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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

Australia Day Blawg Review

Posted on January 26, 2009
The end of the Australia Day weekend marks the end of school and summer holidays for most people. To mark the transition, read Blawg Review #196 hosted this week by Queensland law lecturer Peter Black.

AML forms and reports

Posted on January 25, 2009
Austrac has issued new forms and reporting guidance in the following areas: International funds transfer instructions Suspicious matters Threshold transactions

Fixing the banks

Posted on January 25, 2009
The Group of Thirty (chaired by Obama Economic Adviser Paul Volcker) has released Financial Reform: A Framework for Financial Stability. The report addresses flaws in the global financial system. Its 18 specific recommendations include: the activities of government-insured deposit-taking institutions...

30 years of change in legal practice

Posted on January 22, 2009
This month marks 30 years since I was admitted as a Solicitor of the Supreme Court of Queensland. What's changed in the practice of law in 30 years? I was trained to concentrate on client service and client service remains...

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Temporary investment allowance

Posted on January 21, 2009
The Treasurer has announced a 10 per cent temporary investment allowance - in the form of an additional tax deduction. The allowance will be applicable to most new tangible depreciating assets - which includes most items of plant and equipment...

ATO draft superannuation rulings

Posted on January 21, 2009
The ATO has issued 5 draft rulings clarifying terms applicable to self-managed super funds (SMSF's). SMSFR 2008/D1 deals with the classification of an entitlement of a fund to an unpaid trust distribution. SMSFR 2008/D2 deals with contributions of assets to...

Covered short selling ban extended

Posted on January 21, 2009
ASIC has announced that the ban on covered short selling of financial securities will remain in place until Friday, 6 March 2009. Covered short selling of non-financial securities is unaffected and will still be permitted. ASIC requires strict compliance with...

New margin lending regulations

Posted on January 17, 2009
Senator Nick Sherry, Minister for Superannuation and Corporate Law, has announced that the Government's Financial Services Working Group will this week begin consultations with industry on a new, national margin lending regulatory regime, which will include new short form, plain...

Treasury discussion paper on CGT rollover for super funds merger

Posted on January 15, 2009
Treasury has issued a discussion paper on implementation of the Government's proposal to provide an optional capital gains tax (CGT) roll over for capital losses arising from CGT events happening under a complying superannuation fund?s merger with an APRA regulated...

ACMA fines Optus for spam text messages

Posted on January 14, 2009
The Australian Communications and Media Authority (ACMA) has issued two infringement notices to the value of $110,000 to Optus Networks Pty Ltd for allegedly sending electronic messages without accurate sender identification, in contravention of the Spam Act 2003...

Outsourcing risks: Satyam

Posted on January 13, 2009
Leading Indian IT outsource provider Satyam Computer Services has become involved in an accounting fraud scandal allegedly involving more than US$1billion that could affect its services to Australian customers. Business Week.Satyam has more than 50,000 employees...

Lloyds TSB Bank settles US sanctions breach investigation

Posted on January 12, 2009
Lloyds TSB Bank has announced that it has reached a settlement for US$350 million with both the United States Department of Justice and the New York County District Attorney?s Office in relation to financial transfers that violated US sanctions. The....

National unit pricing regime

Posted on January 10, 2009
The Minister for Competition Policy and Consumer Affairs, the Hon. Chris Bowen MP,has announced the details of the Government's approach to the implementation of a nationally-consistent, mandatory unit pricing regime under the Trade Practices Amendment (Clarity in Pricing) Act 2008...

Meaning of 'Understanding' in the Trade Practices Act 1974

Posted on January 08, 2009
Treasury has released a discussion paper entitled the 'Meaning of 'Understanding' in the Trade Practices Act 1974'. This discussion paper seeks submissions from interested parties regarding the adequacy of the current interpretation of the term 'understanding' in section 45 of...

How often do data breaches occur?

Posted on January 08, 2009
Australia does not yet have mandatory data breach notification laws (see last year's ALRC proposals) but in the USA where many states do have such laws, the Identity Theft Resource Center reports that in 2008 there were 656 breaches from...

Short selling ban update

Posted on January 07, 2009
ASIC has updated the position relating to short selling: 1. In relation to covered short selling of financial stocks, the position remains as set out in ASIC?s advisory AD08-210 of 13 November 2008, that the ban will remain in place...

APRA prudential framework for the supervision of general insurance groups

Posted on January 06, 2009
This is an article I recently wrote for Complinet. The HIH Royal Commission recommended that Australia develop a framework for the effective supervision of corporate groups that include general insurers. APRA?s response began with a discussion paper, Prudential supervision of...

Risk management by directors

Posted on January 01, 2009
One of the important lessons of 2008 is that we can't predict everything and that there will always be surprises (even if in hindsight the cause of the surprise appears to be obvious). The essence of risk management lies in...

Directors' duties in refinancing: Bell Group decision

Posted on December 29, 2008
The Bell Group Ltd (in liq) v Westpac Banking Corporation [No 9] [2008] WASC 239 dealt with a claim started in 1995 by the liquidators of Bell Group against 21 banks challenging the way in which securities were given and...

New regime proposed for Third Sector: charities and not-for-profit organisations

Posted on December 27, 2008
The Senate Standing Committee on Economics has released a report on charities and not-for-profit organisations. The Committee's recommendations include: that the Government establish a unit within the Department of Prime Minister and Cabinet specifically to manage issues arising for Not-For-Profit...

Australian Government financial sanctions against Zimbabwe

Posted on December 27, 2008
The Australian Government has updated its financial sanctions against certain persons associated with the Mugabe regime in Zimbabwe under the Banking (Foreign Exchange) Regulations 1959. The Australian Government has directed the Reserve Bank to remove 4 persons and add 75...

Insurance: Financial Claims Scheme

Posted on December 27, 2008
The Insurance Amendment Regulations 2008 deal with the practical operation of the Financial Claims Scheme (FCS) relating to claims by policyholders against insolvent insurers. The Regulations specify which insurance policies would not be protected by the scheme, the time period...

Madoff: the biggest ever Ponzi scheme?

Posted on December 22, 2008
The global financial crisis has affected a wide range of investors. It has also exposed major frauds such as Bernie Madoff's alleged US$50 billion Ponzi scheme (Story: NPR). Whilst the concept of a Ponzi scheme is relatively straightforward ( use...

Australian Government responses to the Clarke Inquiry and other counter-terrorism reviews

Posted on December 22, 2008
The Attorney General has announced the Government???s response to reviews of national security legislation as well to the public report of the Inquiry by the Hon. John Clarke QC into the case of Dr Mohamed Haneef . The Government will...

Revised prudential standard on audit requirements for ADIs

Posted on December 22, 2008
The Australian Prudential Regulation Authority (APRA) has released a revised prudential standard on audit requirements for authorised deposit-taking institutions (ADIs). The aim of revised Prudential Standard APS 310 Audit and Related Matters is to ensure that APRA is provided with...

Finding delisted and deregistered companies

Posted on December 22, 2008
deListed provides updates and information on failed companies including those in external administration and companies suspended from ASX, NZX, NSX and BSX. It also has all historical name changes and delistings for these exchanges and carries administrators/liquidators declarations for Australian...

AML/CTF compliance reports 2008

Posted on December 21, 2008
Entities which provided designated services between 1 January 2008 and 31 December 2008 must submit compliance reports to AUSTRAC between 1 January 2009 and 31 March 2009. Whilst it is AUSTRAC policy that AML/CTF compliance reports be submitted electronically via...

Review of the Code of Banking Practice

Posted on December 16, 2008
The Independent Reviewer has delivered her Final Report on the Review of the Code of Banking Practice. The Code sets out the banking industry?s key commitments and obligations to customers The Reviewer makes a range of recommendations including in the...

AUSTRAC Typologies and Case Studies Report 2008

Posted on December 16, 2008
The AUSTRAC Typologies and Case Studies Report 2008 gives examples of money laundering typologies, methodologies and risk indicators. The investigations highlighted within the report were initiated or supported by the financial transaction reports submitted to AUSTRAC by Australian entities...

Designing projects: achieving results rather than completing tasks

Posted on December 15, 2008
This is the time of the year when we're either trying to resuscitate projects that have stalled or are designing new projects. In the course of a busy day it can be easy to focus on individual tasks rather than...

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