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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

ACCC appointments

Posted on July 13, 2008
The Treasurer and Assistant Treasurer have announced a number of appointments to the Australian Competition and Consumer Commission (ACCC): The Rudd Government intends to recommend to the Governor?General the re?appointment of Mr Graeme Samuel AO as ACCC Chairperson for three...

Superannuation fund governance: trustee policies and practices

Posted on July 10, 2008
APRA has released a working paper (pdf) containing data on its survey of superannuation fund trustee policies and practices. Despite minimal formal requirements by trustee boards, directors are generally well qualified although there is variation between sectors.

Change to sanctions against the (former) Federal Republic of Yugoslavia

Posted on July 10, 2008
The Australian Government has directed the Reserve Bank to remove the measures which prohibit certain large financial transactions involving the Embassy of the Federal Republic of Yugoslavia, the Consulate-General of the Federal Republic of Yugoslavia, and Narodna Banka Jugoslavije (including...

Disclosure by unlisted mortgage and property schemes

Posted on July 08, 2008
ASIC has released consultation papers and draft regulatory guides aimed at improving disclosure to retail investors by unlisted mortgage schemes and unlisted property schemes. Consultation Paper 99 Mortgage schemes ? improving disclosure for retail investors(including the draft regulatory guide) Consultation...

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Disclosure of Management Expense Ratios to compare investments

Posted on July 08, 2008
In a recent speech the Minister for Superannuation & Corporate Law discussed the government's priorities for superannuation reform. He discussed the use of Management Expense Ratios as a comparison point between different types of investments including First Home Saver Accounts:...

ASIC v Dawson: no access to Multiplex whistleblower documents

Posted on July 07, 2008
In ASIC v P Dawson Nominees Pty Limited [2008] FCAFC 123 the Full Federal Court upheld ASIC?s objection to produce certain documents in relation to Multiplex Limited on the grounds of public interest immunity, namely that it would reveal the...

Garnaut Climate Change Review Draft Report

Posted on July 06, 2008
The Garnaut Review has released its Draft Report . The Draft Report provides the Review?s suggestions on the design of the emissions trading scheme and the emissions permits process (Chapter 15). The draft Report will be discussed at public forums...

Credit Union and Mutual Law

Posted on July 06, 2008
I have started a new blog on credit union and mutual law at http://www.djacobson.com/credit_union_and_mutual_l/ If you're interested, please have a look. You can subscribe to free updates of the blog as they occur by either adding the feed to your...

AML/CTF: what constitutes a reporting entity

Posted on July 06, 2008
Austrac has issued Public Legal Interpretation No. 4 of 2008 ? What constitutes a reporting entity (pdf). The purpose of the Public Legal Interpretation is to set out AUSTRAC?s views on the provisions of the Anti-Money Laundering and Counter-Terrorism Financing...

Consumer credit regulation to be transferred to Commonwealth

Posted on July 03, 2008
Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, has announced that the Commonwealth Government reached agreement with the States and Territories at the Council of Australian Governments (COAG) meeting in Sydney on 3 July, to assume responsibility...

Standardised business reporting

Posted on July 03, 2008
The Minister for Finance and Deregulation has announced that the Commonwealth and all of the states and territories have re-committed to supporting standardised business reporting (SBR). SBR is working to an aggressive timetable to ensure red tape is cut by...

COAG 3 July 2008 communique

Posted on July 03, 2008
The 3rd meeting of COAG since the Rudd Government was elected reflects its commitment to drive reform. The communique identifies the outcomes including: Leaders signed an agreement to end the fragmented and inconsistent approach to the protection of workers? occupational...

Disclosure by ADI's of capital and risk information: APS 330

Posted on July 01, 2008
From the current quarter (ending 30 September 2008) ADI's (banks, building societies, credit unions) will be required under APRA APS 330 (pdf) to disclose (depending on whether they are locally or foreign owned) a range of both quantitative (semi-annually) and...

What is a "charitable institution" for tax purposes?

Posted on July 01, 2008
It is important for not-for-profit organisations to be recognised as a charitable institution by the Tax Office in order to obtain income tax relief. The ATO recently funded a test case to clarify when "political" and public advocacy activity would...

Keep your trade marks current: Gallo v Lion Nathan

Posted on July 01, 2008
In E. & J. Gallo Winery v Lion Nathan Australia Pty Limited [2008] FCA 934 the Federal Court rejected a claim by Gallo that Lion Nathan's trade mark "Barefoot" in relation to a beer infringed its trade mark "Barefoot" in...

Copying other people's designs: a defendant wins

Posted on July 01, 2008
In Inform Design and Construction Pty Ltd v Boutique Homes Melbourne Pty Ltd [2008] FCA 912 the Federal Court rejected a copyright claim in house plans (see previous note on Barrett v Metricon). Kim Weatherall analyses the case in detail...

Federal Discrimination Law Online

Posted on June 30, 2008
The Human Rights and Equal Opportunities Commission has released FDL Online, the online version of Federal Discrimination Law (hard copy).

Announcement: Langes+

Posted on June 30, 2008
On 1 July 2008 I will form a new legal practice together with the existing partners of Langes Lawyers of Sydney. The new national law practice will be called Langes+ and will specialise in law for credit unions and mutuals...

ASIC issues guide on directors? share trading

Posted on June 29, 2008
ASIC has released a new guide, Regulatory Guide 193: Notification of directors? interests in securities ? listed companies (RG 193), which provides information on how directors of listed companies should comply with the disclosure requirements created by section 205G of...

ASIC supports FPA short statement of advice project

Posted on June 29, 2008
ASIC has supported the Financial Planning Association (FPA)'s efforts in releasing a 10-page example of a statement of advice (pdf), written in plain English and tested with consumers. ASIC published a short example statement of advice in August 2005 (refer...

Mutuals Code of Practice

Posted on June 29, 2008
Abacus has released the final draft Mutuals Code of Practice (pdf) together with copies of the submissions received by Abacus on its first draft and an explanatory document that summarises the major changes made to the original draft and the...

Schemes of arrangement review

Posted on June 26, 2008
CAMAC has published a discussion paper on Members? schemes of arrangement (pdf) Schemes of arrangement are a commonly used mechanism under the Corporations Act for achieving structural change within a company or a corporate group. They can be tailored to...

National Greenhouse and Energy Reporting System Regulations

Posted on June 26, 2008
From next Tuesday (1 July), businesses emitting large amounts of greenhouse gases will be required to monitor and measure the emissions ahead of reporting them to the Government by 31 October 2009. The National Greenhouse and Energy Reporting Regulations 2008...

Trade Practices Legislation Amendment Bill 2008

Posted on June 26, 2008
The Commonwealth Government has introduced into the Parliament the Trade Practices Legislation Amendment Bill 2008 to implement changes previously announced. The amendments will: ensure that victims of predatory pricing will not need to prove that the predator has the ability...

Capital management by ADI's

Posted on June 26, 2008
In this speech (pdf) Wayne Byres, Executive General Manager, Diversified Institutions Division Australian Prudential Regulation Authority, describes the regulatory issues affecting capital management for ADI's and its context.

ASIC insolvency report

Posted on June 26, 2008
ASIC has released a report (pdf) covering information gathered from corporate insolvencies between 2004 and 2007. In profiling insolvent companies the report notes that 82% of insolvencies were companies with less than 20 employees. The top 3 causes of company...

ACCC chairman speaks on reforms

Posted on June 25, 2008
In a speech to the National Press Club, Graeme Samuel has restated ACCC policy on cartel criminal prosecutions and competition reform.

Data security controls

Posted on June 25, 2008
The UK Financial Services Authority (FSA) has fined stockbroker Merchant Securities Group Limited (Merchant Securities) for not adequately protecting its customers from the risk of identity fraud. Merchant Securities had inadequate procedures for verifying the identities of customers that contacted...

Access to share registers and predatory share offers

Posted on June 24, 2008
David Tweed and his Direct Share Purchasing Corporation Pty Ltd have been involved in 2 decisions related to the practice of unsolicited direct offers to listed company shareholders to purchase shares below market price or over a long period or...

Report on shareholder engagement and participation

Posted on June 23, 2008
The Parliamentary Joint Committee on Corporations and Financial Services has released its report on shareholder engagement and participation. The Committee made specific recommendations in two categories: the efficacy and integrity of different voting mechanisms; that is, the vote lodgement and...

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