2010 The Commission concluded that capping pay or introducing a binding shareholder vote on it would be impractical and costly...

Exposure draft changes to Division 7A non-commercial loan rules

Posted on January 03, 2010
The Assistant Treasurer, Senator the Hon Nick Sherry, has released for public consultation the Government’s exposure draft legislation and explanatory material, on changes to tighten the non-commercial loan rules in Division 7A of the Income Tax Assessment Act 1936, as announced in the 2009-10 Budget...

Should you notify customers of data breaches?

Posted on January 02, 2010
Although a decision on mandatory data breach notifications will not be made until the second stage of the Federal Government’s response to the ALRC Report (to be considered once the first stages reforms have been progressed), in the meantime the Privacy Commissioner’s voluntary guide should be considered when developing your policy on responding to data [...

National Consumer Credit Code update: are you affected?

Posted on January 02, 2010
The National Consumer Credit Protection Acts have received Royal Assent. ComLaw has published the following Acts as passed: National Consumer Credit Protection Act 2009 National Consumer Credit Protection (Fees) Act 2009 National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 ...

2010 trends

Posted on January 02, 2010
If you have time to read and reflect, Futurist Richard Watson has published a trends and technology timeline for 2010 with forecasts out to 2050. The key mega trends on the map are: Ageing Power shift Eastwards Globalisation Localisation Digitalisation Personalisation Volatility Individualism Environmental change Sustainability Debt Urbanisation These trends are applied to 16 specific [...

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