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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

Misuse of market power: ACCC v Cabcharge

Posted on November 18, 2010
Final orders have now been made in Australian Competition and Consumer Commission v Cabcharge Australia Ltd (here) whereby the Federal Court ordered Cabcharge to pay $15 million in penalties and costs for three contraventions of section 46 of the Trade Practices Act 1974...

Review of income tax avoidance

Posted on November 18, 2010
The Assistant Treasurer has released a discussion paper titled Improving the operation of the anti-avoidance provisions in the income tax law. The discussion paper considers ways to consolidate, streamline and improve the operation of the anti?avoidance provisions...

Senate Committee report: Sons of Gwalia Bill

Posted on November 18, 2010
The Senate Legal and Constitutional Affairs Legislation Committee has recommended that, subject to certain drafting matters being addressed, the Senate pass the Corporations Amendment (Sons of Gwalia) Bill 2010.

ASIC report on relief decisions

Posted on November 18, 2010
ASIC has released Overview of decisions on relief applications (December 2009 to May 2010) (REP 217 ) which summarises situations where ASIC has exercised, or refused to exercise, its exemption and modification powers under the Corporations Act 2001, the licensing and responsible lending provisions of the National Consumer Credit Protection Act 2009 and the registration [...

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Draft AUSTRAC guidance notes issued

Posted on November 18, 2010
AUSTRAC has issued the following three draft guidance notes for comment until 30 November 2010: Identification requirements in threshold transaction reports from 1 October 2011 AUSTRAC has developed this guidance note to assist entities in understanding the identification requirements for both the customer and the individual conducting the threshold transaction from 1 October 2011...

ASIC?s markets supervisory powers

Posted on November 18, 2010
ASIC has updated Regulatory Guide 98 Licensing: Administrative action against financial services providers (RG 98) to include additional sections on ASIC?s new powers to supervise market participants. For AFS licensees who are market participants - in addition to the general remedies - ASIC may also ask the Markets Disciplinary Panel (MDP) to issue an infringement [...

ASIC paper on over-the-counter contracts for difference

Posted on November 18, 2010
ASIC has released Consultation Paper 146 Over-the-counter contracts for difference: Improving disclosure for retail investors (CP 146 ), which includes a draft regulatory guide (RG) and proposes an ASIC benchmark-based disclosure model for OTC CFDs. CFDs offer investors a leveraged position on future changes in the market price of a share or a commodity, or [...

Senate Committee Report: Corporations Amendment (No. 1) Bill 2010

Posted on November 16, 2010
The Senate Economics Committee has recommended that the Corporations Amendment (No. 1) Bill 2010 be passed with 1 recommendation. The Bill principally deals with: Access to information in share registers; Higher penalties and improved detection powers for insider trading and market misconduct offences...

Cloud computing risks for APRA-regulated institutions

Posted on November 15, 2010
APRA has written to the organisations it supervises reminding them of the prudential and risk issues associated with using cloud computing services. APRA has pointed out the potential risk for: a financial institution?s ability to continue operations and meet core obligations, following a loss of cloud computing services; confidentiality and integrity of sensitive (e...

Austrac revised fee proposals

Posted on November 15, 2010
AUSTRAC has released a discussion paper on the proposed cost recovery model for AUSTRAC’s regulatory activities. The examples discussed include a base annual fee of $241 for a small reporting entity without significant transaction reporting obligations up to $146,145 for a large reporting entity with significant transaction reporting obligations...

Draft AML/CTF changes for remittance providers

Posted on November 15, 2010
The Minister for Home Affairs and Justice has released for comment the Exposure Draft of the Combating the Financing of People Smuggling and Other Measures Bill. The draft Bill amends the Anti-Money laundering and Counter Terrorism Financing Act 2006 (AML/CTF Act) to introduce a more comprehensive anti-money laundering and counter terrorism financing (AML/CTF) regulatory regime [...

Misleading ads: is the form relevant?

Posted on November 10, 2010
The Federal Court decision in Australian Competition and Consumer Commission v Singtel Optus Pty Ltd [2010] FCA 1177 is of value because it considers the difference between flyers, printed, television and online ads and billboards and whether or not defects in an ad can be corrected by scripts in the point of sale process and [...

ASIC guide on margin lending disclosure

Posted on November 10, 2010
ASIC has released RG 219 Non-standard margin lending facilities: Disclosure to investors which aims to improve protections for retail clients through better disclosure of non-standard margin lending facilities. Non-standard margin lending facilities are margin lending arrangements that use a type of ?securities lending? agreement instead of a loan agreement...

Tax discount for interest income deferred

Posted on November 10, 2010
In the Mid-year Economic and Fiscal Outlook 2010-11, the Government announced that it will defer the commencement of the 50 per cent tax discount for interest income announced in the 2010?11 Budget by 12 months and lower the cap on interest income that is eligible for the discount in its first 12 months of operation...

Website record retention

Posted on November 08, 2010
Record retention provisions apply to the electronic delivery of disclosure documents and notices to the same extent required for non-electronic delivery of information. For example, if a website contains a notice required by law, a copy of the notice should be retained for the time period set out in the relevant regulation...

ASIC consults on equity market review

Posted on November 07, 2010
ASIC has released a consultation package on enhancing regulation of Australia?s equity markets, including the introduction of competition between exchange markets. The consultation package includes Consultation Paper 145, draft market integrity rules and a supporting economic report on equity market structure (REP 215).

Draft principles on open public sector information

Posted on November 07, 2010
The Office of the Australian Information Commissioner (OAIC) has released Issues Paper 1: Towards an Australian Government Information Policy. The paper provides a snapshot of Australian Government information policy as it stands at the time of the establishment of the OAIC and proposes ten draft principles on open public sector information...

Financial planners and tax agent registration

Posted on November 02, 2010
The Tax Agent Services Amendment Regulations 2010 (No. 1) clarify the coverage of the national tax agent services regime. The national tax agent services regime which replaced six state-based Tax Agents Boards came into effect on 1 March 2010. The Regulations prescribe services that are not tax agent services and are outside the tax agent services [...

Contracting with Commonwealth government agencies

Posted on October 31, 2010
From 1 November 2010 Commonwealth government agencies are required to take contractual measures to ensure that they receive documents held by certain contractors or subcontractors if a person requests access to documents under Section 6C of the Freedom of Information Act 1982 (the FOI Act)...

Inquiry into competition within the Australian banking sector

Posted on October 28, 2010
The Senate has referred the issue of competition within the Australian banking sector to the Senate Economics Committee for inquiry and report. Terms of reference Submissions should be received by 30 November 2010. The reporting date is 31 March 2011.

Telephone sales of general insurance products

Posted on October 28, 2010
ASIC has released Consultation Paper 144 Time for giving a PDS during telephone sales of general insurance products (CP 144) regarding the requirement to provide retail clients with Product Disclosure Statements (PDSs) in instances where they are invited to apply for a general insurance product (in the form of a quote for a particular insurance [...

Sex and Age Discrimination Legislation Amendment Bill 2010

Posted on October 28, 2010
The Sex and Age Discrimination Legislation Amendment Bill 2010 has been referred to the Senate Legal and Constitutional Affairs Legislation Committee, which is to report on the third sitting day of 2011. If passed, the Bill will: prohibit discrimination on family responsibilities for both men and women in all areas of employment; establish breastfeeding as a separate ground [...

ATO SMSF decisions

Posted on October 28, 2010
The ATO has published a series of interpretive decisions relating to Self-managed Superannuation Funds: ATO ID 2010/162 - Self managed Superannuation Fund: limited recourse borrowing arrangement - borrowing from a related party on terms favourable to the self managed superannuation fund ATO ID 2010/169 Self managed superannuation fund: limited recourse borrowing arrangement - refinancing ATO ID 2010/170 Self [...

Hanna v OAMPS: post-employment restraints valid

Posted on October 28, 2010
Employers are increasingly seeking to enforce post-employment restraints. But are they valid? In Hanna v OAMPS Insurance Brokers Ltd (ACN 005 543 920) [2010] NSWCA 267 the NSW Court of Appeal dismissed an appeal from the trial judge’s decision to enforce a post-employment restraint covenant for 12 months throughout Australia...

Fax marketing industry standard

Posted on October 28, 2010
The Australian Communications and Media Authority is developing a national standard for the fax marketing industry and has released a second discussion paper with a draft standard. It is expected the standard will be determined in early 2011. The standard will: restrict the hours and/or days during which marketing faxes may be sent, or attempted to [...

Mistaken electronic payments: EFT Code Update

Posted on October 25, 2010
This article by me was first published in Online Banking Review. 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 EFT Code is currently silent on this issue...

Grain forward contract is not a financial product

Posted on October 25, 2010
In a dispute over a grain sale contract when the seller could not meet its obligations because of production failures, it claimed that it was not liable to the buyer because the buyer had failed to comply with various disclosure obligations placed on it under the Corporations Act...

The significance of Fraser-Kirk v David Jones

Posted on October 24, 2010
The ASX and Media Release from David Jones Limited dated 18 October 2010 is brief: David Jones Limited today announced that a settlement has been reached with Ms Kristy Fraser-Kirk in relation to proceedings in the Federal Court and her complaint in the Australian Human Rights Commission...

Electronic Transactions Amendment Acts 2010

Posted on October 24, 2010
The State Parliaments have commenced implementing the agreement by the Standing Committee of Attorneys-General (SCAG) in May 2010 to adopt nationally consistent laws with respect to electronic commerce. The Act has already been passed in NSW and introduced in Tasmania...

Managed Investment Trusts tax reforms

Posted on October 19, 2010
Treasury has released a discussion paper on the design and implementation details of proposed reforms to the tax arrangements for managed investment trusts, including a new system of taxation, from 1 July 2011. Interested parties are invited to make a submission on the discussion paper by Monday, 15 November 2010...

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