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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

Executive remuneration structures for APRA?regulated institutions

Posted on December 10, 2008
In October 2008, the Prime Minister announced that the Government would be examining with the Australian Prudential Regulation Authority (APRA) what domestic policy actions on executive remuneration would be appropriate to avoid excessive risk?taking in Australia?s financial institutions...

Privacy case notes 22-24 of 2008

Posted on December 10, 2008
The Australian Privacy Commissioner, Karen Curtis, has published three new case notes: V v Commonwealth Agency [2008] PrivCmrA 22 - the complainant alleged a government agency had improperly collected and disclosed personal information in interviewing the complainant about the complainant's...

Tax review consultation papers released

Posted on December 09, 2008
The Australia?s Future Tax System Review Panel has released a consultation paper on the tax review. It includes discussion on: Personal tax and transfers The retirement income system Taxing business and investment Not-for-profit organisations Complexity ? cost, risk and transparency...

Taxation of Financial Arrangements (TOFA) Stages 3 and 4

Posted on December 09, 2008
The Assistant Treasurer Chris Bowen MP has introduced the Tax Laws Amendment (Taxation of Financial Arrangements) Bill 2008 into Parliament. TOFA Stages 3 and 4 provides a comprehensive framework for taxing financial arrangements. The measures contain rules that cover tax...

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Disqualification of foreign banned company directors

Posted on December 09, 2008
Senator Nick Sherry, Minister for Superannuation and Corporate Law, has introduced into the Parliament the Corporations Amendment (No 1) Bill 2008 which will ensure that individuals who are disqualified from managing companies by a court in foreign countries will also...

Financial Transaction Reports Amendment (Transitional Arrangements) Act 2008

Posted on December 09, 2008
The Financial Transaction Reports Amendment (Transitional Arrangements) Act 2008 has been assented to. The Act completes the transition to the AML/CTF regime for reporting entities from 11 March 2010. Updated consolidated Act: Financial Transaction Reports Act 1988

Draft Disability (Access to Premises ? Buildings) Standards

Posted on December 09, 2008
The Government has tabled draft Disability (Access to Premises ? Buildings) Standards in the House of Representatives for referral to the Committee on Legal and Constitutional Affairs. The Committee will conduct consultations on the draft Premises Standards and report to...

COAG continues regulatory reform

Posted on November 30, 2008
At its meeting on 29 November 2008 COAG agreed, amongst other things, to continue regulatory reform towards a "seamless national economy". According to the COAG Communique, focus areas were: planning and zoning policies and processes from a competition perspective as...

Rules for developing business regulation

Posted on November 29, 2008
The Administrative Review Council has published a report, ???Administrative accountability in business areas subject to complex regulation???. The report focuses on accountability and transparency in the development of business rules by government. A key suggested principle is that "There should...

Austrac draft rules for providers of traveller accommodation: safety deposit boxes and currency exchange transactions

Posted on November 29, 2008
Austrac has released 2 sets of draft AML/CTF Rules relating to providers of traveller accommodation for public consultation: Safe deposit boxesThese draft AML/CTF Rules exempt providers of traveller accommodation, who provide in-room safes and safe deposit facilities to registered guests,from...

List of government guaranteed large deposits and wholesale funding

Posted on November 29, 2008
The Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding (the Guarantee Scheme) commenced on 28 November 2008. The list of government guaranteeed liabilities (by financial institution and product type) is here.

Fair Work Bill

Posted on November 26, 2008
The Fair Work Bill 2008 has been introduced into Parliament.

Large Deposit Guarantee Bill

Posted on November 26, 2008
The Guarantee Scheme for Large Deposits and Wholesale Funding Appropriation Bill 2008 has been introduced into Parliament with the goal of taking effect by 28 November 2008. The Bill appropriates funds to enable claims to be paid under the Guarantee....

Prescribed Private Funds Discussion Paper

Posted on November 26, 2008
The Treasurer announced in the 2008 Budget that the Government will legislate guidelines to improve the integrity of Prescribed Private Funds (PPFs) and to provide the trustees of PPFs with greater certainty as to their philanthropic obligations. A discussion paper...

Austrac Regulatory Guide updated

Posted on November 23, 2008
Austrac has released a new Chapter 9 on reporting obligations for its Regulatory Guide. All reporting entities under the AML/CTF Act will have the new reporting requirements from 12 December 2008. From this date, providers of financial, bullion, gambling or...

The Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding

Posted on November 22, 2008
Scheme legal documentation and application procedures for the guarantee of large deposits and wholesale funding are now available on the guarantee scheme website ADI's who wish to offer a government guarantee for deposits over $1million from 28 November 2008 must...

ACCC Merger guidelines 2008

Posted on November 22, 2008
The Australian Competition and Consumer Commission (ACCC) has issued its revised Merger Guidelines 2008 The guidelines outline the general principles underpinning the ACCC's approach to merger analysis under section 50 of the Trade Practices Act 1974.

Board leadership in practice

Posted on November 18, 2008
Leading up to the corporate reporting and AGM season I spoke to many Chairs and directors about their concerns. Sometimes it was a disclosure issue or a question involving voting or election procedures, but often it involved how to ensure...

Workplace relations agreements transition

Posted on November 15, 2008
The Hon Julia Gillard MP, Minister for Education. Minister for Employment and Workplace Relation, has set out more details of the transition of old workplace relations agreements and the introduction of the Fair Work Bill in this speech: Before I...

Short Selling Bill introduced

Posted on November 15, 2008
The Corporations Amendment (Short Selling) Bill 2008 has been introduced into Parliament to better regulate the use of short selling in the Australian financial market. The Bill prohibits "naked" short selling, where the seller has not bought the shares they...

Superannuation clearing house discussion paper

Posted on November 13, 2008
Senator the Nick Sherry, Minister for Superannuation and Corporate Law, has announced the release of a two-part discussion paper on the implementation of the Government's superannuation clearing house measure and possible initiatives to reduce the number of lost super accounts...

ASIC rules on covered short selling of non-financial stocks from 19 November 2008

Posted on November 12, 2008
ASIC has announced the rules to apply if it lifts the ban on covered short selling of non-financial stocks from 19 November 2008. If the ban is partially lifted on 19 November as expected, there will be an increased focus...

Draft AML/CTF rules released for comment

Posted on November 12, 2008
Austrac has released the following draft AML/CTF Rules for comment: amending the definition of 'designated business group' to allow law and accounting practices subject to certain conditions, to form designated business groups. relating to purchases and sales of bullion valued...

Regulation of credit rating agencies and research houses

Posted on November 12, 2008
Senator Nick Sherry, Minister for Superannuation and Corporate Law, has announced significant reforms to the regulation of credit rating agencies (CRAs) and research houses, following the publication of joint Treasury - ASIC report of a review conducted at the request...

Code of Practice for sexual harassment in the workplace

Posted on November 11, 2008
Federal Sex Discrimination Commissioner, Elizabeth Broderick,has released Effectively preventing and responding to sexual harassment: A Code of Practice for employers. The Code contains a practical guide to the law, as well as a set of tips for employers on developing...

CSA Guide to Procedures at AGM's

Posted on November 11, 2008
Chartered Secretaries Australia has published a useful Guide to Procedures at AGMs (free of charge).This guide sets out good practice for public company AGM's particularly in areas where the Corporations Act, ASX Listing Rules or the company Constitution is silent.

Clarity in Pricing Bill passed

Posted on November 11, 2008
TheTrade Practices Amendment (Clarity in Pricing) Bill 2008 has been passed by Parliament. The amendments to the Trade Practices Act 1974 require that where a business makes a price representation to a consumer and that amount is less than what...

Tax System Review

Posted on November 11, 2008
Dr Ken Henry, Chair of Australia's Future Tax System Review Panel and Secretary to the Treasury has given an interesting address to the National Press Club, Canberra on the tax system review. He managed to cover wombats, a Queensland country...

ASIC's enforcement direction

Posted on November 11, 2008
This article by me was first published in Complinet. In its 2007-2008 Annual Report the Australian Securities and Investments Commission (ASIC) has reported extensively on its enforcement activities. Enforcement is an important measure of ASIC exercising its functions and meeting...

Re-registration of ASIC approved financial services training courses

Posted on November 11, 2008
Providers of training for financial advisers and authorised assessors have until 1 December 2008 to re-register their training courses and assessment services on the ASIC Training Register. The ASIC Training Register is the register of approved training courses and assessment...

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