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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

Response to the global banking crisis

Posted on September 10, 2009
The Group of Central Bank Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision, met on 6 September 2009 to review a comprehensive set of measures to strengthen the regulation, supervision and risk management...

Use of credit ratings in disclosure documents

Posted on September 10, 2009
ASIC has issued Consultation Paper 117 seeking public comment on whether to withdraw current class order relief that allows issuers of investment products to cite credit ratings in disclosure documents without the consent of credit rating agencies. Currently a class...

Positive credit reporting and responsible lending

Posted on September 09, 2009
This article by me was first published in Retail Banking Review. It was written before the ASIC consultation paper on responsible lending was issued (see here) but is otherwise up to date. When the Australian Law Reform Commission recommended in...

Senate reports on director and executive termination payments

Posted on September 08, 2009
The Senate Economics Committee has published its report on the Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009. The Committee recommended that the Bill which lowers the threshold for shareholder approval for termination payments in excess of 12 months...

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Financial market licence requirements for professional markets

Posted on September 07, 2009
ASIC has released a consultation paper and proposed regulatory guidance on criteria for exemption from Australian financial market licence provisions for professional markets. ASIC will recommend exemptions for markets where all of the following defining characteristics are present: users are...

Senate reports on Australian Consumer Law

Posted on September 07, 2009
The Senate Standing Committee on Economics has released its report on the Trade Practices Amendment (Australian Consumer Law) Bill 2009. It recommended the Bill be passed. Recommendations The report considers submissions in respect of uncertainty caused by the Bill: the...

Senate reports on Financial Services Modernisation BIll

Posted on September 07, 2009
As part of its report on the National Consumer Credit Reform Package (also see here), the Senate Economics Committee has reported on the Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 which regulates margin lending, promissory notes and trustee corporations...

Further APRA consultation on remuneration for ADI's and insurers

Posted on September 07, 2009
The Australian Prudential Regulation Authority (APRA) has released a second consultation package on remuneration for authorised deposit?taking institutions (ADIs) and general and life insurance companies. The second package comprises a response paper to the submissions to the previous paper, together...

Stage 3 award modernisation

Posted on September 05, 2009
The Award Modernisation Full Bench of the Australian Industrial Relations Commission has issued a decision and the Stage 3 modern awards

Company losses

Posted on September 05, 2009
The Assistant Treasurer, Senator the Hon Nick Sherry, has released exposure draft legislation to improve the income tax company losses regime and associated explanatory material. The exposure draft legislation implements announced changes to the company loss recoupment rules to improve...

Draft AML/CTF Rules relating to friendly society closed funds and grain warehousing

Posted on September 05, 2009
Austrac has released 2 new draft Rules for public consultation until 18 September 2009: Friendly society closed funds: These draft AML/CTF Rules exempt from the AML/CTF Act, reporting entities who provide item 37 (issuing a life policy), item 38 (accepting...

TOFA changes

Posted on September 05, 2009
The Assistant Treasurer, Senator Nick Sherry,has announced several amendments to the income tax law relating to the Taxation of Financial Arrangements, (TOFA). The changes include: the interaction of TOFA and the pay as you go (PAYG) instalments system...

Termination Payments Regulations

Posted on September 03, 2009
The Minister for Financial Services, Superannuation and Corporate law, Chris Bowen MP, has released the final Regulations and explanatory material in relation to the proposed reforms to termination payments in the Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009...

Austrac Public Legal Interpretation No. 11 ? Electronic funds transfer instructions

Posted on September 01, 2009
AUSTRAC has released Public Legal Interpretation (PLI) 11 which covers electronic funds transfer instructions (EFTIs) and international funds transfer instructions (IFTIs), as detailed in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act)...

Privacy Case Notes 7 - 11 for 2009

Posted on August 31, 2009
The Privacy Commissioner has issued 5 new case notes: In Own Motion Investigation v Airline [2009] PrivCmrA 7 the Privacy Commissioner investigated a report that an airline had failed to protect its passengers' privacy. An individual had accessed the airline's...

New AML/CTF Rules

Posted on August 26, 2009
The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2009 (No.4) has been registered. The rule covers definition of 'certified copy' and 'certified extract'; corporate treasuries; threshold transaction reporting for authorised deposit-taking institutions; sale of shares for charitable purposes; and...

Product safety information

Posted on August 25, 2009
The ACCC is the responsible Commonwealth agency for product safety under the Trade Practices Act. How do you find out what has been banned, recalled or is the subject of product safety or information standards? You can sign up for...

Draft personal bankruptcy reform bill released

Posted on August 24, 2009
Attorney-General, Robert McClelland, has released the exposure draft Bankruptcy Legislation Amendment Bill 2009 containing the Government?s proposed reforms to Australia?s personal bankruptcy laws for public consultation. The proposed amendments will: increase the minimum debt for which a creditor can petition...

ASIC to take over supervision of financial market trading

Posted on August 23, 2009
The Treasurer, Wayne Swan MP and the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, have announced changes to the supervision of Australia's financial markets. The Government has decided to provide for the Australian Securities and Investments...

Renewable energy targets

Posted on August 22, 2009
The Senate has passed the Renewable Energy (Electricity) Amendment Bill 2009 and the Renewable Energy (Electricity) (Charge) Amendment Bill 2009 in order to implement a national Renewable Energy Target scheme with the goal of increasing to 20 per cent the...

Draft Corporations Amendment Regulations 2009: margin loans, trustee corporations and debentures

Posted on August 22, 2009
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP,has released for public comment draft Regulations and explanatory material for the Corporations Amendment Regulations 2009 in relation to margin loans, trustee corporations and debentures...

James Hardie directors penalty decision

Posted on August 20, 2009
In Australian Securities and Investments Commission v Macdonald (No 12) [2009] NSWSC 714 Justice Gzell of the New South Wales Supreme Court refused to exonerate the former James Hardie directors and executives who contravened section 180(1) Corporations Act in Australian...

Draft AML/CTF Rules relating to cashing out of low balance superannuation

Posted on August 20, 2009
Austrac has released draft AML/CTF Rules exempting superannuation funds from carrying out the customer identification requirements of the AML/CTF Act on customers where the superannuation account balance is not greater than $1,000, the whole of the interest of the customer...

Senate reports on Personal Property Securities Bill 2009

Posted on August 20, 2009
The Senate Legal and Constitutional Affairs Legislation Committee's Report on the Personal Property Securities Bill 2009 recommends passage of the Bill be deferred until 30 September 2009 to allow time for consideration of outstanding issues, including privacy issues.

First SMS Spam Act case

Posted on August 18, 2009
In Australian Communications and Media Authority v Mobilegate Ltd A Company Incorporated in Hong Kong (No2) [2009] FCA 887, the Australian Communications and Media Authority (ACMA) succeeded in obtaining injunctions and declarations against a number of parties involved in the...

Do Not Call Register Act 2006 Compliance Guide

Posted on August 18, 2009
ACMA has released the Do Not Call Register Act 2006 Compliance Guide to provide telemarketers with detailed guidance about measures they can take to comply with the Do Not Call Register legislation. The guide encourages telemarketers to aim for best....

Is there a risk in attending board meetings remotely?

Posted on August 18, 2009
In recent years changes to electronic technology and the law (Section 248D Corporations Act) have allowed directors to attend board meetings by telephone, video conferencing or over the internet. But does that result in an effective meeting? I suspect that...

CAMAC report on board diversity

Posted on August 17, 2009
The Corporations and Markets Advisory Committee (CAMAC) has released its report Diversity on boards of directors. In considering diversity on corporate boards, the report looks at: the role and structure of boards, including the processes by which directors are appointed...

Hardship withdrawals from frozen mortgage funds

Posted on August 17, 2009
ASIC has announced changes to hardship withdrawals from frozen mortgage funds. These changes expand the circumstances in which operators are able to make payments to fund members who demonstrate the need to access funds on hardship grounds. The changes to...

Prudent practices for APRA-regulated superannuation trustees

Posted on August 15, 2009
The Australian Prudential Regulation Authority (APRA) has released draft guidance on a number of prudent practices for APRA-regulated superannuation trustees. APRA has also released a discussion paper to assist in public consultation on the four new draft guides: draft Superannuation...

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