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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

ASIC extends ban on covered short selling of financial securities

Posted on March 05, 2009

Austrac Regulatory Guide chapter on designated services

Posted on March 04, 2009

Impact of the Global Financial Crisis on the Corporations and Financial Services Regime

Posted on March 03, 2009

ASIC regulation of internet financial product discussion sites

Posted on March 02, 2009

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APRA to extend power over life insurers

Posted on March 01, 2009

Inquiry into Financial Products and Services in Australia

Posted on February 28, 2009

Small Business and General Business Tax Break details

Posted on February 25, 2009
The Treasurer has released an exposure draft of the Tax Laws Amendment (Small Business and General Business Tax Break) Bill 2009 and associated explanatory material. The Small Business and General Business Tax Break was announced on 3 February 2009 as...

APRA Chair gives update to Senate

Posted on February 25, 2009
In his opening statement to the Senate Standing Committee on Economics on 25 February 2009 APRA Chair John Laker gave a brief update on the global financial crisis and its implications for the work and priorities of APRA. In a...

Guidance for non-profit organisations on Counter-Terrorism Financing

Posted on February 25, 2009
The Australian Government has released a draft guidance document to assist non-profit organisations (NPOs') protect themselves from the risk of terrorism financing. This guidance document is intended to: build awareness of the risk of being misused for the purpose of...

ASIC issues consultation paper on equity capital raising refinements

Posted on February 24, 2009
ASIC has issued a consultation paper which considers refinement of measures to facilitate equity capital raising including modification of existing exemptions from disclosure requirements. In the consultation paper, ASIC is proposing to allow: listed managed investment schemes to make placements...

AXA loses appeal against Direct Share decision on cost of access to member register

Posted on February 23, 2009
In AXA Asia Pacific Holdings Limited v Direct Share Purchasing Corporation Pty Ltd [2009] FCAFC 15 AXA lost its Full Court of the Federal Court appeal against the decision of Judge Finkelstein (here) that a reasonable fee for Direct Share's...

Pension Drawdown Relief for Retirees

Posted on February 18, 2009
The Treasurer has announced relief from minimum account-based pension draw down requirements. Currently, it is a requirement that minimum payments be made from a superannuation account-based pension at least annually. Minimum payments are determined by age and the value of...

New Australian Consumer Law: national unfair contracts law

Posted on February 16, 2009
Assistant Treasurer Chris Bowen has announced that the national consumer protection law which was agreed between the Commonwealth and the states last year (see here), will be fast tracked with a bill to be introduced by June 2009 and commencement...

Amendments to the Foreign Acquisitions and Takeovers Act

Posted on February 12, 2009
The Treasurer has announced the Commonwealth Government will seek to amend the Foreign Acquisitions and Takeovers Act 1975 (the Act). The Act provides the basis for the Treasurer to examine proposed foreign investments in Australian businesses and assets to ensure...

Exposure draft Tax Agent Services Bill

Posted on February 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 Tax Agent Services (Transitional Provisions and Consequential Amendments) Bill 2009 and associated explanatory material...

Disqualification in Australia of banned foreign directors

Posted on February 12, 2009
The Corporations Amendment (No 1) Bill 2008 has been passed by Parliament. The amendments will ensure that individuals who are disqualified from managing companies in foreign countries will also be disqualified in Australia. The legislation will, in the first instance,...

Special circumstances exemption under AML/CTF Act for fire or flood victims

Posted on February 11, 2009
Austrac has given guidance to superannuation fund trustees who may not be able to comply with section 32 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the identification requirement) when making payment as a result of Victorian bushfires or...

CAMAC issues paper on Aspects of Market Integrity

Posted on February 10, 2009
The Corporations and Markets Advisory Committee (CAMAC) has released an issues paper Aspects of market integrity. The paper responds to a request from the Minister for Superannuation and Corporate Law, the Hon Senator Nick Sherry, for CAMAC to provide advice...

US regulators and Madoff

Posted on February 10, 2009
The US Securities and Exchange Commission is being quizzed over its role in Madoff's Ponzi scheme. Here's an excerpt from the hearing by the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises ASIC may be in...

ASIC's views on insurance regulation

Posted on February 07, 2009
In a recent speech Jeremy Cooper, Deputy Chairman of ASIC,set out ASIC's views on regulation of the insurance industry. He explained that the insurance industry,as a mature industry, warrants a light touch regulatory approach. But he identified the following areas...

US imposes restrictions on bank executive compensation

Posted on February 05, 2009
The US Treasury has announced a new set of guidelines on executive pay for financial institutions that are receiving government assistance. The measures are "designed to ensure that the compensation of top executives in the financial community is closely aligned...

Codes of conduct in retail banking

Posted on February 05, 2009
I recently wrote this article for Retail Banking Review. The Code of Banking Practice contains provisions intended to set out the high ethical and service standards that customers can expect when dealing with a bank that subscribes to that code....

COAG Communique: 5 February 2009

Posted on February 05, 2009
The Prime Minister, Premiers, Chief Ministers and the President of the Australian Local Government Association, together with Commonwealth, State and Territory Treasurers, held a special meeting of the Council of Australian Governments (COAG) in Canberra on 5 February 2009 to...

Small Business and General Business Tax Break

Posted on February 03, 2009
The Government has announced the Small Business and General Business Tax Break: Small businesses (with a turnover of $2 million a year or less) will be able to claim a bonus deduction of 30 per cent for eligible assets costing...

The use of technology in the management of discovery and the conduct of litigation

Posted on February 03, 2009
The Federal Court of Australia has announced the much-anticipated revised Practice Note No.17 regarding the use of technology in the management of discovery of electronic records and the conduct of litigation ("e-discovery"). The Practice Note applies to any proceeding in...

Insurance regulation update

Posted on February 03, 2009
The Minister for Superannuation & Corporate Law has given a speech outlining proposed changes in financial services regulation and key issues and reforms in the insurance field. He discussed the Financial Claims Scheme and the Insurance Contracts Act review.

CAMAC report on Sons of Gwalia and insolvent companies

Posted on January 28, 2009
The Corporations and Markets Advisory Committee (CAMAC) has released its report Claims by shareholders against insolvent companies: implications of the Sons of Gwalia decision. The report responds to a request for advice by the Government on the effect of the...

Retailer fined over misleading jewellery catalogue

Posted on January 28, 2009
In Australian Competition and Consumer Commission v Ascot Four Pty Ltd (No 2) [2009] FCA 28 the Federal Court of Australia fined Ascot Four Pty Ltd, the former owner of the jewellery retailer Zamel?s, $380,000 after it was found guilty...

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