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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

When is a disclosure document required for fundraising?

Posted on March 31, 2009
Australian Securities and Investments Commission v Cycclone Magnetic Engines Inc & Ors [2009] QSC 58 demonstrates the complexity in regulating fundraising by "fringe" operators. ASIC successfully obtained an injunction against misleading conduct by a company raising funds for its magnetic...

Attorney-General's update on AML/CTF

Posted on March 31, 2009
In his speech on 1 April, the Attorney-General indicated the Goverrnment is balancing the need for the second tranche of reforms (to extend the existing AML/CTF Act to services provided by a range of businesses and professions, including accountants, lawyers,...

COAG?s Business Regulation and Competition Working Group Annual Report Card

Posted on March 30, 2009
COAG?s Business Regulation and Competition Working Group has published its 2009 Annual Report Card on progress towards a "seamless national economy". The Report covers: Occupational Health and Safety Environmental Assessment and Approvals Processes Payroll Tax Harmonisation Licences of Tradespeople Health...

Reserve Bank March 2009 Financial Stability Review

Posted on March 26, 2009
The Reserve Bank has published its latest Financial Stability Review here.

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The links between bonuses, ethics and compliance

Posted on March 26, 2009
What would you do if you were employed on particular terms ($1 salary plus a performance bonus) and later asked to forego your pay? Would it make any difference if you worked in a company that had to be bailed...

Draft Freedom of Information Amendment (Reform) Bill 2009

Posted on March 24, 2009
The Government has released a draft Information Commissioner Bill 2009 and the draft Freedom of Information Amendment (Reform) Bill 2009 for public consultation. The Office of the Information Commissioner is proposed to be established and operational by January 2010...

Unit Pricing ? Draft Industry Code

Posted on March 22, 2009
The Government has released a draft code to implement a nationally?consistent, mandatory unit pricing scheme. The draft code applies to online retailers, and store-based retailers with a floor space of more than 1000 square metres devoted to the display of...

Productivity Commission inquiry into anti-dumping and countervailing system

Posted on March 22, 2009
The Government has announced that the Productivity Commission will undertake an inquiry into Australia's anti-dumping and countervailing system. Australia's anti-dumping and countervailing system allows Australian industries that have been materially injured to make a claim against foreign businesses that they...

Fair Work Bill passed: small business employer definition changed

Posted on March 21, 2009
After extensive negotiation with Senate Independents (and despite the Opposition's vote against it), the Fair Work Bill 2008 was passed on 20 March 2009. (see the history of the Bill and the Senate amendments here). The amended Bill defines a...

Draft Financial Ombudsman Service terms of reference released

Posted on March 21, 2009
The Financial Ombudsman Service Limited has approved the release of a Proposed Terms of Reference. Submissions about the Proposed Terms of Reference close on Monday 20 April 2009.

ACCC Report on anti-competitive practices by health funds

Posted on March 19, 2009
The Australian Competition and Consumer Commission has published its report to the Senate on ?any anti-competitive practices by health insurers or providers, which reduce the extent of health cover for consumers and increase their out-of-pocket medical and other expenses?...

Senate report on Personal Property Securities Bill

Posted on March 19, 2009
The Senate Standing Committee on Legal and Constitutional Affairs has released its report on the exposure draft of the Personal Property Securities Bill. The Committee has made 11 recommendations including that the commencement date for the scheme be extended by...

Review of executive termination payments

Posted on March 17, 2009
Treasurer, Wayne Swan, and Minister for Superannuation and Corporate Law, Senator Nick Sherry, have announced reforms aimed at curbing excessive "golden handshakes" - or termination payments - paid to company executives. The Government will amend the Corporations Act to significantly...

Advance notice: mutuals mergers forum

Posted on March 17, 2009
Langes will be holding a forum on mutuals mergers in Sydney on Thursday 30 April. If you want to know about what is involved in a merger (and traps to avoid) then keep the day free so you can come....

Risk life insurance and the AML/CTF Act

Posted on March 15, 2009
Austrac has issued an information sheet about the regulation of risk life insurance under the AML/CTF Act. Risk life insurance products that do not have a prescribed minimum surrender value are not captured under the AML/CTF Act.

Increase in disputes received by Financial Ombudsman Service

Posted on March 15, 2009
The Financial Ombudsman Service reports that it has seen a significant increase in the number of new disputes received. It experienced an average 45.4% rise across all divisions in the six months to 31 December 2008, compared with the same...

The impact of international banking regulation on Australia

Posted on March 12, 2009
This article by me was first published in Retail Banking Review.Although Australian financial institutions are not experiencing the solvency crisis of major U.S. and European financial institutions it is important to monitor developments in the USA and Europe...

Draft Confidentiality of Taxpayer Information Bill

Posted on March 12, 2009
The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, the Hon Chris Bowen MP, has released for public consultation an exposure draft Confidentiality of Taxpayer Information Bill and explanatory materials. The exposure draft Bill proposes to consolidate, into...

Guide on self-managed super

Posted on March 12, 2009
The Australian Taxation Office and ASIC have published a guide on self-managed superannuation.

Tax treatment of emissions units

Posted on March 12, 2009
The technical tax details of the treatment of emissions units are set out in the draft Carbon Pollution Reduction Scheme (Consequential Amendments) Bill of 2009. Submissions close on 14 April.

Review of statutory implied conditions and warranties

Posted on March 11, 2009
In a speech today Consumer Affairs Minister Chris Bowen MP announced a review of statutory implied conditions and warranties by the Commonwealth Consumer Affairs Advisory Council (CCAAC). The review is to examine the adequacy of existing laws on conditions and...

Draft AML/CTF Rules to exempt certain reporting entities from threshold

Posted on March 11, 2009
Austrac has issued draft AML/CTF Rules to exempt certain reporting entities from threshold transaction reporting. These draft AML/CTF Rules exempt ADIs and Exchange Settlement Account holders from providing threshold transaction reports, if those threshold transactions take place wholly between authorised...

Release of exposure draft legislation for the Carbon Pollution Reduction Scheme

Posted on March 10, 2009
The Government has released exposure draft legislation and explanatory materials for the Carbon Pollution Reduction Scheme. The exposure draft legislation sets out what is required of participants in the Scheme and the mechanics of the Scheme to ensure Australia?s emissions...

Austrac issues PLI 9 - Customer identification requirements under the AML/CTF Act

Posted on March 10, 2009
PLI 9 - Customer identification requirements under the AML/CTF Act deals with: The nature and content of risk-based ?applicable customer identification procedures? under Part 7 of the AML/CTF Act and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No...

Award modernisation

Posted on March 09, 2009
Under a formal Australian Government request, the Australian Industrial Relations Commission (AIRC) is required to complete award modernisation in priority industries and occupations by 31 December 2008 and complete the whole of the award modernisation process by 31 December 2009...

Regulation of charities and not-for-profit organisations

Posted on March 09, 2009
The Senate Standing Committee on Economics report on charities and not-for-profit organisations has heightened interest in the Third Sector (or Community Social Welfare Organisations, for want of a better name). QUT's Australian Centre for Philanthropy and Nonprofit Studies has developed...

ASIC participates in ANZ Bank and Opes Prime settlement

Posted on March 08, 2009
Mediation initiated by ASIC between it, the ANZ Banking Group Ltd, Merrill Lynch (International) Australia Pty Ltd and the liquidator of Opes Prime Stockbroking Limited has resulted in a proposed settlement offer: based on estimates provided by the liquidator, the...

Do better governed firms outperform poorer governed firms?

Posted on March 07, 2009
Treasury has released a paper which examines the relationship between a company?s adoption of the Australian Securities Exchange (ASX) Corporate Governance Council?s Principles of Good Corporate Governance and Best Practice Recommendations (ASX Corporate Governance Principles) and its financial performance in...

Draft AML/CTF Rules on document certification

Posted on March 07, 2009
Austrac has released draft AML/CTF Rules amending the definitions of 'certified copy' and 'certifiedextract' in Chapter 1 of the Rules by increasing the list of persons who can certify documents and extracts of documents as being true copies of original...

Decision making, risk management and insolvency

Posted on March 07, 2009
The global financial crisis has focussed attention on the way businesses make decisions and their "risk appetite". Your attitude to risk can influence how you perceive the facts. Are you an optimist ("half glass full") defying the facts and taking...

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