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Australian Regulatory Compliance Review 

information about Australian laws, regulations and legal compliance particulartly in the financial services industry
Post Frequency: 8.2/day Last Entry: June 15, 2014 at 16:41:06 Recent Entries: 1301
Go to Australian Regulatory Compliance Review, find other International Law blogs, or browse all law blogs.
Draft mobile premium services code
Posted on November 10, 2008The Communications Alliance has released a draft Mobile Premium Services Industry Code and Guideline for comment by 12 December 2008. Mobile premium services are optional services such as ringtone downloads, competitions and news updates, which often cost more than a...
SCAG November 2008 meeting outcomes
Posted on November 08, 2008The Standing Committee of Attorneys General (SCAG) met in Brisbane on 7 November to discuss progress on harmonising laws between the states. The outcomes included: the agreement of the States and Territories to create a National Anti?Discrimination Information Gateway...
National Review into Model Occupational Health and Safety (OHS) Laws
Posted on November 08, 2008The first report of an advisory panel on a national review into model Occupational Health and Safety (OHS) Laws has been published. The recommendations relating to duty of care include that: "The model Act should contain a set of principles...
Commonwealth Mid-Year Economic And Fiscal Outlook
Posted on November 05, 2008The Commonwealth's Mid-Year Economic And Fiscal Outlook 2008-2009 outlines the impact of the global financial crisis on Australia and the impact on the government's policy decisions.
Workplace sexual harassment survey results
Posted on November 03, 2008The Australian Human Rights Commission has released the results of the 2008 Sexual Harassment National Telephone Survey. Key findings include: Sexual harassment continues to be a problem in our workplaces, despite some improvement since 2003 There is a lack of...
ASIC report on relief applications: April-July 2008
Posted on November 01, 2008ASIC 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 (the Act) between 1 April and 31 July 2008. The relief applications included employee...
New Zealand wholesale funding guarantee facility
Posted on November 01, 2008The New Zealand Minister of Finance has announced that the Crown will offer a wholesale funding guarantee facility to investment-grade financial institutions in New Zealand. The facility will operate on an opt-in basis, by institution and by instrument...
ASIC sets conditions for hardship withdrawals from mortgage trusts
Posted on November 01, 2008ASIC has announced the conditions on which it will consider applications from mortgage funds which have frozen redemptions to permit early withdrawal for members where there is hardship. This relief will generally only be given on a case-by-case basis for...
Bank account switching
Posted on November 01, 2008From 1 November, a new Account Switching Package comes into effect with banks, credit unions and building societies now offering full listing and switching services to customers. To assist customers who want to switch, financial institutions are now obliged to...
Draft AML Rules for record-keeping obligations
Posted on November 01, 2008Austrac has released draft AML/CTF Rules for record-keeping obligations under s107 of the AML/CTFAct for consultation until 14 November 2008. Section 107 of the AML/CTF Act states that if reporting entities make a record of information relating to the provision...
ATO discloses privacy breach
Posted on October 29, 2008The ATO has disclosed that the details of 3,122 trustees of self managed super funds were on an ATO CD that has gone missing. The Tax Office has written to 3,122 trustees of self managed super funds offering them a...
National Health Professions Registration
Posted on October 29, 2008The Health Practitioner Regulation (Administrative Arrangements) National Law Bill 2008 has been introduced into Queensland Parliament. It will create a national registration and accreditation scheme for doctors, nurses and allied health professionals...
Financial services update
Posted on October 29, 2008Minister for Superannuation and Corporate Law Senator the Hon Nick Sherry's speech at a Financial Services Regulation conference summarises recent events including: Australia's response to the global financial crisis; the government guarantee of bank deposits and bank funding insurance policyholder...
Inspector-General of Taxation's report on Tax Office's management of major, complex issues
Posted on October 28, 2008The Assistant Treasurer, Chris Bowen MP, has released the Inspector-General of Taxation's report Improvements to tax administration arising from the Inspector-General's case study reviews of the Tax Office's management of major, complex issues.The report summarises systemic issues arising from three...
Treasury provides further details on the wholesale funding and deposit guarantees
Posted on October 28, 2008Treasury has updated its guidance on the Deposit and Wholesale Funding Guarantees Design and Operational Parameters and provided a list of Eligible Accounts and Institutions.The changes to the operational details include the following clarification: For deposits of or under $1...
ACCC sues Qantas and British Airways for price fixing
Posted on October 28, 2008On 28 October 2008 the Australian Competition and Consumer Commission (ACCC) instituted separate proceedings in the Federal Court, Sydney, against Qantas Airways Limited and British Airways PLC seeking penalties for alleged price fixing between 2002 and early 2006...
Review of the Tax Arrangements applying to Managed Investment Trusts
Posted on October 28, 2008The Board of Taxation has published a Discussion Paper on the Review of the Tax Arrangements applying to Managed Investment Trusts.
Privacy Act Annual Report 2007-08
Posted on October 28, 2008The Privacy Commissioner has released the Privacy Act Annual Report 2007-08
Draft Trade Practices Cartel Bill released
Posted on October 27, 2008The Government has released draft legislation providing criminal sanctions for serious cartel conduct. The Government intends to introduce the Trade Practices Amendment (Cartel Conduct and Other Measures) Bill 2008 into Parliament before the end of the year...
Financial Claims Scheme legislation and deposit guarantee final details
Posted on October 25, 2008The Financial Claims Scheme package has been passed and assented to: Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008 Financial Claims Scheme (ADIs) Levy Act 2008 Financial Claims Scheme (General Insurers) Levy Act 2008 The final...
Deposit guarantee changes announced
Posted on October 24, 2008The deposit guarantee scheme for deposits in banks, building societies and credit unions and other ADI's announced by the Government on 12 October has been changed. The Treasurer announced on 24 October that the Government has decided that a threshold...
ASIC extends ban on covered short selling
Posted on October 21, 2008ASIC is extending the ban on covered short selling for non-financial securities for a further 28 days until 18 November 2008.(See original announcement here ).ASIC expects to lift the ban from opening of trading the next day. The ban on...
Deposit guarantee:unintended consequences
Posted on October 21, 2008The discussion on unintended consequences of the deposit guarantee and possible refinements to the guarantee has been building. On Tuesday's 7.30 Report Treasurer Wayne Swan responded as follows: "WAYNE SWAN: Well Kerry there have been concerns expressed by industry and...
The role of rumour and the media in public confidence in financial institutions
Posted on October 20, 2008I'm in Darwin for the Australian Mutuals conference until Thursday so posts will be "light" but this article was mentioned by CommSec economist Craig James yesterday and is worth reading: Bringing Down Bear Stearns. It raises the question whether investigative...
Personal services income update
Posted on October 19, 2008Many consultants and contractors operate through a company, partnership or trust. If the majority (more than 50%) of your income is for the skills, knowledge, expertise or efforts of the person who performed the services, this income will be classified...
Gershon review of the Australian Government's use of information and communication technology (ICT)
Posted on October 16, 2008The Government has released Sir Peter Gershon?s report on his independent review of the Australian Government's use of information and communication technology (ICT). The report analyses a wide range of issues affecting the Government?s use and management of ICT, and...
Banking (Foreign Exchange) Regulations 1959: sanctions aganst Iran
Posted on October 16, 2008The Reserve Bank has published a list of several Iranian entities and persons against whom the Australian Government has ordered financial sanctions. Any transactions involving the transfer of funds or payments to, by the order of, or on behalf of...
Austrac 07-08 Annual Report
Posted on October 15, 2008The 2007-08 AUSTRAC Annual Report has been tabled in Parliament. The Report focusses on Austrac's 2 key roles as Australia?s anti-money laundering and counter-terrorism financing regulator and as a specialist financial intelligence unit.
Consumer Credit Code amended
Posted on October 15, 2008Amendments were passed by the Queensland Parliament on 7 October to implement recommendations from the National Competition Policy Review of the Consumer Credit Code (the Code). These amendments are expected to commence next year. The amendments have been brought about...
National consumer credit regulation
Posted on October 14, 2008Treasury has issued details on the consultation process and timetable for the transfer of responsibility for the national regulation of consumer credit to the Commonwealth and associated reforms.
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Review of Charles Fried
Here's my review, in Commonweal, of Charles Fried's recent book, M...
Highlands Act Upheld: eminent domain by regulatory taking denied
In a 35-page opinion issued Friday, August 10, 2007, and app...
Can a probation officer make a decision that involves a medical decision and prohibit a person from leaving a state to get medical help?
well if you could get him to a mental health facility they could screen him for ...
What can be done to stop "Harry T. Keane Jr" from persuig his Entertainment Fraud Business ?
Harry Keane in the Dallas Tx area is a fraud. He cannot tell the truth. His whol...
Can a former employee use photographs of jobs completed whie working for me in marketing material for a new business?
There are several issues here
1. Sub contractor started up a compe...
Can I return an entire lot of merchandise is some of the items were not as advertised?
Since they were specified as leather, you do have a case - however, your best fi...
How to tell if I have been subject to gender discrimination in hiring practices?
You didn't apply for the job. so that's a tough one. Seemingly your Bo...

Can a probation officer make a decision that involves a medical decision and prohibit a person from leaving a state to get medical help?
well if you could get him to a mental health facility they could screen him for ...
What can be done to stop "Harry T. Keane Jr" from persuig his Entertainment Fraud Business ?
Harry Keane in the Dallas Tx area is a fraud. He cannot tell the truth. His whol...
Can a former employee use photographs of jobs completed whie working for me in marketing material for a new business?
There are several issues here
1. Sub contractor started up a compe...
Can I return an entire lot of merchandise is some of the items were not as advertised?
Since they were specified as leather, you do have a case - however, your best fi...
How to tell if I have been subject to gender discrimination in hiring practices?
You didn't apply for the job. so that's a tough one. Seemingly your Bo...








