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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

APRA refinements to the general insurance prudential framework

Posted on June 23, 2008
The Australian Prudential Regulation Authority (APRA) has released its final general insurance refinements package following extensive industry consultation over the past year. The finalised package includes a response paper, prudential standards and prudential practice guides...

NAB 2004 foreign currency case study

Posted on June 19, 2008
The NAB board drama in 2004 following the discovery of forex losses must seem like ancient history: I was talking to a journalist recently about Societe Generale and mentioned the NAB events and he'd never heard of it! So in...

ACCC v Pratt

Posted on June 19, 2008
The ACCC has issued criminal proceedings against Richard Pratt in the Federal Court. The matter is listed for first directions on 7 July. ABC News reports that the matter relates to the previous ACCC v Visy action in which Visy...

Review of photo and film copying (format-shifting) law

Posted on June 18, 2008
A review of sections 47J and 110AA of the Copyright Act 1968 governing the private copying of films and photographs has recommended that no changes be made to current copyright law for the time-being. Sections 47J and 110AA of the...

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Compliance culture at Sun: the pursuit of courage

Posted on June 17, 2008
How do you know whether an organisation has a commitment to a compliance culture? You talk to the CEO and other executives, video-record it and publish it to all 30,000 staff and make it public. That is what Sun did...

National Employment Standards

Posted on June 16, 2008
As a first step in modernising Australia's awards the Government has released the new National Employment Standards (NES) (pdf). The NES will come into effect on 1 January 2010. The NES will apply to all employees in the Federal system...

ACCC proposes revocation of eBay section 47 exclusive dealing immunity

Posted on June 15, 2008
The Australian Competition and Consumer Commission has issued a draft notice proposing to revoke an exclusive dealing notification lodged by eBay International A.G. under section 47 Trade Practices Act. Under the notification, eBay proposes to mandate the use of PayPal...

Equine Influenza Inquiry and AQIS Compliance system

Posted on June 15, 2008
The Equine Influenza Inquiry Report is a useful case study of the breakdown of an organisation's compliance and risk management framework. Page xxii describes AQIS as an "an organisation that lacked clear lines of communication between those responsible for formulating...

Cross border recognition by Australia: Facilitating access to overseas markets and financial services

Posted on June 15, 2008
The Treasury and ASIC have issued a joint consultation paper, Cross border recognition: Facilitating access to overseas markets and financial services. The consultation paper invites comment on proposals for cross border recognition of financial markets, financial services and disclosure about...

Australia-New Zealand fund raising

Posted on June 14, 2008
Australia and New Zealand have commenced an arrangement that will smooth the way for businesses to raise capital and for the public to invest with greater ease in both countries. The Agreement on the Mutual Recognition of Securities Offerings allows....

Societe Generale Inspection Report

Posted on June 14, 2008
An English translation of the "Mission Green" Report (pdf) concerning the fraud committed by J�r�me KERVIEL (JK), Societe Generale trader on the Turbo warrants market within SG's equity derivatives division has been published. In summary the Report concludes that the...

CAMAC report: Long?tail liabilities: the treatment of unascertained future personal injury claims.

Posted on June 14, 2008
CAMAC has published its report Long?tail liabilities: the treatment of unascertained future personal injury claims (pdf). The report puts forward proposals to improve the position of potential personal injury claimants whose claims against a company may not emerge for a...

Equine Influenza Inquiry

Posted on June 12, 2008
Federal Minister for Agriculture, Fisheries and Forestry Tony Burke has released the report of the inquiry into the equine influenza outbreak in Australia in August 2007, conducted by the Hon. Ian Callinan AC, along with the Federal Government?s response...

Prudential requirements for First Home Saver Accounts

Posted on June 11, 2008
The Australian Prudential Regulation Authority (APRA) has released a consultation package relating to the authorisation and prudential oversight of providers of First Home Saver Accounts (FHSAs). It is intended that FHSAs can be offered from 1 October 2008...

Inquiry into competition in the banking and non-banking sectors

Posted on June 08, 2008
On 3 June 2008 the Treasurer the Honourable Wayne Swan MP, asked the House of Representatives Standing Committee on Economics to inquire into and report on Competition in the banking and non-banking sectors. The inquiry will pay particular attention to...

Who owns employee inventions?

Posted on June 05, 2008
In University of Western Australia v Gray (No 20) [2008] FCA 498 the Federal Court of Australia rejected a claim by the University that ownership of an invention relating to cancer treatment belonged to it and not its employee who...

The Preliminary Conclusions of the Payments System Review

Posted on June 05, 2008
In a speech on 4 June Philip Lowe Reserve Bank Assistant Governor (Financial System) outlined the Reserve Bank's approach to payment system reforms, particularly the EFTPOS system and improving choice for cardholders.

Coercive Information-gathering Powers of Government Agencies

Posted on June 04, 2008
The Coercive Information-gathering Powers of Government Agencies report by the Administrative Review Council focuses on the powers granted to Government agencies for compelling the provision of information, the production of documents, and the answering of questions...

Australia responds to Financial Stability Forum

Posted on June 02, 2008
The Treasurer has outlined Australia's response to the recommendations of the Financial Stability Forum Report on enhancing the resilience of financial markets and financial institutions. He has released a table which highlights action that Australian financial authorities, namely the Australian...

Financial Claims Scheme to protect depositors

Posted on June 02, 2008
The Treasurer has announced the Government's intention to introduce legislation to establish a Financial Claims Scheme (FCS)to assist depositors and policyholders in the event that an authorised deposit?taking institution (ADI) or general insurer fails...

No change to banking "Four Pillars"

Posted on June 02, 2008
The Treasurer has announced that the Rudd Government will maintain the existing Four Pillars policy for the banking sector. "Accordingly, whatever may be the outcome of the banking merger now under consideration [ie between Westpac and St.George] , the Rudd...

Green Paper on Financial Services and Credit Reform

Posted on June 02, 2008
Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, has released a Green Paper on Financial Services and Credit Reform. The Green Paper outlines options for the Commonwealth and states to transfer the remaining financial services regulation from...

Australia's financial services regulatory framework: Part 2

Posted on June 02, 2008
This is Part 2 of an edited version of a recent article I wrote for Complinet. (see here for Part 1). This part reviews announced reforms.

Australia's financial services regulatory framework

Posted on June 02, 2008
UK-based compliance resource Complinet is expanding its Asia-Pacific focus and asked me to write an analysis that would assist their foreign customers as well as Australian-based companies. What started out as a 1500 word article ended up as more than...

Simplifying superannuation advice

Posted on June 01, 2008
The Financial Services Working Group, a joint initiative of Treasury, the Department of Finance and Deregulation and the Australian Securities and Investments Commission to look at key issues associated with financial product disclosure and advice, has released a consultation paper...

AML draft customer identification disclosure certificates

Posted on June 01, 2008
Austrac has released draft AML/CTF Rules for disclosure certificates (pdf) relevant to applicable customer identification procedures The purpose of these draft AML/CTF Rules is to set out the required contents for disclosure certificates, relevant to Part B of a standard,...

Managed investment schemes top 20 member notification changed

Posted on June 01, 2008
Corporations Amendment Regulations 2008 (No. 1) has been introduced to remove the requirement for managed investment schemes to notify the Australian Securities and Investments Commission (ASIC) of their top 20 interest holders each year, as part of the annual review...

Service Entity Arrangements

Posted on June 01, 2008
The ATO has issued answers to Frequently Asked Questions on Service Entity Arrangements with special reference to medical practices. This follows the end of the review period after the release of the Tax Office guide titled Your service entity arrangements...

Privacy Commissioner publishes case notes 1 - 7 for 2008

Posted on May 29, 2008
The Privacy Commissioner has released the first case notes for 2008. In A v Private School [2008] PrivCmrA 1 the OFPC found that a private school was entitled to refuse access to certain documents held by it relating to an...

Code of Banking Practice Review

Posted on May 29, 2008
The Independent Reviewer has published an Issues Paper(pdf) which outlines draft recommendations on changes to the Code of Banking Practice. The recommendations include a recommendation that a general principle of responsible lending be included in the set of guiding principles...

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