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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

Guarantee of wholesale funding and deposits

Posted on October 14, 2008
Treasury has issued updated additional details on the guarantee of wholesale funding and deposits.

Wilkie acquitted: FAI prosecutions wrap-up.

Posted on October 13, 2008
Former Director of FAI General Insurance Company Limited, Mr Daniel Wilkie, has been found not guilty by a jury in the Supreme Court of New South Wales on three criminal charges arising from an Australian Securities and Investments Commission (ASIC)....

ASIC sues KPMG over Westpoint audit

Posted on October 13, 2008
ASIC has commenced action in the Supreme Court of Victoria against accountancy firm KPMG over its auditing of companies in the Westpoint Group which collapsed in early 2006 with losses in excess of $300 million. The action is being taken...

Australian government guarantees Australian bank, building society and credit union deposits

Posted on October 12, 2008
The Prime Minister has announced the Australian Government will guarantee all deposits of Australian banks, building societies and credit unions and Australian subsidiaries of foreign-owned banks. The guarantee applies to all types of deposits, regardless of the type of account...

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New Zealand deposit guarantee scheme

Posted on October 12, 2008
New Zealand Finance Minister Michael Cullen has announced that the New Zealand government is to introduce an opt-in retail deposit guarantee scheme for 2 years. The scheme will cover all retail deposits of participating New Zealand-registered banks and retail deposits...

Financial Claims Scheme update

Posted on October 12, 2008
Legislation for the Financial Claims Scheme (incorporating the government guarantee on financial institution deposits announced on 12 October 2008) will be introduced soon. Apart from the deposit guarantee it will also deal with a general insurance failure, such as HIH:...

International financial system changes

Posted on October 09, 2008
It's hard to decide whether the changes occurring internationally are volatile or chaotic. They are certainly dramatic and extraordinary. Here is an analysis by CCH (pdf) of the USA Emergency Economic Stabilization Act of 2008 passed on 3 October 2008...

CSA Good Governance Guide on share trading policies

Posted on October 07, 2008
Chartered Secretaries Australia has published a new Good Governance Guide: Issues to consider when developing or reviewing the policy on trading in company securities. It addresses the issues for listed companies in relation to trading in company securities including the...

Water market rules

Posted on October 05, 2008
The Water Act has been amended to deal with the ACCC's role in a water market, particularly in the Murray-Darling Basin. This page has useful links to the key laws and agreements.

Australia Benchmark Financial Services Report

Posted on October 05, 2008
Austrade has published its 2008 Financial Services Benchmark Report: Australia ??? A Global Financial Services Centre, which report on developments and trends in Australia???s economy and financial markets.

ASIC consults on changes to EFT Code of Conduct

Posted on October 04, 2008
ASIC has released Consultation Paper 90, Review of the EFT Code of Conduct: ASIC Proposals proposing changes to the Electronic Funds Transfer Code of Conduct (EFT Code). The Consultation Paper proposes: making it easier for subscribers to deliver required information...

COAG makes progress on consumer credit reform

Posted on October 02, 2008
The Council of Australian Governments (COAG) meeting on 2 October 2008 discussed furthering its reform agenda including consumer protection, health services, climate change and indigenous Australian issues (see communique). Financial Regulation and Consumer Protection COAG agreed to an implementation plan...

Garnaut Climate Change Review Final Report

Posted on September 30, 2008
The Garnaut Climate Change Review has released its Final Report. The report provides recommendations on the policy options for Australia to most effectively respond to climate change. The report recommends that the emissions trading system should be established at the...

ASIC relief for group insurance

Posted on September 30, 2008
ASIC has issued Class Order (CO 08/1) Group purchasing bodies to provide conditional exemptions for group purchasing bodies that arrange cover under insurance or facilities for managing financial risk (excluding certain foreign insurance) from the Australian financial services (AFS) licensing...

Productivity Commission draft report on paid maternity, paternity and parental leave

Posted on September 30, 2008
The Productivity Commission has released a draft inquiry report on paid maternity, paternity and parental leave. The Commission proposes the introduction of a taxpayer-funded paid parental leave scheme that would: ? provide paid postnatal leave for a total of 18...

Taxation of Financial Arrangements (TOFA) Stages 3 and 4

Posted on September 30, 2008
The Assistant Treasurer Chris Bowen MP has announced the release of an exposure draft bill and related explanatory material dealing with Taxation of Financial Arrangements (TOFA) Stages 3 and 4. The TOFA Stages 3 and 4 reforms will modernise the...

Daylight saving starts this weekend (in parts of Australia)

Posted on September 28, 2008
Tasmania, Australian Capital Territory, New South Wales, South Australia and Victoria start daylight saving on 5 October 2008 and end on 5 April 2009. Western Australia starts on 26 October 2008 and ends on 29 March 2009. Queensland and the...

First home saver account FAQ's for individuals

Posted on September 28, 2008
From 1 October 2008 financial institutions and other approved providers will be able to offer first home saver accounts. They encourage saving for a first home by taxing earnings on first home saver accounts at 15%. Here is an ATO...

Austrac issues Public Legal Interpretation on suspect transactions and suspicious matter reports

Posted on September 27, 2008
Austrac Public Legal Interpretation 6 deals with suspect transactions and suspicious matter reports. The PLI sets out AUSTRAC?s views on the provisions of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and the Financial Transaction Reports Act 1988...

Government to buy residential mortgage?backed securities

Posted on September 26, 2008
The Treasurer has announced that the Australian Office of Financial Management (AOFM) will purchase Australian residential mortgage?backed securities (RMBS) as part of the Government's commitment to improve liquidity in Australia's mortgage markets and to re-invigorate the sector...

Clarity in Pricing Bill introduced

Posted on September 26, 2008
The Commonwealth Government has introduced into Parliament the Trade Practices Amendment (Clarity in Pricing) Bill 2008. The Bill relates to the use of component pricing in representations by businesses to consumers. Component pricing is the practice of advertising prices as...

RBA 2008 Financial Stability Review

Posted on September 25, 2008
The Reserve Bank's 2008 Financial Stability Review concludes that "Australia has benefited from having strong and profitable financial institutions with few problem assets on their balance sheets, and a sound regulatory regime. While the Australian financial system has not been...

Further ASIC clarification on short selling

Posted on September 24, 2008
ASIC has announced that persons who have placed portfolio securities into a securities lending program provided by an established securities lending business and who wish to sell those securities (a sale) before they have completed a recall of those securities...

Financial services dispute resolution schemes review

Posted on September 24, 2008
This article by me first appeared in Complinet. The Australian Securities and Investments Commission ( ASIC) has released Consultation Paper 102: Dispute Resolution ? update of RG 139 & RG 165 proposing improvements to the way financial services businesses operating...

Fourth ruling from ASIC on short selling

Posted on September 23, 2008
ASIC has issued further clarification to market participants regarding the prohibition on short-selling first announced on Friday 19 September and Sunday 21 September and clarified on Monday 22 September. ASIC may further change its position depending on market conditions...

Short Selling Bill released for consultation

Posted on September 23, 2008
Senator Nick Sherry, Minister for Superannuation and Corporate Law, has released a draft of the Corporations Amendment (Short Selling) Bill which will require the disclosure of covered short sale transactions on Australian financial markets. The draft Bill will have a...

AML/CTF Rules updated

Posted on September 22, 2008
Austrac has announced that the official compilation of the Anti-Money Laundering and Counter-Terrorism Financing Rules here is not complete. It does not include recent changes made to Chapters 17, 18 and 19 of the AML/CTF Rules. These Rules specify certain...

Australian Government response to financial crisis

Posted on September 22, 2008
The Treasurer's speech to Parliament today discussed the financial crisis, the US Government's response, the Australian response and the ban on short selling.

ASIC bans covered short selling

Posted on September 21, 2008
As a result of actions by overseas regulators, ASIC has extended the disclosure requirements for covered short selling announced on 19 September into a ban. [Class Order 08/752] ASIC has made the following decisions to apply from the opening of...

Who is liable for company statements?

Posted on September 21, 2008
At a time when the share market is volatile, it is important to understand who is liable for a company's ASX announcements. In Australian Securities and Investments Commission v Narain [2008] FCAFC 120 the Full Court of the Federal Court...

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