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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

Regulation of insurance groups

Posted on May 21, 2009
In Insurance Group Regulation - A Comparative Case Study: Australia and the United States John Trowbridge, Executive Member, Australian Prudential Regulation Authority, examines the "AIG problem" involving the supervision of more than 150 AIG subsidiaries in many different countries notwithstanding...

External dispute resolution scheme changes

Posted on May 18, 2009
The Australian Securities and Investment Commission (ASIC) has released revised 2 guidance on dispute resolution schemes: RPG 139 and RPG 165. The changes announced by ASIC will also introduce a new "compensation caps" approach which means all EDRs will be...

ACMA registers Mobile Premium Services Code

Posted on May 18, 2009
ACMA has registered the industry-developed Mobile Premium Services Code, which will be legally binding from 1 July 2009. The code sets out detailed rules covering a range of important matters including procedures to be followed for subscribing to premium SMS...

Austrac Public Legal Interpretation No. 3 of 2008 ? remittance services providers

Posted on May 16, 2009
PLI 3 of 2008 discusses who is a provider of a ?registrable designated remittance service? and the obligation to register as a provider of ?registrable designated remittance services?.

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Senate Inquiry into the Carbon Pollution Reduction Scheme Bill 2009

Posted on May 16, 2009
The Senate has referred the provisions of the Carbon Pollution Reduction Scheme Bills, to the Senate Standing Committee on Economics for inquiry and report by 15 June 2009. Submissions can be made until 4 June.

Debt collection practices in Australia

Posted on May 14, 2009
The ACCC has released an issues paper jointly produced by the ACCC and the Australian Securities and Investments Commission, Debt collection practices in Australia. This paper summarises major issues identified by the ACCC and ASIC during information-gathering activities undertaken in...

Taxation Review Reports

Posted on May 14, 2009
The Board of Taxation has released 3 reports: Review of the Legal Framework for the Administration of the GST Review of the Anti-Tax-Deferral Regimes Review of the Taxation Treatment of Off-Market Share Buybacks

Exposure draft: Tax Law Amendment (Prescribed Private Funds) Bill

Posted on May 14, 2009
The Assistant Treasurer, Chris Bowen MP,has released an exposure draft of the Tax Law Amendment (Prescribed Private Funds) Bill. PPFs are a form of ancillary trust fund designed to encourage private philanthropy by providing private groups, such as businesses, families...

Current APRA superannuation issues

Posted on May 14, 2009
APRA General Manager, Ramani Venkatramani has reviewed APRA's current focus on superannuation in this speech. The speech focuses on licensing outcomes, finance remuneration, and fund research. APRA is currently reviewing: the role of environmentally sustainable considerations in setting investment strategies...

Government's response to Word Investments case

Posted on May 12, 2009
The government has released its interim response to the High Court decision in Federal Commissioner of Taxation v Word Investments Ltd. The government will amend the ?in Australia? requirements in Div 50 of ITAA 1997 to ensure that parliament retains...

Retirement incomes report released

Posted on May 12, 2009
The Treasurer has announced the release of the report of Australia's Future Tax System Review Panel into retirement incomes. The report finds that Australia's three?pillar retirement income system ? consisting of the means tested Age Pension, compulsory saving through the...

Proposed expansion of the Do Not Call Register

Posted on May 12, 2009
The Minister for Broadband, Communications and the Digital Economy, Senator Stephen Conroy has announced that the 2009-10 Budget provides for expansion of the Do Not Call Register to cover telephone numbers for businesses, fax users and emergency service providers, It...

Paid parental leave

Posted on May 12, 2009
The Government's 2009-10 Budget provides for the introduction of a Paid Parental Leave scheme from 1 January 2011. This government-funded scheme will provide the primary carer (whether the mother or the father) with 18 weeks post-natal leave, paid at the...

2009-10 Budget details for business

Posted on May 12, 2009
The Budget details have been released. Worth noting are: The Small Business and General Business Tax Break will be expanded to allow a bonus deduction of 50 per cent to small businesses with a turnover of less than $2 million...

Superannuation changes

Posted on May 12, 2009
The Budget contains the following changes to superannuation contributions concessions: The Government will reduce the cap on concessional superannuation contributions from $50,000 to $25,000. This cap will be indexed. The existing transitional cap for concessional contributions for those aged 50...

First Home Owners Grant to be reduced

Posted on May 12, 2009
The First Home Owners Grant will be phased down to its original amount over six months: For eligible first home buyers entering into contracts between 1 July 2009 and 30 September 2009 (inclusive) the First Home Owners Boost will continue...

Australian Consumer Law: unfair contract terms consultation

Posted on May 11, 2009
The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, the Hon Chris Bowen MP, has released for public consultation a consultation paper entitled The Australian Consumer Law: Consultation on draft provisions on unfair contract terms...

Ministerial Council on Consumer Affairs meeting 8 May 2009

Posted on May 09, 2009
The Ministerial Council on Consumer Affairs (MCCA) met in Hobart on 8 May 2009 to develop an Intergovernmental Agreement on the new national consumer policy framework by 30 June 2009 that will lead to putting the new Australian Consumer Law...

Managing IT security risks

Posted on May 09, 2009
The Australian Prudential Regulation Authority (APRA) has released for consultation discussion paper and accompanying draft Prudential Practice Guide PPG 234 Management of IT Security Risk on the management of information technology (IT) security risks by institutions regulated by APRA...

Privacy fact sheets updated

Posted on May 07, 2009
The Privacy Commissioner has issued a new Fact Sheet on Data Quality and an updated Fact Sheet on Access and Correction. The Fact Sheets explain the relevant National Privacy Principles that apply to private sector businesses. The private sector provisions...

APRA releases draft standards for life insurers

Posted on May 07, 2009
The Australian Prudential Regulation Authority (APRA) has released a consultation package on proposals to enhance the prudential framework for life insurance companies. The package, which contains a discussion paper and four draft prudential standards, seeks comments on proposed changes to:...

Anti-competitive creeping acquisitions under review

Posted on May 06, 2009
The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, Chris Bowen MP, has released a discussion paper on creeping acquisitions. The term creeping acquisitions refers to the acquisition of a number of individual assets or businesses over time...

Draft Financial Services Modernisation Bill released

Posted on May 06, 2009
Senator Nick Sherry, Minister for Superannuation and Corporate Law, has released the Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 . The Bill, if passed, provides for the national regulation of trustee companies, margin loans and debentures...

Clarity in pricing commences on 25 May

Posted on May 06, 2009
A new Section 53C of the Trade Practices Act will commence on 25 May 2009. The amendments require that where a business makes a price representation to a consumer and that amount is less than what the consumer will actually...

Keeping track of regulation changes: when is an announcement an ?aspiration? or a real law?

Posted on May 05, 2009
This article by me was first published in Retail Banking Review. A media release, speech or interview transcript is not the equivalent of a new law passed by Parliament regardless of the language used by a Government Minister. In these...

Carbon Pollution Reduction Scheme changes

Posted on May 04, 2009
The Prime Minister has announced that the Carbon Pollution Reduction Scheme will now be phased in from 1 July 2011 and a new 25 per cent by 2020 target has been proposed.(see here) The changes include: 1. A delay in...

Draft Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009 released

Posted on May 04, 2009
Senator Nick Sherry, Minister for Superannuation and Corporate Law, has released an exposure draft of the Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009 and Regulations. The Bill will change the regulatory framework relating to the payment of termination...

Privacy Commissioner complaint case notes 1 - 6 for 2009

Posted on May 04, 2009
The Australian Privacy Commissioner, Karen Curtis, has published six new case notes: A v Medical Practitioner [2009] PrivCmrA 1: The complainant wrote twice to their medical practitioner requesting a copy of all of the personal information that the practitioner held...

COAG communique 30 April 2009

Posted on May 02, 2009
The Council of Australian Governments (COAG) meeting in Hobart on 30 April 2009 has released a communique outlining its agreements including: national disaster arrangements; jobs and training; energy efficiency; and regulation reform. COAG endorsed a series of reforms, recommended by...

Bell Group v Westpac orders

Posted on April 30, 2009
In The Bell Group Ltd (in liq) v Westpac Banking Corporation [No 9] [2008] WASC 239 (discussed here) the Western Australian Supreme Court decided that the banks were successful in their defences against claims of fraud and knowingly assisting a...

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