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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

Brokers targeted for earlier responsible lending start

Posted on August 15, 2009
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has announced the responsible lending conduct requirements for brokers and all other lenders which are not Authorised Deposit-taking Institutions or Registered Finance Companies, will now apply from 1...

Taxation treatment of employee share schemes

Posted on August 15, 2009
Treasury has released an exposure draft package of the new taxation treatment of share and rights acquired under employee share schemes for comment. The package includes: an exposure draft version of Schedule 1 to Tax Laws Amendment (2009 Budget Measures...

HSBC UK fined for privacy breaches

Posted on August 11, 2009
The UK Financial Services Authority (FSA) has fined three HSBC firms over Ł3 million for not having adequate systems and controls in place to protect their customers' confidential details from being lost or stolen. These failings contributed to customer data...

SCAG Personal Property Securities update

Posted on August 08, 2009
The Standing Committee of Attorneys General (SCAG) Communique from its meeting on 6 and 7 August 2009 discusses, amongst other things, progress on personal property securities reform. The Commonwealth introduced the PPS Bill into Parliament on 24 June 2009...

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APRA: lessons learned

Posted on August 08, 2009
APRA Chair John Laker has published his speech, Enhancing the competitiveness of financial services - lessons learnt and opportunities for improvement. He focusses on remuneration policies and risk management of complex products.

ASIC consultation paper on over-the-counter derivatives

Posted on August 08, 2009
ASIC has released a consultation paper, Client money relating to dealing in OTC derivatives (CP 114), which contains proposals to improve disclosure by a financial services licensee dealing in OTC (over the counter) derivatives . The paper also clarifies how...

Unsolicited credit cards and debit cards

Posted on August 06, 2009
ASIC has released Regulatory Guide 201 Unsolicited credit cards and debit cards (RG 201). RG 201 clarifies ASIC?s interpretation of the scope of s12DL of the Australian Securities and Investments Commission Act 2001, which prohibits a person from sending unsolicited...

Changes to rules for foreign investment in Australia

Posted on August 05, 2009
The Treasurer has announced reforms to Australia's foreign investment rules. The Government will: Replace the four current lowest thresholds for private business investment with a single threshold of 15 per cent in a business worth $219 million. This means private...

Disability Discrimination amendment

Posted on August 05, 2009
ComLaw has issued an updated consolidated Disability Discrimination Act 1992 containing recent amendments. Key amendments to the Disability Discrimination Act are those that: make explicit that refusal to make reasonable adjustments for people with disability may also amount to discrimination...

APRA alleges victimisation under section 68 of the Superannuation Industry (Supervision) Act

Posted on August 05, 2009
APRA has made a criminal complaint that a former chief executive officer of the Queensland Retailers and Shopkeepers Association (QRTSA), victimised two directors of a superannuation trustee company. APRA alleges that by terminating the employment of a QRTSA employee and...

Austrac changes supervisory strategy

Posted on August 03, 2009
AUSTRAC has released its supervision strategy for 2009-10 outlining its approach to supervising compliance across the different industry sectors it regulates under Australia's anti-money laundering and counter-terrorism financing laws as it moves from a start-up stage to "business as usual...

ASIC relief applications report December 2008 to March 2009

Posted on August 03, 2009
ASIC has released a report outlining recent decisions on applications for relief from the corporate finance, financial services and managed investment provisions of the Corporations Act 2001 between 1 December 2008 and 31 March 2009. The report covers relief applications...

CAMAC market integrity report

Posted on August 01, 2009
The Corporations and Markets Advisory Committee (CAMAC) has released its report Aspects of market integrity . The report deals with a number of practices that have the potential to damage the integrity of the market and investor confidence. These practices...

Langes+ combined feed now available

Posted on August 01, 2009
If you haven't looked at our website lately you won't be aware that you can either subscribe to our various newsfeeds individually or to one new feed that combines all our feeds so that you get all our latest updates...

Data breach prevention

Posted on July 30, 2009
Australia does not yet have mandatory data breach notification laws (see last year's ALRC proposals) so we don't know about breaches other than those that get public notoriety (eg files dumped in bins, stolen laptops or forgotten CD's.) But we...

Board of Taxation Discussion Paper on GST and cross?border transactions

Posted on July 29, 2009
The Board of Taxation has released a discussion paper on the Board?s review of the application of GST to cross?border transactions. The Government has asked the Board to consult widely with relevant stakeholders and report to the Government on improvements...

Senate Committee Termination Payments Bill reporting date extended

Posted on July 29, 2009
The Senate Economics Legislation Committee's inquiry into the Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009 has been extended as the committee requires more time to finalise its report. The committee intends to present the final report by Monday,...

Financial Ombudsman case studies

Posted on July 27, 2009
The latest newsletter from the Financial Ombudsman Service (here) has 3 case studies worth reviewing to understand the Ombudsman's approach to resolving disputes: Financial planning advice: Mr and Mrs A complained about the advice they received from theirbank's financial planner...

Margin lending dispute resolution ASIC consultation paper

Posted on July 27, 2009
The Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009, if passed, will require margin lenders and advisers to obtain a licence and be subject to supervision and enforcement by ASIC. It will also give borrowers access to free external dispute...

Consolidated Trade Practices Act

Posted on July 26, 2009
ComLaw has published a consolidated Trade Practices Act 1974 incorporating the anti-cartel provisions in Part IV.

Review of statutory implied conditions and warranties

Posted on July 26, 2009
The Minister for Competition Policy and Consumer Affairs, the Hon Dr Craig Emerson MP, has released an Issues Paper, Consumer rights: Statutory implied conditions and warranties, on behalf of the Commonwealth Consumer Affairs Advisory Council (CCAAC)...

Further consultation on employee share schemes

Posted on July 23, 2009
The Assistant Treasurer, Senator Nick Sherry, has released the timeframes for the final round of industry consultations on reforms to the taxation of employee share schemes, including releasing the Terms of Reference for the Board of Taxation review component...

Private health insurers governance standards

Posted on July 23, 2009
We have set up a new site for private health insurers and you can read about the latest consultation draft of the PHIAC governance standards here.

Calculating monetary penalties

Posted on July 23, 2009
The Commonwealth and most states express monetary penalties for breaches of laws as penalty units. The amount of one unit is then set out in a separate Act allowing for easy adjustment when necessary. The amount of a Commonwealth penalty...

National Credit Code overview: are you affected?

Posted on July 20, 2009
This article by me was first published in Retail Banking Review. The new Minister for Financial Services , Superannuation and Corporate Law, Chris Bowen MP, introduced the 3 Bills in the consumer credit reform package into Parliament on 25th June...

Recent changes to intestacy provisions in NSW

Posted on July 16, 2009
Changes to the legislation governing the administration of intestate estates (ie no will or the will is legally invalid) in NSW have recently been introduced. If you don't have a will or have children from more than one relationship it...

ASIC credit code regulatory guides

Posted on July 15, 2009
ASIC has released details of the policy and guidance documents relating to the National Credit Code it proposes to issue in the coming months, together with an indicative timetable. In addition to the two papers already issued on conduct obligations....

AML/CTF Rules updated

Posted on July 15, 2009
The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2009 (No.3)updates the AML/CTF Rules as follows: inserts definition of 'accredited translator' minor amendment to Chapter 19 extends designated business groups to accountancy and law practices exemption of correspondent banking relationships...

ACCC guidelines on cartel prosecutions

Posted on July 14, 2009
The ACCC has published guidelines on how it will investigate alleged cartel arrangements under the anti-cartel laws that will commence on 24 July 2009. The guidelines also set out how the ACCC will make decisions in relation to referral of...

ASIC policy proposals on margin lending

Posted on July 13, 2009
ASIC has released 2 policy proposals for public comment regarding the training requirements and financial requirements for firms that offer or advise on margin lending facilities. Consultation Paper 108 Margin lending: training of financial advisers(CP 108) and Consultation Paper 109...

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