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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

Regulation of Direct Offshore Foreign Insurers ? Draft Regulations

Posted on May 29, 2008
On 8 April 2008, the Assistant Treasurer announced the limited exemption arrangements that would apply under the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007. The Assistant Treasurer also announced that data would be...

Mandatory Comparison Rates (MCR) Review

Posted on May 28, 2008
The Ministerial Council for Consumer Affairs (MCCA) has agreed to reform the scheme of Mandatory Comparison Rates in the Consumer Credit Code. There was in principle agreement to repeal the requirement to provide consumers with ?schedules? of comparison rates, while...

Consumer Credit Code update

Posted on May 27, 2008
The MCCA has agreed to refinements to the Consumer Credit Code. The amendments are intended to enhance the operation of the Consumer Credit Code by: Tightening current exemptions to the Code for short term credit and pawnbrokers ; Dealing with...

APRA Service Charter

Posted on May 27, 2008
The Australian Prudential Regulation Authority (APRA) has released the APRA Service Charter (pdf) which explains how APRA carries out its role and what those who deal with the prudential regulator can expect.

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First Home Saver Accounts Bills introduced

Posted on May 27, 2008
The Treasurer has introduced the 3 Bills that contains the legislation for First Home Saver Accounts: The First Home Saver Accounts Bill 2008, which establishes the accounts, provides for the payment of the Government contribution and governs their operation and...

Same-Sex Discrimination and Commonwealth superannuation schemes

Posted on May 27, 2008
Attorney-General Robert McClelland has introduced the Same-Sex Relationships (Equal Treatment in Commonwealth Laws ? Superannuation) Bill 2008 to remove same-sex discrimination from Acts governing Commonwealth superannuation schemes. The Bill makes amendments so that same-sex couples are no longer denied the...

Reserve Bank Review of settlement practices for Australian equities

Posted on May 26, 2008
The Reserve Bank has undertaken an extensive review of settlement practices in the Australian equity market (pdf). This review sets out some possible modifications to current arrangements in order to avoid the significant delays in the settlement of Australian equities...

Do Not Call Register update

Posted on May 25, 2008
ACMA has published details of registrations on the Do Not Call Register since its launch in May 2007. As at 30 April 2008, 2.27 million people had registered as not wishing to be called. ACMA is also inviting comment on...

Extension of time for licensing of foreign insurers

Posted on May 25, 2008
The Australian Prudential Regulation Authority (APRA) has announced that the deadline for foreign insurers wishing to apply for a licence to write business in Australia after 1 July has been extended. The application deadline will now be 30 June instead...

National business names registration scheme

Posted on May 24, 2008
Commonwealth, State and Territory Small Business Ministers have agreed in-principle to a national business names initiative which will establish a one-stop online shop for businesses to apply and pay for a national business name online through a single application covering...

Reform of Australia?s consumer product safety regulatory arrangements

Posted on May 24, 2008
The Ministerial Council on Consumer Affairs (MCCA) has agreed to implement significant reform of Australia?s consumer product safety regulatory arrangements, for the benefit of consumers and businesses. (see the communique) The reforms will: remove legal uncertainty for businesses operating across...

Pocket Guide to the Australian Tax System

Posted on May 24, 2008
Treasury has issued a pocket guide which provides notes on the breakdown between Commonwealth Government, State and Local Government tax revenue, the tax breakdown, major tax expenditures, history of tax instruments, income tax rates, GST and excise rates.

Australia and the sub-prime crisis

Posted on May 24, 2008
John Edwards Chief Adviser, Financial markets, Macroeconomic Group, The Treasury has given a speech entitled "The Sub Prime Mortgage Meltdown Origins, Trajectories and Regional Implications - Australia's experience in the sub prime crisis" discussing how the sub-prime crisis affected Australia...

Treasury and ASIC to review regulation of credit rating agencies

Posted on May 22, 2008
Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, has announced that he has asked the Treasury with the Australian Securities and Investment Commission (ASIC), to review the regulation of credit rating agencies (CRAs) and research houses in...

ASIC acts on insurance advice by Hallmark and debt collection by GE Money

Posted on May 22, 2008
ASIC has taken action over the insurance sales practices of GE Money's Hallmark companies and the debt collection practices of the GE Money consumer credit businesses. Hallmark insurance advice licence conditions imposed ASIC has imposed additional conditions on the Australian...

High Court's first decision on GST: GST payable on forfeited deposit

Posted on May 22, 2008
In Commissioner of Taxation v Reliance Carpet Co Pty Limited [2008] HCA 22 the High Court decided that GST was payable on the deposit on a real estate sale which was forfeited to the seller when the seller terminated the...

Plain language in legislative drafting

Posted on May 22, 2008
If you've ever wondered how our laws are drafted, the Office of Parliamentarty Counsel has issued several guides here. Note the use of "plain language", not "plain English". The USA has passed the Plain Language in Government Communications Act. See....

Securities markets, stockbrokers and ASIC

Posted on May 22, 2008
In Securities markets, participants and ASIC (pdf) Tony D'Aloisio, Chairman Australian Securities & Investments Commission, defends ASIC's role as an effective regulator in the recent market turmoil: "While the issues which have arisen in the market have required ASIC taking...

National Health Workforce Registration and Accreditation Scheme

Posted on May 21, 2008
The Council of Australian Governments (COAG) at its meeting of 26 March 2008 signed an Intergovernmental Agreement on the health workforce. This agreement will create a single national registration and accreditation system for nine health professions: medical practitioners; nurses and...

ASIC approves Financial Ombudsman Service

Posted on May 20, 2008
ASIC has approved the new Financial Ombudsman Service (FOS). FOS will represent the merger of the three biggest complaints schemes operating in the financial services industry ? the Financial Industry Complaints Service (FICS), the Banking and Financial Ombudsman Service (BFSO)...

Review of Australia's Foreign Source Income Tax Rules

Posted on May 20, 2008
The Board of Taxation has released the Board's issues papers on possible reforms to Australia's foreign source income anti-tax-deferral regimes (the controlled foreign company rules, the foreign investment fund rules, the transferor trust rules and the deemed present entitlement rules).

Review of APRA Prudential Decisions

Posted on May 17, 2008
The Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008 has been passed. The Act reforms review mechanisms for administrative decisions made by the Australian Prudential Regulation Authority (APRA). (The Bill is here) The Act includes measures to: Introduce...

Farm management deposit scheme

Posted on May 17, 2008
The tax law relating to farm management deposits will be amended to remove a current minor inconsistency so that an eligible primary producer can also access the tax benefits of withdrawing their farm management deposit early when: the primary producer...

AML/CTF Act and Australian financial services licence holders

Posted on May 15, 2008
AUSTRAC has released Public Legal Interpretation 2 of 2008 (pdf) which provides AUSTRAC?s legal view of the meaning and scope of item 54 of table 1 in section 6 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. In particular...

Government releases draft Personal Property Securities Bill

Posted on May 15, 2008
Attorney-General Robert McClelland has released a draft of a Commonwealth Bill for personal property securities (PPS). It will replace over 70 pieces of Commonwealth, State and Territory law. PPS involves taking a security interest in all types of property other...

ASIC extends disclosure relief for rights issues

Posted on May 15, 2008
ASIC has released Regulatory Guide 189: Disclosure relief for rights issues (RG 189). This regulatory guide explains the relief ASIC has given in Class Order (CO 08/35) Disclosure relief for rights issues. This includes relief: for accelerated offers to institutions;...

Review of Australia?s tax system

Posted on May 14, 2008
Treasury has released the terms of reference for the review of Australia?s tax system confirmed by the Treasurer in his Budget speech. The review will encompass Australian Government and State taxes, except the GST, and interactions with the transfer system...

Register of Lobbyists finalised

Posted on May 14, 2008
Lobbyists must register on the Commonwealth's Register of Lobbyists. A lobbyist is defined in clause 3 of the Lobbying Code of Conduct to mean a person, company or organisation who conducts lobbying activities on behalf of a client or whose...

Budget details for business

Posted on May 13, 2008
The Budget details have been released. The thrust of the Budget is delivery of election announcements; the Budget reveals the conditions and costings. Worth noting from the Treasurer's speech: Supporting business Mr Speaker, the Government supports the aspirations of Australian...

Australian Government Budget 2008-09

Posted on May 11, 2008
The 2008-09 Budget Papers will be available after 7:30 pm, Tuesday 13 May 2008 from www.budget.gov.au and from Department of Finance and Deregulation, Australian Taxation Office, australia.gov.au and Parliament of Australia. Treasurer Wayne Swan's interview with Laurie Oakes yesterday foreshadowed...

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