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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

Financial stability and and depositor protection in England (after Northern Rock)

Posted on February 07, 2008
The English Chancellor of the Exchequer has issued a consultation paper Financial stability and depositor protection: strengthening the framework (pdf) outlining proposals to strengthen the current framework for financial stability and depositor framework in the England...

Streamlining tax law changes

Posted on February 07, 2008
The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, the Hon Chris Bowen MP, has announced the appointment of a Tax Design Review Panel that will be charged with examining how to reduce delays in the enactment of...

Saying Sorry and the Bringing Them Home Report

Posted on February 07, 2008
The Parliamentary Library has published a Background Note ?Sorry: the unfinished business of the Bringing Them Home report'. The note provides a useful summary of the Bringing Them Home report recommendations relating to an apology and compensation as well as...

Rights of persons with disabilities

Posted on February 06, 2008
The Australian Government has issued an invitation to participate in its consultation on a National Interest Analysis (NIA) to enable it to make an informed decision on whether or not to ratify The United Nations Convention on the Rights of...

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Financial Services Working Group: disclosure documents review

Posted on February 05, 2008
The Minister for Superannuation and Corporate Law, Senator the Hon Nick Sherry and the Minister for Finance and Deregulation, the Hon Lindsay Tanner MP, have announced the formation of a Financial Services Working Group dedicated to looking at the current...

Statement by Reserve Bank Governor on monetary policy

Posted on February 05, 2008
A Statement by Reserve Bank Governor Glenn Stevens on monetary policy was released on 5 February. In part, he said: "sentiment in international capital and equity markets remains fragile. In Australia, financial intermediaries have passed on higher costs to their...

Margin lending regulation

Posted on February 05, 2008
The failure of broker Tricom last week to settle trades on time as a result of liquidity difficulty due to its margin lending activity has reportedly prompted the Australian Securities Exchange (ASX) to review margin lending (ie borrowing to buy...

Will market regulation be discussed at the 2020 Summit?

Posted on February 05, 2008
Regulation doesn't get a specific session at Australia 2020 summit but long-term market observers must be wondering whether there is something that can be done to stop the de-regulation/re-regulation cycle.

Misleading advertising: carbon offset claims

Posted on February 05, 2008
Following its action against Saab Australia and previous warnings about green claims, the ACCC has released an Issues Paper relating to determining how carbon offset claims by businesses can comply with the Trade Practices Act. The Paper looks at examples...

Greenhouse gas emissions and energy reporting policy paper

Posted on February 03, 2008
The Australian Government has released the Greenhouse and Energy Reporting System, Regulations Policy Paper on mandatory corporate reporting of energy and greenhouse gas emissions data. The policy paper outlines proposed approaches to detailed reporting requirements for a national framework for...

High Court Alinta takeover reasons published

Posted on February 03, 2008
The High Court has published its reasons for its decision in Attorney-General (Cth) v Alinta Limited [2008] HCA 2 (originally announced on 13 December 2007) that section 657A(2)(b) of the Corporations Act was not invalid for purporting to confer the....

Compliance toolkit

Posted on February 03, 2008
The Compliance Toolkit has quick links to up to date source material on Corporations Act amendments, anti-money laundering, the Privacy Act, Do Not Call Register, Trade Practices Act and other compliance requirements.

Queensland Freedom of Information Review

Posted on January 30, 2008
The Freedom of Information Independent Review Panel has released a discussion paper reviewing Queensland's Freedom of Information (FOI) laws. The discussion paper is intended to raise the major issues that will be considered by the Panel in recommending ways to...

Borrowing by superannuation funds

Posted on January 30, 2008
The Australian Financial Review has reported industry concern that a recent amendment to the Superannuation Industry (Supervision) Act 1993 (SIS Act) may have gone too far (story not available online). The change late last year introduced a new exception to...

Privacy Commissioner calls for mandatory reporting of major data security breaches

Posted on January 29, 2008
The Australian Privacy Commissioner, Karen Curtis, has called for compulsory notification of major data security breaches by Australian organisations. In a submission by her Office to the Australian Law Reform Commission (ALRC) in response to its Discussion Paper 72: �Review...

AML checklist for small business

Posted on January 29, 2008
Austrac has produced an AML/CTF checklist for small business. Although the AML/CTF Act does not differentiate between the size of regulated entities, Austrac may consider the issue when deciding whether reasonable steps to comply have been taken in the context...

Societe Generale: rogue trader or poor systems?

Posted on January 29, 2008
Apart from the size of the loss (about ?4.9 billion (US $7.2 billion)) attributed to the Societe Generale rogue trader J�r�me Kerviel, the most interesting aspect of the affair is the speculation over whether the Societe Generale Bank's systems were....

Risk issues for 2008

Posted on January 28, 2008
Although we are starting the year with market uncertainty and credit tightening because of the sub-prime mortgage crisis, the larger issue is business judgment. How good are the risk management and decision-making processes of organisations which cannot calculate or understand...

Equine Influenza Inquiry

Posted on January 28, 2008
The inquiry into the outbreak of equine influenza in Australia in August of 2007 has been in progress since October 2007. Hearings are expected to be completed in late February 2008. The report is to be provided to the government...

AML and managed investment schemes

Posted on January 28, 2008
Austrac has announced that it is anticipated that regulations will take effect from late January 2008, designed to ensure that companies who carry on a business of issuing or selling interests in managed investment schemes are providing a designated service...

NSW Government report on National Industrial Relations System

Posted on January 24, 2008
The NSW Government has released Working Together: Inquiry into Options for a New National Industrial Relations System (pdf) by Professor George Williams. The report is the result of an Inquiry to develop options for a national system for the regulation...

Mistaken electronic payments

Posted on January 24, 2008
What are your rights when your online funds transfer is credited to the wrong financial institution account (ie an account with a different account owner or account number than intended)? The Banking Ombudsman discussed difficulties in recovering Internet banking payments...

Contact details for MP's

Posted on January 24, 2008
A list of contact details for Members of the House of Representatives in the 42nd Parliament is here (pdf).

Good practices in board-shareholder relations

Posted on January 23, 2008
In recent years shareholder groups (such as the Australian Shareholders Association) have been increasingly vocal in expressing their views on issues traditionally (and legally) reserved for board and management. Is it time for a re-balancing of the board-shareholder relationship? Ira...

Copyright review

Posted on January 22, 2008
The Government has released an Issues Paper (pdf)calling for submissions on whether sections 47J and 110AA of the Copyright Act 1968 which permit photographs and cinematograph films to be reproduced in a different format for private use, subject to certain...

Member register access: AXA v Direct Share Purchasing Corporation Pty Ltd

Posted on January 22, 2008
Last year I wrote about member register access in the context of activity by David Tweed and his associated companies including Direct Share Purchasing Corporation and National Exchange Pty Ltd. In AXA Pacific Holdings Ltd and Anor v Direct Share...

ACCC inquiry into grocery prices

Posted on January 22, 2008
The Government has directed the Australian Competition and Consumer Commission to commence a formal inquiry into grocery prices. The Government has instructed the ACCC to take a broad approach to its inquiry and ensure all aspects of the chain are...

Product development, misleading advertising and regulatory compliance

Posted on January 20, 2008
Why is it so hard for some businesses to accurately advertise their products? Are they too complex or is the advertising not checked? Last week the ACCC issued proceedings for misleading advertising against Crazy John's (in respect of mobile phones)....

Graeme Samuel speaks

Posted on January 17, 2008
If you're in Brisbane on Wednesday 20 February, don't miss the opportunity to hear Graeme Samuel, Chair of the ACCC speak about current issues at the ACCC and the Rudd Government?s plan to enhance Australia?s competition laws. To book for...

AML/CTF draft rule: over-the-counter derivatives market

Posted on January 17, 2008
Austrac has issued draft AML/CTF Rules exempting certain types of transactions relating to the over-the-counter derivatives market (pdf). These draft AML/CTF Rules relate to the exemption from the AML/CTF Act of transactions relevant to the over-the-counter derivatives market in Australia...

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