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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

Fair Work Information Statement

Posted on December 06, 2009
From 1 January 2010, all employers covered by the national workplace relations system have an obligation to give each new employee a Fair Work Information Statement before, or as soon as possible after, the employee starts employment. The right for...

Reforming statutory warranties

Posted on December 06, 2009
Treasury has released the Commonwealth Consumer Affairs Advisory Council (CCAAC) report Consumer rights: Reforming statutory implied conditions and warranties. It is part of the Australian Consumer Law review.

Langes news for mobile devices

Posted on December 06, 2009
You can now view Langes compliance news headlines optimised for mobile devices here.

Companies limited by guarantee: draft Corporations Amendment (Corporate Reporting Reform) Bill 2010 released

Posted on December 03, 2009
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP,has released the draft Corporations Amendment (Corporate Reporting Reform) Bill 2010 and the accompanying Regulations for comment. Companies limited by guarantee The main change affects Australia's 11,000 companies limited...

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Fair Work Act amendment passed

Posted on December 03, 2009
The Fair Work Amendment (State Referrals and Other Measures) Bill 2009 has been passed by both Houses of Parliament . Assent is expected before commencement on 1 January 2010. The amendment will extend coverage of the Fair Work Act to...

Draft bill for ASIC supervision of financial markets

Posted on December 01, 2009
Treasury has released for comment an exposure draft Corporations Amendment (Financial Market Supervision) Bill 2009 containing proposed changes to the Corporations Act 2001 providing for ASIC to supervise domestically licensed financial markets, creating a new rule making power for ASIC...

Citigroup responds to ASIC consumer credit insurance concerns

Posted on December 01, 2009
Citigroup Pty Ltd (?Citigroup?) has responded to ASIC concerns that some telephone sales of consumer credit insurance products between August 2008 and January 2009 may have been misleading, or likely to mislead consumers. Citigroup received complaints from customers about the...

Austrac 2009 AML/CTF compliance reporting dates

Posted on December 01, 2009
Austrac has announced that compliance reports for 2009 business activities must be lodged between 1 January and 31 March 2010. These reports will reflect business activities from 1 January to 31 December 2009 and should be lodged through AUSTRAC's internet-based...

Corporations Act update

Posted on December 01, 2009
ComLaw has published a consolidated Corporations Act 2001 incorporating the amendments made by the Corporations Amendment (Improving Accountability on Termination Payments) Act 2009.

APRA final standard on remuneration for ADI's and insurers

Posted on November 30, 2009
The Australian Prudential Regulation Authority (APRA) has released the final version of its prudential requirements on remuneration for authorised deposit?taking institutions (ADIs) and general and life insurance companies. The relevant industry governance standards (APS 510, GPS 510 and LPS 510)...

Short selling regulations

Posted on November 30, 2009
The Corporations Amendment Regulations 2009 (No. 8) have been made in relation to the disclosure of short selling information under the Corporations Amendment (Short Selling) Act 2008.

Do Not Call Register Legislation Amendment Bill introduced

Posted on November 29, 2009
The Do Not Call Register Legislation Amendment Bill 2009 has been introduced into Parliament. If the Bill is passed, the Do Not Call Register will be expanded to enable all Australian telephone and fax numbers to be registered by all...

Extension of scope of Fair Work Act update

Posted on November 29, 2009
The Fair Work Amendment (State Referrals and Other Measures) Bill 2009 was introduced into Parliament in October but as at 27 November, the Bill is waiting for Senate approval. The Bill will extend coverage of the Fair Work Act to...

Productivity Commission Draft Report on Executive Remuneration

Posted on September 30, 2009
The Productivity Commission has released a discussion draft of its report on executive remuneration. Submissions close on 6 November 2009. The draft report complements but is separate from draft standards on financial institution remuneration issued by the Australian Prudential Regulation...

Daylight saving starts this weekend

Posted on September 30, 2009
Daylight saving starts this Sunday 4 October in Australian Capital Territory, New South Wales, Victoria, South Australia and Tasmania. All end on Sunday 4 April 2010. Queensland, Western Australia and the Northern Territory do not have daylight saving...

APRA prudential supervision update

Posted on September 29, 2009
Beyond the Global Financial Crisis: A Prudential Perspective by John Trowbridge, an Executive Member of APRA, is a useful update of the structure and changes , both locally and internationally, in four industries, namely banking, general insurance, life insurance and...

Austrac PLI ? notices to reporting entities

Posted on September 29, 2009
Public Legal Interpretation 12 sets out AUSTRAC?s views on its powers to serve notices on reporting entities under the AML/CTF Act. The PLI does not cover the giving of infringement notices. Failure to comply with a notice may be either...

ASIC's approach to insurance telephone marketing

Posted on September 29, 2009
ASIC has published details of the resolution of its concerns with AEGON Direct Marketing Services Australia Pty Ltd (ADMS) that some telephone sales of life risk insurance products may have been misleading, or likely to mislead consumers. ASIC was concerned...

Draft model OHS Act released for comment

Posted on September 28, 2009
The Workplace Relations Ministers' Council through Safe Work Australia has released the draft model Occupational Health and Safety Act and administrative regulations for public comment until 9 November 2009. The new occupational health and safety reform agenda aims to harmonise...

Financial Stability Board Compensation Principles Implementation

Posted on September 26, 2009
In conjunction with the recent G20 meeting the Financial Stability Board has issued Implementation Standards for its Principles for Sound Compensation Practices for financial institutions. The Implementation Standards contain detailed specific proposals on compensation governance, pay structure and risk alignment...

Margin Lending: draft disclosure regulations and sample PDS

Posted on September 24, 2009
Treasury has released draft regulations for margin lending disclosure and an example Product Disclosure Statement for public consultation until 23 October 2009. The draft regulations and an example Product Disclosure Statement (PDS) were developed by the Financial Services Working Group...

Australian remuneration governance standards for financial institutions and insurers

Posted on September 22, 2009
This article by me was first published by Complinet. The Australian Prudential Regulation Authority (APRA) has started a second round of consultation on changes to its governance standards for authorised deposit-taking institutions (ADIs), general insurers and life insurers (currently contained...

Commonwealth legislation update

Posted on September 19, 2009
Commonwealth Parliament is in recess and will next sit on 19 October 2009. Bills awaiting passage include: Corporations Amendment (Improving Accountability on Termination Payments) 2009 Corporations Legislation Amendment (Financial Services Modernisation) 2009 National Consumer Credit Protection 2009 Personal Property Securities...

ACCC supermarket competition agreement

Posted on September 19, 2009
The Australian Competition and Consumer Commission has announced that agreement had been reached with Coles Group Limited and Woolworths Limited to phase out all restrictive provisions in supermarket leases. Both companies have agreed that they will not include restrictive provisions...

Do you "drop test" your products and services?

Posted on September 17, 2009
I discussed product safety issues at a recent Trade Practices Act training session I gave. A retailer said that apart from other precautions (including compliance with safety standards), he always gave products a "drop test" before he bought them for...

Employee Share Schemes: Application and Transitional Provisions

Posted on September 15, 2009
Treasury is consulting until 22 September on the application and transitional provisions for the proposed employee share scheme changes, which were not included in the exposure draft bill.

ASIC paper on handling market rumours

Posted on September 15, 2009
ASIC has released a Consultation Paper, Responsible handling of rumours, outlining proposed principles and guidelines designed to assist market participants in their dealing with market rumours. The proposed principles to assist AFS licensees when handling rumours, include: a requirement to...

Lost members' superannuation accounts

Posted on September 13, 2009
The 2009-10 Budget contained an announcement that superannuation providers will be required to transfer lost accounts which have balances less than $200, and those accounts which have been inactive for a period of five years and for which there are...

GST administration changes

Posted on September 13, 2009
Assistant Treasurer, Senator Nick Sherry, has released a second consultation paper on reforms to goods and services tax (GST) administration. The announced measures implement recommendations made by the Board of Taxation in a report to the Government last year...

Tax changes

Posted on September 10, 2009
The Tax Laws Amendment (2009 Measures No. 4) Bill 2009 has been passed by the Commonwealth Parliament. The Bill contains: reforms to the regulation of philanthropic funds, now called private ancillary funds (previously prescribed private funds) changes to the Research...

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