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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

The Fair Work Act unfair dismissal provisions and small businesses

Posted on January 03, 2011
An employee is eligible to make an application for unfair dismissal if they have completed the minimum employment period of: one year?where the employer is a small business employer six months?where the employer is not a small business employer From 1 January 2011 the Fair Work Act defines a small business employer for unfair dismissal purposes as being [...

Harmonisation of Workplace Health and Safety Laws

Posted on January 03, 2011
The development of national standard workplace health and safety laws has taken a major advance with the release of: a revised Model Work Health and Safety Act; and Draft model Work Health and Safety (WHS) Regulations and model Codes of Practice. The public comment period for the draft model WHS Regulations and model Codes of Practice closes on [...

Compliance review issues

Posted on January 03, 2011
I have been asked to give examples of the sort of problems we find on compliance reviews. Without breaching confidentiality, it may help if I explain why we do reviews and what we look for. Why do a review? The reasons we do reviews include: to update processes for law changes; as part of a merger or acquisition (to [...

Trade Practices Act renamed

Posted on December 29, 2010
On 1 January 2011 the Trade Practices Act will become the Competition and Consumer Act 2010 and its well known consumer protection provisions will be replaced by the Australian Consumer Law contained in Schedule 1 of Trade Practices Amendment (Australian Consumer Law) Act (No...

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Exposure Draft: Price Signalling Bill

Posted on December 29, 2010
The Government has released an exposure draft of its proposed Competition and Consumer Amendment Bill (No.1) 2011. The exposure draft legislation is part of the Competitive and Sustainable Banking System Package, and sets out the proposed amendments to the Trade Practices Act 1974 (to be referred to as the Competition and Consumer Act 2010 from [...

ASX-listed company trading policies

Posted on December 29, 2010
New ASX Listing Rules requiring a listed company to have a trading policy that complies with ASX listing rules 12.9, 12.10 and 12.12 come into force on 1 January 2011. The ASX has published a Guidance Note to assist listed entities to comply with their obligations...

Privacy case notes 9-24 of 2010

Posted on December 29, 2010
The OAIC has released 16 new case notes on Privacy Act complaints. Here’s a summary: H v Health Service Provider [2010] PrivCmrA 9: the Commissioner dismissed a complaint that a sale of a health clinic and transfer of files breached the National Privacy Principles...

Compliance Training and Procedure Reviews

Posted on December 29, 2010
Significant legal and compliance changes over the last 12 months mean that it’s critical to ensure that your procedures have been updated and your staff has been adequately trained. If you have an Australian Financial Services Licence or an Australian Credit Licence minimum annual training for staff is a mandatory licence condfition...

FOI Guidelines

Posted on December 28, 2010
The Information Commissioner has formally issued guidelines under section 93A of the Freedom of Information Act 1982 (FOI Act). Government agencies must have regard to these guidelines in performing a function or exercising a power under the FOI Act...

APRA consolidates prudential standards

Posted on December 28, 2010
APRA has issued for consultation a discussion paper and four draft cross-industry prudential standards that consolidate and harmonise prudential standards covering cover outsourcing, business continuity management, governance and fitness and propriety across all APRA-regulated industries...

Proposed amendments to AML/CTF Rules

Posted on December 28, 2010
AUSTRAC is proposing further amendments to Chapter 15 and Chapter 16 of the AML/CTF Rules. Chapter 15 has been further revised to include a definition of ‘ultimate beneficial ownership’ and incorporate an amendment to 15.10(6). The draft amendments to Chapter 16 will require that reporting entities must provide contact details in regard to the person making [...

ASIC guide on insurance for trustee companies

Posted on December 28, 2010
ASIC has released an updated version of Regulatory Guide 126 Compensation and insurance arrangements for AFS licensees (RG 126) to include new information for trustee companies providing traditional trustee company services (traditional services) to retail clients...

Improving financial reports: ASIC?s suggestions

Posted on December 28, 2010
ASIC has published the results of its reviews of financial reports for the year ended 30 June 2010 and highlighted areas of focus for entities preparing their 31 December 2010 financial reports. ASIC’s comments focus on going concern assumptions, asset impairments, fair values of assets and the reporting of performance.

No delivery of goods in cooling off period under Australian Consumer Law

Posted on December 20, 2010
The new Australian Consumer Law (ACL) commencing on 1 January 2011 includes a national law on “unsolicited consumer agreements” to replace existing State and Territory laws on door-to-door and telemarketing sales. However there is an important change from current legislation regarding the operation of the mandatory cooling off period, which under the ACL is set at [...

Looking forward to 2011

Posted on December 20, 2010
Thank you for reading our news services over the past year. On behalf of the Langes+ team I wish you a happy, successful and healthy 2011. If you are taking an extended break, we look forward to talking to you on your return. Langes+ services will be available over the holiday season...

James Hardie Directors Win Appeal

Posted on December 19, 2010
Seven former non-executive directors of James Hardie have won their appeal against a decision that would have banned them from sitting on company boards for five years (see note on original decision here). In a lengthy and complex decision (Morley & Ors v Australian Securities and Investments Commission [2010] NSWCA 331), a full bench [...

Trusts taxation law to be reviewed

Posted on December 19, 2010
The Assistant Treasurer has announced that the Government plans to introduce amendments before 30 June 2011 so that beneficiaries can continue to use the primary production averaging and farm management deposits provisions in a loss year. To address the issues raised by the High Court decision in Commissioner of Taxation v Bamford , the Assistant Treasurer [...

Director and executive remuneration and governance changes

Posted on December 19, 2010
The Government has released the exposure draft of the Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Bill 2011. If passed the Bill will implement the Government’s response to the recommendations made by the Productivity Commission in its inquiry into executive remuneration in Australia...

Superannuation reforms announced

Posted on December 15, 2010
The Assistant Treasurer has released the Government’s response to the Cooper Review Report. MySuper The Government will introduce a simple, low cost default superannuation product called MySuper to improve the simplicity, transparency and comparability of default superannuation products...

Banking competition hearings

Posted on December 15, 2010
The Senate Economics Committee’s Inquiry into Competition within the Australian banking sector has commenced with hearings set to resume in January. You can download the submissions here and the transcripts here.

SMSF Compliance

Posted on December 15, 2010
It is expected that the Government’s response to the Cooper Review Report will endorse increased compliance obligations by SMSF trustees. Trustees and beneficiaries of Self Managed Super Funds (SMSF?s) should ensure that the Fund remains compliant at all times...

Australian Consumer Law set to start on 1 January

Posted on December 15, 2010
All States have now passed legislation enabling the Australian Consumer Law (ACL) to operate in all jurisdictions in Australia from 1 January 2011. The ACL replaces 20 statutes with one new national law. It includes the unfair contract terms legislation introduced on 1 July 2010...

Improper member register purposes prescribed

Posted on December 15, 2010
Regulation 2C.1.03 of the Corporations Amendment Regulations 2010 (No. 10) prescribes the improper purposes for getting a copy of a company member register pursuant to section 173 (3A) (b) of the Corporations Act (recently amended: discussed here). The following purposes are prescribed: (a) soliciting a donation from a member of a company; (b) soliciting a member of a [...

Aid/Watch decision: political advocacy can be charitable

Posted on December 15, 2010
In Aid/Watch Incorporated v Commissioner of Taxation [2010] HCA 42 the High Court of Australia decided (5-2) that Aid/Watch did not lose its “charitable institution” tax exempt status because it had engaged in political advocacy relating to its charitable objects...

New Life prudential standards

Posted on December 15, 2010
APRA has published new Prudential Standard LPS 600 Statutory Funds and Prudential Standard LPS 700 Friendly Society Benefit Funds as well as a new prudential practice guide, LPG 700 Friendly Society Benefit Funds. The new prudential standards commence on 1 July 2011.

ASIC financial services online disclosure guide

Posted on December 13, 2010
In support of its technologically neutral approach to financial services disclosure ASIC has published Regulatory Guide 221 Facilitating online financial services disclosures (RG 221) setting out: its interpretation of the online disclosure provisions under the Corporations Act; and the relief ASIC has given in Class Order 10/1219 to enable providers to deliver: 1...

Banking system reforms announced

Posted on December 11, 2010
The Treasurer has announced 3 areas of banking system reform designed to firstly assist consumers, secondly assist smaller lenders and thirdly to secure the financial system. The reforms are set out in the Competitive and Sustainable Banking System Reform Package...

Australian Consumer Law guides

Posted on December 01, 2010
The ACCC, ASIC and the State and Territory consumer protection agencies have prepared guides to help businesses to understand their approach to key elements of the Australian Consumer Law which commences on 1 January 2011. The guides cover: unfair business practices; consumer guarantees (formerly warranties); product safety; sales practices; unfair contract terms...

Corporations Amendment (No. 1) Bill 2010 passed: access to member register

Posted on November 21, 2010
The Corporations Amendment (No. 1) Bill 2010 has been passed by both Houses of Parliament and is awaiting Royal Assent. The Bill principally amends Section 173 of the Corporations Act relating to a person’s right to obtain a copy of a company’s register of members: to require a person seeking a copy of the register to apply [...

Australian Consumer Law regulations registered

Posted on November 18, 2010
The Trade Practices (Australian Consumer Law) Amendment Regulations 2010 (No. 1) have been registered. The Regulations amend the Trade Practices Regulations 1974 to give practical effect to the Australian Consumer Law provisions dealing with prescribed requirements for asserting a right to payment, agreements that are not unsolicited consumer agreements, requirements for warranties against defects and repair [...

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