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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

Draft AML/CTF Rule: issuing or selling a security or derivative

Posted on April 03, 2008
A revised draft rule relating to item 35 of table 1 in section 6 of the AML/CTF Act has been released for further comment. The consultation period is open from 3 April 2008 to 10 April 2008.

APRA finalises key general insurance refinements proposals

Posted on April 02, 2008
The Australian Prudential Regulation Authority (APRA) has released the final draft version of the proposed general insurance refinements package following industry consultation. There will be a short period of consultation on the related amendments to draft prudential standards when they...

Online financial services disclosures

Posted on April 02, 2008
ASIC has released a Consultation Paper (pdf) proposing to facilitate disclosure of financial services information through email and the internet as part of the Retail Investor Taskforce work to improve access to such information. ASIC is proposing relief to enable...

Workplace Relations Act

Posted on April 02, 2008
An updated consolidated Workplace Relations Act incorporating the changes made by the Workplace Relations Amendment (Transition to Forward with Fairness) Act 2008 is available here.

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ASIC issues report on relief applications - September to November 2007

Posted on April 01, 2008
The Australian Securities and Investments Commission (ASIC) has released a report outlining its recent decisions on applications for relief from the corporate finance, financial services and managed investment provisions of the Corporations Act (the Act) between 1 September and 30...

Component pricing

Posted on March 31, 2008
The Minister for Competition Policy and Consumer Affairs, the Hon Chris Bowen MP, has announced that the Government will proceed with amendments to the Trade Practices Act 1974 (TPA) relating to component pricing in advertising to consumers to ensure consumers...

Australia-USA securities and financial services mutual recognition

Posted on March 31, 2008
U.S. Securities and Exchange Commission Chairman Christopher Cox and Australian Prime Minister Kevin Rudd have announced that the SEC, the Australian Securities and Investment Commission (ASIC) and the Australian Treasury Department have begun formal discussions to consider a mutual recognition...

ASIC announces financial reporting relief

Posted on March 31, 2008
The Australian Securities and Investments Commission (ASIC) has announced a number of changes to Class Order 98/1418 Wholly-owned entities, which provides certain wholly-owned subsidiaries with relief from the requirement to prepare financial reports...

Reserve Bank Financial Stability Review: Crisis Management Arrangements

Posted on March 30, 2008
The Reserve Bank's March 2008 Financial Stability Review gives an overview of the global financial environment and Australia's financial system concluding with a discussion of crisis management arrangements, ADIs? liquidity management policies and proposed regulation of mortgage brokers...

Standing Committee of Attorneys?General Decisions - March 2008

Posted on March 30, 2008
The Standing Committee of Attorneys?General has agreed to give priority to nationally consistent regulation and co-operation in the following areas: Interstate Enforcement of Fines Workplace Privacy Personal Property Securities Law Reform Tort Law ? Proportionate Liability Accession to Hague Convention...

APRA's view on securitisation of assets for contingent liquidity purposes

Posted on March 30, 2008
APRA has written to ADI's giving its view on ADIs seeking to securitise a portion of their loan portfolio specifically to create mortgage-backed securities that are eligible for repurchase agreement (repo) transactions with the Reserve Bank of Australia (RBA)...

High Court decides in favour of internet and interstate trade

Posted on March 29, 2008
In Betfair Pty Limited v Western Australia [2008] HCA 11 the High Court decided that Western Australian legislation outlawing the operation of betting exchanges was unconstitutional because it imposed protectionist burdens on interstate trade and therefore contravened section 92 of...

AFS licensees: compensation requirements

Posted on March 29, 2008
ASIC has issued a reminder to Australian financial services licensees that the compensation requirements in s912B of the Corporations Act 2001 commence, for most licensees, on 1 July 2008. Many licensees will comply with these requirements by obtaining professional indemnity...

Winding up statutory demand dates are critical

Posted on March 27, 2008
In times of uncertainty, more company winding-up notices (statutory demands) are issued. Failure to comply results in a presumption of insolvency. So the High Court's decision in Aussie Vic Plant Hire Pty Ltd v Esanda Finance Corporation Limited [2008] HCA...

Liquidity in the Australian mortgage-backed securities market: is it time for AussieMac?

Posted on March 27, 2008
Joshua Gans and Christopher Joye from the Melbourne Business School argue that the markets for primary residential mortgage-backed securities in Australia are not operating efficiently. "Under our proposal, the Commonwealth would guarantee the credit worthiness of an Australian government agency,...

AWB Class Action update

Posted on March 27, 2008
AWB Ltd has announced that the class action filed on behalf of US wheat growers against the company has been dismissed by the US District Court for the Southern District of New York. ABC News reports that the Judge dismissed...

AML/CTF compliance reporting

Posted on March 27, 2008
The first compliance reports (for the period from 13 December 2006 to 31 December 2007) are due by Monday 31 March. These reports are mandatory and will be important guidance for Austrac on the success of its education program and...

Financial Action Task Force Report on Terrorist Financing

Posted on March 26, 2008
The Financial Action Task Force (FATF) is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing. The FATF has released a study (pdf) examining the means used...

COAG Regulatory Reform Agenda

Posted on March 26, 2008
The Council of Australian Governments (COAG) meeting in Adelaide on 26 March 2008 focussed on health, water, regulatory reform and the broader productivity agenda. COAG has agreed to an accelerated business regulation reform agenda across 27 areas of regulatory reform,...

Copying other people's designs (update)

Posted on March 24, 2008
I previously noted some recent cases on design copyright infringement, including Barrett v Metricon. In Barrett Property Group Pty Ltd v Carlisle Homes Pty Ltd [2008] FCA 375 the Federal Court has upheld Barrett's claim that Carlisle has infringed their...

Parliament in recess until Budget

Posted on March 23, 2008
Commonwealth Parliament is in recess and will resume on Tuesday 13 May for the Budget.

Clarke and Dawe explain the economy

Posted on March 23, 2008
According to satirists Clarke and Dawe, there's no case for more regulation to deal with the current problems. Watch the video. PS On a more serious note academics Christine Brown and Kevin Davis analyse the effect of the sub-prime epidemic...

Legal and Economic Issues in Subprime Litigation

Posted on March 23, 2008
Harvard Law School has published an article on Legal and Economic Issues in Subprime Litigation by Jennifer E. Bethel, Allen Ferrell and Gang Hu which explores the economic and legal causes and consequences of recent difficulties in the US subprime...

Emissions Trading Scheme Discussion Paper

Posted on March 20, 2008
The Garnaut Climate Change Review has released a discussion paper putting forward for community discussion a set of principles and design features for the delivery of an efficient and effective Emissions Trading Scheme (ETS). An ETS has two types of....

Workplace Relations Amendment (Transition to Forward with Fairness) Act passed

Posted on March 19, 2008
The Workplace Relations Amendment (Transition to Forward with Fairness) Act 2008 was passed by Parliament on 19 March. (consolidated Workplace Relations Act not available yet). The Senate Education, Employment and Workplace Relations Committee delivered its report on the Bill on...

ASIC grants relief for share and interest sale facilities

Posted on March 18, 2008
ASIC has announced class order relief from provisions of the Corporations Act to facilitate the operation of certain share and interest sale facilities. This relief is provided in ASIC Class Order CO 08/10 Share and interest sale facilities and explained...

Self-managed superannuation fund regulation and governance

Posted on March 11, 2008
In a speech to the SMSF Professionals Association of Australia conference, Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, discussed the Government's priorities over the coming year for the whole sector and highlighted the Government?s concern that...

Greenhouse gas emissions in transport, land-use and buildings

Posted on March 11, 2008
The Garnaut Climate Change Review has released Issues Paper 5 - Transport, planning and the built environment . Submissions in response to Issues Paper 5 are due by 11 April 2008. The paper focusses on barriers to the adoption of...

APRA and ASIC release new online reporting system for dual-regulated institutions

Posted on March 10, 2008
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released a new online breach reporting system for dual-regulated institutions. The online system simplifies the process for regulated institutions to report breaches, and prospective breaches,...

New privacy guidance to assist private health service providers

Posted on March 10, 2008
The Australian Privacy Commissioner, Karen Curtis, has issued new privacy guidance materials for medical practitioners and other health service providers and the public. The guidance materials consist of five information sheets for healthcare in the Australian private sector, and seven...

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