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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

ASIC bans naked short selling

Posted on September 20, 2008
ASIC has announced a package of interim measures relating to short selling following recent financial market turmoil. This package has 3 goals: first, from the opening of the market on Monday 22 September 2008, naked short sales on ASX???s approved...

AUSTRAC releases reporting implementation policy

Posted on September 20, 2008
AUSTRAC has released a reporting implementation policy to assist reporting entities with new obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). From 12 December 2008, reporting entities will need to report suspicious matters and, if applicable,...

Saab green marketing was misleading

Posted on September 18, 2008
In Australian Competition and Consumer Commission v GM Holden Ltd (ACN 006 893 232) [2008] FCA 1428, the Federal Court has declared that GM Holden Ltd made false and misleading claims in its "Grrrrrreen" campaign which promoted the environmentally friendly...

Austrac requires english translations

Posted on September 18, 2008
Austrac has published a document outlining AUSTRAC's policy regarding the translation into English of any document required to be produced to AUSTRAC by regulated entities under the FTR Act and AML/CTF Act. AUSTRAC requires that such documentss will be available...

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Workplace relations reform update: Fair Dismissal Code for Small Business

Posted on September 18, 2008
In a major speech, Minister for Employment and Workplace Relations The Hon Julia Gillard MP has outlined important details of the government's workplace reform program including: the AIRC has published exposure drafts of a number of Modern Awards. Australia?s new...

Trade Practices Compliance in the private health insurance sector

Posted on September 15, 2008
In a recent speech ACCC Commissioner, Mr John Martin discussed issues that are being raised with the ACCC in relation to private health insurance, and how those issues fit in to the wider health sector. In the health sector, complaints...

Indicators of insolvency and defences for directors: case study

Posted on September 14, 2008
With companies continuing to report financial difficulty, it's worth looking at a case that analysed the meaning of insolvency in great practical detail for some guidance for directors. Although Hall & Ors v Poolman & Ors [2007] NSWSC 1330 is...

Implementation of Basel II in Australia

Posted on September 13, 2008
APRA has published a useful article (pdf) discussing the background to the Basel II Framework for financial institutions and its implementation in Australia, including the adjustments APRA has made within Basel II to accommodate local conditions.

Goods unit pricing

Posted on September 13, 2008
The Competition Policy & Consumer Affairs Minister, Chris Bowen MP, has released an issues paper calling for public comment on developing a national goods unit pricing regime. Unit pricing (or comparative pricing) is the display of the price of goods...

venturousaustralia: Review of the National Innovation System

Posted on September 09, 2008
The Review of the National Innovation System has now been completed. The report of the Review, venturousaustralia, has 72 recommendations that focus on innovation in business, strengthening people and skills, excellence in national research, information and market design, and taxation.

ASIC review of financial services EDR schemes

Posted on September 09, 2008
ASIC has released Consultation Paper 102: Dispute Resolution ??? update of RG 139 & RG 165 proposing improvements to the way financial services businesses resolve disputes with consumers, including harmonisation of the different schemes. Under s 912A of the Corporations...

ASIC review of financial services EDR schemes

Posted on September 08, 2008
ASIC has released Consultation Paper 102: Dispute Resolution ? update of RG 139 & RG 165 proposing improvements to the way financial services businesses resolve disputes with consumers, including harmonisation of the different schemes. Under s 912A of the Corporations...

Announcement: Langes+ expands

Posted on September 08, 2008
On 1 October 2008, Shannon Adams and Rob Surman from Adelaide will join Richard Farago and Richard Joice in Sydney and myself in Brisbane as partners at Langes. Langes+ will specialise in financial services and insurance law, with a strong...

Make sure you find out the bad news first: developing a compliance framework

Posted on September 06, 2008
Some of the boards of major companies have been criticised recently for being unaware of the extent of significant problems within their organisation. Whilst boards cannot be expected to know the minutiae of daily operations, a culture whereby bad news...

Supplementary Draft Climate Change Report released

Posted on September 06, 2008
The Garnaut Climate Change Review Supplementary Draft Report Targets and trajectories was released on 5 September 2008. The Final Report is due by 30 September 2008. Report author Professor Garnaut proposes a 10 per cent reduction in emissions (or 30...

What is a "flood" for insurance purposes?

Posted on September 04, 2008
The ACCC has refused authorisation of a proposal by the Insurance Council of Australia for a common definition of 'inland flood'. Consumer groups argued that the ICA's definition would in fact increase consumer confusion about the meaning and nature of...

ASIC v James Hardie directors update

Posted on September 04, 2008
ASIC has confirmed it is proceeding with a hearing of its civil action against seven former directors and three former company officers of the James Hardie Group in the NSW Supreme Court on 29 September. ASIC also said that no...

Removal of same-sex discrimination from Commonwealth laws

Posted on September 03, 2008
Attorney-General Robert McClelland has introduced into Parliament the Same-Sex Relationships (Equal Treatment In Commonwealth Laws ? General Law Reform) Bill 2008, containing the second stage of legislation removing same-sex discrimination from a range of Commonwealth laws...

Privacy case notes 19-21 of 2008

Posted on September 02, 2008
The Privacy Commissioner has published three new case notes. S v Health Service Provider [2008] PrivCmrA 19: a patient complained that sending their medical records and x-rays by general post was a failure to keep personal information secure. T v...

ASIC releases final guidance on disclosure by unlisted mortgage and property schemes

Posted on September 02, 2008
ASIC has released final regulatory guides aimed at improving disclosure to retail investors by unlisted mortgage schemes and unlisted property schemes: Regulatory Guide 45, Mortgage schemes-improving disclosure for retails investors Regulatory Guide 46, Unlisted property schemes-improving disclosure for retails investors...

Statutory Oversight of the Australian Securities and Investments Commission

Posted on September 02, 2008
The Parliamentary Joint Committee on Committee on Corporations and Financial Services has issued its 2008 report on oversight of ASIC. The main issues that are considered in this report include: the regulation of financial markets, particularly issues relating to short...

Personal Property Securities Reform Regulations discussion paper

Posted on September 01, 2008
A discussion paper has been released on the regulations proposed to be made under the Personal Property Securities Bill. The Bill would establish a national framework for the regulation and registration of security interests in personal property. This national framework...

Discussion paper released on creeping acquisitions law

Posted on August 31, 2008
The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, Chris Bowen MP, has released a discussion paper calling for public comment on the best way forward for a creeping acquisitions law. Creeping acquisitions refer to the cumulative effect...

What is a genuine redundancy for tax purposes?

Posted on August 30, 2008
The ATO has issued a draft tax ruling defining what is a genuine redundancy. Genuine redundancy payments are tax-free up to a limit worked out under section 83-170 of the Income Tax Assessment Act 1997 . The ruling makes comments...

Parliamentary Progress of Tax Bills

Posted on August 30, 2008
Treasury has issued an update on the progress of Tax Bills being considered by Parliament. There are 10 Bills. There are also 2 tariff proposals (which increase the excise rate applying to certain alcoholic beverages).

ASIC update on unlisted unrated debentures disclosure

Posted on August 30, 2008
ASIC has released the updated Regulatory Guide 69: Debentures?improving disclosure for retail investors. ASIC has refined some aspects of the practical implementation in the regulatory guide by clarifying: the disclosure benchmarks for: equity capital, liquidity, loan portfolio, valuations, and lending...

Unit pricing good practice guide

Posted on August 28, 2008
The Australian Prudential Regulation Authority (APRA) and ASIC have released an updated Unit pricing - guide to good practice for the life insurance, superannuation and funds management industries in response to continued unit pricing errors. The joint APRA/ASIC guide has...

Harmonisation of legal systems within Australia and between Australia and New Zealand

Posted on August 27, 2008
The Commonwealth Government has responded to the House of Representatives Legal and Constitutional Affairs Committee report into the harmonisation of legal systems within Australia and between Australia and New Zealand by announcing that it will act on 22 of the...

Effect of a breach of the Franchising Code: is the agreement void?

Posted on August 27, 2008
In an important test case for the franchise industry, Master Education Services Pty Limited v Ketchell [2008] HCA 38, the High Court of Australia has decided that a breach of clause 11(1) of the Franchising Code of Conduct did not...

Privacy, spam and electronic marketing

Posted on August 26, 2008
The Australian Privacy Commissioner, Karen Curtis, has released an information sheet (pdf) to assist organisations who seek to engage in electronic marketing and explaining the different purposes of the Privacy Act and the Spam Act: "Under the Spam Act, an...

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