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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

Nine wins Ice TV appeal

Posted on May 10, 2008
In Nine Network Australia Pty Limited v IceTV Pty Limited [2008] FCAFC 71 the Federal Court of Australia Full Court allowed Nine's appeal against the original decision (discussed here) which permitted Ice to reproduce Nine's TV schedules in electronic form...

ASIC announces results of its strategic review

Posted on May 08, 2008
The Australian Securities and Investments Commission (ASIC) has announced it has completed a strategic review. The key changes ASIC is making in order to be closer to the market and to take emerging trends into account more quickly are: additional...

APRA releases research on superannuation fund governance

Posted on May 08, 2008
The Australian Prudential Regulation Authority (APRA) has released the results of its recent research on the governance practices of APRA-regulated superannuation funds (pdf). The research, based on a detailed survey of superannuation trustees, found that there was little difference between...

National Rental Affordability Scheme - technical paper released

Posted on May 07, 2008
The National Rental Affordability Scheme is due to commence on 1 July 2008. The Government has released a Technical Discussion Paper on the planned operation of the National Rental Affordability Scheme (NRAS). The Technical Paper outlines the key features of...

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Productivity Commission Report on Consumer Policy: consumer protection law and product safety

Posted on May 07, 2008
The Minister for Competition Policy and Consumer Affairs, Chris Bowen MP, has released the Productivity Commission's final report of the Review of Australia's Consumer Policy Framework. The Productivity Commission's key recommendations include: a single national generic consumer law, based on...

Garnaut Review climate change update

Posted on May 06, 2008
The Garnaut Review's draft report will be released by 30 June 2008, The interim report, issues papers and background and discussion papers can be found here.

AML and securities

Posted on May 05, 2008
The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2008 (No. 2) (pdf) sets out exemptions for entities Issuing or selling a security or derivative provided one of the following conditions apply: the service is a disposal of a security...

Queensland consumer credit interest rate capped

Posted on May 04, 2008
The Consumer Credit (Queensland) and Other Acts Amendment Bill was passed by the Queensland Parliament on 1 May 2008. Background

Competing rights on insolvency: share lending agreement

Posted on May 04, 2008
in Beconwood Securities Pty Ltd v Australia and New Zealand Banking Group Limited [2008] FCA 594 the Federal Court had to decide on the competing rights of a lender (Beconwood) and a borrower (Green Frog, a part of the now...

Trade Practices Act amendments

Posted on May 01, 2008
Treasury has released the Exposure Draft (Misuse of Market Power and related Provisions) to implement the changes announced by the Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, the Hon Chris Bowen MP to section 46 of the...

April 2008 podcast

Posted on May 01, 2008
In this month's podcast (click here to listen) I discuss 2 topics: Directors' duties in times of economic uncertainty (see also section 180(2) Corporations Act) Nikolich's case and the effect of HR policies The podcast goes for 9 mins, 23...

AML record-keeping rule

Posted on April 30, 2008
New anti-money laundering and counter-terrorism financing rules have been made to update the record keeping obligations of reporting entities. The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2008 (No. 1) set out the conditions under which a reporting entity...

APRA's Ratings and Supervisory Systems

Posted on April 30, 2008
APRA has released details of its systems for monitoring entities regulated by it: the Probability and Impact Rating System (PAIRS) and the Supervisory Oversight and Response System (SOARS) . The Probability and Impact Rating System (PAIRS)(pdf) is APRA s risk...

Regulation of Direct Offshore Foreign Insurers - Draft Regulations

Posted on April 29, 2008
Treasury has released draft regulations setting out the details of the exemption provisions for licensing of foreign insurers announced on 8 April. Submissions close on 19 May 2008.

Legislation to remove same-sex discrimination

Posted on April 29, 2008
The Attorney-General Robert McClelland has announced that the government will introduce legislation to remove same-sex discrimination from a wide range of Commonwealth laws . This reform follows the 2007 report of HREOC, Same-Sex: Same Entitlements, which focussed on financial and...

APRA prohibits "covered bonds" by ADI's.

Posted on April 28, 2008
APRA has confirmed its prohibition of covered bonds. Covered bonds are secured ADI funding structures whereby an ADI issues debt instruments in conjunction with a cover pool of the ADI?s assets, which are held by the ADI or in a...

Corporate Governance In Today's Volatile Market Condition

Posted on April 28, 2008
The Minister for Superannuation and Corporate Law's speech on Corporate Governance In Today's Volatile Market Condition summarises the government's caution about further regulation as a response to the sub-prime crisis: "on the whole, our robust financial system has coped extremely...

ACCC report on anti-competitive practices by health funds or providers

Posted on April 28, 2008
The ACCC has released its 2006-2007 report to the Senate of ?any anti-competitive practices by health funds or providerswhich reduce the extent of health cover for consumers and increase their out-of-pocket medical and other expenses?. The report covers: Portability of...

Takeovers Panel rejects claim in respect of bank share securities

Posted on April 28, 2008
In the matter of BioProspect Limited 02 [2008] ATP 6 the Takeovers Panel refused to declare unacceptable circumstances under the takeover provisions of the Corporations Act. The ANZ Bank had failed to lodge any substantial holder notice in relation to...

Predatory pricing and other Trade Practices Act small business amendments

Posted on April 27, 2008
As foreshadowed earlier this year, the Rudd Government has announced a package of measures to further amend the Trade Practices Act 1974 including the predatory pricing amendments passed late last year The Government?s amendments will: ensure that victims of predatory...

.au domain name registration and transfers policy

Posted on April 26, 2008
A new policy on transfers of .au domain names will take effect on 1 June 2008. auDA (the Australian Domain Name Administrator) has announced that key features of the new policy are as follows: it will not be allowable to...

ASIC reports on the implementation of the new debenture regulatory measures

Posted on April 23, 2008
ASIC has released a report (Report 127: Debentures ??? Improving disclosure for retail investors) presenting the findings of a review into disclosures made by each of the unlisted, unrated debenture issuers against the new disclosure regime. The disclosures are based...

Disqualification under APRA Administered Legislation

Posted on April 23, 2008
APRA has released notes from a presentation on Disqualification under APRA Administered Legislation by its General Counsel. The presentation focusses on the new procedures under the The Financial Sector Legislation Amendment (Review of Prudential Decisions) Bill 2008 which is expected...

Annual Review of Regulatory Burdens on Business ? Manufacturing & Distributive Trades

Posted on April 23, 2008
The Productivity Commission has published an issues paper to assist those preparing submissions to its review of regulatory burdens on manufacturing and the distributive trades. Schedule B lists the areas of concern in its last review. These include: Food Therapeutic...

Annual Review of Regulatory Burdens on Business ??? Manufacturing & Distributive Trades

Change to foreign investment policy for the development of commercial land

Posted on April 22, 2008
The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, Chris Bowen MP, has announced that the Rudd Government will change the foreign investment policy to extend the timeframe for the development of vacant commercial land from 12 months...

Bank of England Special Liquidity Scheme

Posted on April 22, 2008
Although there are newspaper reports (The Australian) of the Reserve Bank of Australia buying mortgages to provide market liquidity it has not published details apart from Glenn Steven's recent speech. In England, the Bank of England has announced a scheme...

Board communication in times of uncertainty

Posted on April 21, 2008
I gave a presentation to a board of directors last night on issues arising from the sub-prime crisis and the credit crunch. I made the observation that in times of uncertainty it was important for directors to pay close attention...

Reserve Bank?s review of Australia's payments system interchange fees

Posted on April 21, 2008
The Reserve Bank has released the preliminary conclusions of the 2007/08 review (pdf) of the payments system reforms undertaken by the Payments System Board. In respect of the regulation of interchange fees, the Board?s view is that further changes to...

Reserve Bank???s review of Australia's payments system interchange fees

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