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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.
Report of the ACCC inquiry into the competitiveness of retail prices for standard groceries
Posted on August 05, 2008The ACCC grocery inquiry report has been released. The ACCC did not identify anything that is fundamentally wrong with the grocery supply chain. Evidence provided to the inquiry did not support the proposition that retail prices have risen while farm-gate...
ALRC to review government secrecy laws
Posted on August 05, 2008The Australian Law Reform Commission (ALRC) has been requested by the Commonwealth Attorney-General, the Hon Robert McClelland MP, to review secrecy provisions in federal legislation. The Terms of Reference ask the ALRC to focus on: ? ?the importance of balancing...
Review of Australia's tax system
Posted on August 05, 2008The Government has published the Australia?s Future Tax System (AFTS) Discussion Paper (366 pages long and entitled "Architecture of Australia?s tax and transfer system") by Treasury Secretary Dr Ken Henry. The review will encompass Australian Government and state taxes, except...
AML risk management for small-to-medium sized businesses
Posted on August 04, 2008Austrac has published a risk assessment tool designed to help small-to-medium sized businesses meet the requirements of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
AML customer identification for currency exchange rules to be modified
Posted on August 04, 2008Austrac has issued draft AML/CTF Rules which amend paragraph 14.4 of Chapter 14 by raising the threshold from $500 to $1,000 regarding the designated service of exchanging one currency for another in the course of carrying on a currency exchange...
Regulatory constraints on innovation and access to public information
Posted on August 04, 2008Joshua Gans has written a humorous but relevant opinion piece on the restrictions on republishing information published on government web sites. His point is that there is much government data (he gives the examples of the location of public toilets....
Law of the Pacific Islands
Posted on August 03, 2008Australia is frequently referred to as part of Asia Pacfic but we have little knowledge of our Pacific Island neighbours. LLRX has published a guide to resources on the law of the Pacific Islands. What are the Pacific Islands? American...
Australian Direct Offshore Foreign Insurers Prudential Regulation Impact Statement
Posted on August 03, 2008This article by me first appeared in Complinet. The Australian Prudential Regulation Authority (APRA) has published a Regulation Impact Statement (RIS) discussing the modifications and clarifications to the prudential framework arising from the Financial Sector Legislation Amendment (Discretionary Mutual Funds...
APRA?s prudential requirements for First Home Saver Accounts
Posted on July 30, 2008APRA has released the final package relating to the authorisation and prudential oversight of providers of First Home Saver Accounts (FHSAs). The package comprises a prudential standard relating to superannuation licensees (known as RSE licensees), an authorisation form, a notification...
Debt collection practices
Posted on July 28, 2008The Australian Competition and Consumer Commission and the Australian Securities and Investments Commission will hold a phone-in day dedicated to debt collection concerns on Thursday 31 July 2008. Both agencies have been concerned about reports of unlawful practices adopted by...
Former Qantas executive jailed in US for price fixing
Posted on July 28, 2008In an example of what an Australian criminal penalty regime for price-fixing might look like, a former senior Qantas executive has been sentenced to six months in a US jail and given a $20,000 fine for his role in price-fixing...
The ATO and tax havens
Posted on July 28, 2008The Australian Taxation Office's submission to the US Senate Committee on Homeland Security and Governmental Affairs for a hearing into tax haven banks and US tax compliance contains the following points: OECD estimates that between $US 5-7 trillion are held...
Standing Committee of Attorneys?General (SCAG) July meeting
Posted on July 27, 2008The Standing Committee of Attorneys?General (SCAG) meeting on 25 July 2008 discussed over 20 matters of substantive legal reforms for all jurisdictions, focussing on issues of national importance. Key Decisions Significant progress was made in reform areas including work towards...
Draft tax legislation eligible investment business rules
Posted on July 23, 2008The Assistant Treasurer, Chris Bowen MP has announced that the Government has commenced consultation on draft legislation to reform Division 6C of the Income Tax Assessment Act 1936. Key changes include: clarifying the scope and meaning of investment in land...
Government issues National Rental Affordability Scheme Call For Applications
Posted on July 23, 2008Treasurer Wayne Swan and Minister for Housing Tanya Plibersek have issued the first Calls for Applications for incentives for the National Rental Affordability Scheme. Under the scheme, the Australian Government has combined with State and Territory Governments to offer incentives...
Gender equality report
Posted on July 22, 2008Elizabeth Broderick, Sex Discrimination Commissioner, has issued her Plan of Action Towards Gender Equality and the Listening Tour Community Report. Based on the Listening Tour findings, Commissioner Broderick will focus on the following areas: Women and leadership Balancing paid work...
AML share trading case studies
Posted on July 22, 2008Austrac has issued 2 "typologies" (case studies) relating to money-laundering through share trading: one involving a narcotics trader and the other involving derivatives.
Reference checks
Posted on July 21, 2008ASIC has published a useful reference checking directory of places to obtain information about people you are dealing with. Whilst it focusses on reference checks for the financial services industry some of the links (eg police) are of general use.
The Carbon Disclosure Project
Posted on July 21, 2008Carbon pollution reduction begins with with identifying and measuring carbon data and how to manage carbon. So the Carbon Disclosure Project by leading UK companies and IBM is of interest. The Project has released a Best Practice Guide (pdf) to...
ASIC publishes relief application decisions
Posted on July 20, 2008ASIC has released a report outlining its decisions on applications for relief from the corporate finance, financial services and managed investment provisions of the Corporations Act 2001 between 1 December 2007 and 31 March 2008. The report does not outline...
What are the Terms of Use for this site's news feeds?
Posted on July 20, 2008From time to time I receive requests to use this site's news feeds eg by adding the headlines or the full content to your own website. Here is my reply: Our news feed is a free service. But if you...
Draft PDS's for First Home Saver Accounts released
Posted on July 17, 2008Treasury has released 2 sample 4 page Product Disclosure Statements for First Home Saver Accounts : the first for ABC Bank ,an ADI (Bank, building society, credit union) with no fees, the second for ABC Investments a managed investment company...
Loan can be regulated consumer credit even with business declaration
Posted on July 17, 2008In Bahadori v Permanent Mortgages Pty Ltd [2008] NSWCA 150 the NSW Court of Appeal disregarded a borrower's declaration that a loan was wholly or predominantly for business or investment purposes because the credit contract was entered into before the...
Carbon pollution permits to be Australian financial products
Posted on July 16, 2008A carbon pollution permit (which will be referred to in legislation as an Australian emissions unit) would be an entitlement composed of various ?rights? contained in the carbon pollution reduction legislation. The main rights would be the right to surrender...
Queensland consumer credit interest cap commences on 31 July
Posted on July 15, 2008The Consumer Credit (Queensland) Special Provisions Regulation 2008 commences on 31 July 2008. Any Consumer Credit Code regulated loans made in Queensland (or made interstate to Queensland residents) after that date will be subject to a maximum annual percentage rate...
Government releases its Green Paper on the Carbon Pollution Reduction Scheme
Posted on July 15, 2008The Government has released its Green Paper on the Carbon Pollution Reduction Scheme containing options and preferred approaches on issues, such as which industry sectors will be covered by emissions permits and how emission caps will be set. It also...
Content Services Code for online and mobile phone content approved
Posted on July 15, 2008The Australian Communications and Media Authority has approved the Content Services Code, an industry code of practice for providers of online and mobile phone content developed by the Internet Industry Association. The code says that all content likely to be...
Consumer credit hardship relief
Posted on July 13, 2008Under section 66 of the Consumer Credit Code "a debtor who is unable reasonably, because of illness, unemployment or other reasonable cause, to meet the debtor's obligations under a credit contract and who reasonably expects to be able to discharge...
Financial assistance by a company to assist buying shares in the company
Posted on July 13, 2008Financial assistance by a company to assist buying shares in the company is allowed under the conditions set out in s260A(1) ie if it does not materially prejudice the company or its members or its ability to pay creditors or...
Background to transfer of consumer credit regulation to Commonwealth
Posted on July 13, 2008On 3 July the Commonwealth Government reached agreement with the States and Territories at the Council of Australian Governments (COAG) meeting in Sydney, to assume responsibility for regulation of all consumer credit. The decision is noted here. What is still...
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Review of Charles Fried
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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 ...
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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...








