April 2005
| Inhouse Home Page | Inhouse Library | Inhouse Archives | Search This Site |
In this edition:
Note: All hyperlinks below were correct at the time of publication. Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.
While not strictly an item falling within April, given the due date for comments, we would draw our readers' attention to the release on 2 May 2005 of a Treasury proposals paper entitled Refinements to Financial Services Regulation intended to address community concerns about aspects of the practical operation of the FSR reforms. Written comments on the proposals presented in the paper are required to be submitted by 3 June 2005. For a copy of an overview of the proposals paper and the more detailed paper itself, go to:
http://www.treasury.gov.au/documents/973/PDF/Overview.pdf
http://www.treasury.gov.au/documents/973/PDF/FSR%20Refinements%20Proposals%20Paper%20Final.pdf
ACCC has published a guide for business on how to avoid becoming involved in, or a victim of, cartel behaviour. For a copy of the guide, go to:
APRA has issued new prudential standards on business continuity management for authorised deposit-taking institutions and general insurers. A copy of the standards and related guidance notes can be downloaded from:
http://www.apra.gov.au/Policy/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=8528
http://www.apra.gov.au/Policy/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=8529
http://www.apra.gov.au/General/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=8531
http://www.apra.gov.au/General/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=8532
APRA has released the first of a series of discussion papers on the implementation of the new Basel II capital adequacy regime in Australia. The paper deals with the 'standardised' approach to credit risk and proposes a new prudential standard in this area. For a copy of discussion paper, draft standard and associated draft guidance notes, go to:
http://www.apra.gov.au/ADI/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=8504
http://www.apra.gov.au/Policy/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=8506
http://www.apra.gov.au/Policy/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=8507
http://www.apra.gov.au/Policy/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=8508
http://www.apra.gov.au/Policy/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=8509
http://www.apra.gov.au/Policy/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=8510
APRA has also finalised the majority of the discretions it intends to exercise for the internal rating-based approach to credit risk and for securitisation. These are available on APRA’s website at:
http://www.apra.gov.au/ADI/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=8502
ASIC has outlined its expectations about the nature and extent of disclosure required under Australian Accounting Standard AASB 1047 Disclosing the Impacts of Adopting Australian Equivalents to International Financial Reporting Standards for 30 June 2005 annual financial reports. See Information Release IR 05-16:
http://www.asic.gov.au/asic/ASIC_PUB.NSF/byid/D5A5C26F3A3869DFCA256FEF00145CBF?opendocument
Amendments have been made to the ASX Market Rules relating to overseas market linkages. See ASX Circular 172/05 and attachments:
For an outline of changes to the National Guarantee Fund that came into effect on 31 March 2005, see ASX Circular 165/05:
SFE has launched 5 NZFOX equity options products and a US T-Note One Session Option listed over the 'On-the-Run' US 10 Year Treasury Note. See SFE Bulletins 21/05 and 25/05:
http://www.sfe.com.au/content/bulletins/sfe/2005/sfe2005_021.pdf
http://www.sfe.com.au/content/bulletins/sfe/2005/sfe2005_025.pdf
The Uniform Consumer Credit Code Management Committee has announced some further changes to the proposed e-commerce amendments to the Consumer Credit Code. See Mallesons, Banking and Finance Alert - 18 April 2005:
For a general discussion of recent developments in employee relations law, see Allens Arthur Robinson, Focus: Workplace Relations – April 2005:
http://www.aar.com.au/pubs/wr/fowrapr05.htm
For an interesting compilation of articles on employees with disabilities, see Clayton Utz, Insights: Human Rights & Equal Opportunity - 14 April 2005:
http://www.claytonutz.com/areas_of_law/controller.asp?aolstring=&ns=179
For a summary of the recent High Court decisions in Rich and Silbermann v CGU Insurance Limited and Wilkie v Gordian Runoff Limited on advancement of defence costs under D&O insurance policies, see Blake Dawson Waldron, Insurance Update - April 2005:
http://www.bdw.com.au/publications/insuranceupdate/insuranceupdate042005.pdf
For a summary of the choice of fund regulations released last month, see Allens Arthur Robinson, Focus: Superannuation – April 2005:
http://www.aar.com.au/pubs/fmres/fosapr05.htm
Amendments have been made to the Income Tax Assessment Act 1936 to broaden the scope of the interest withholding tax exemption for widely held debt securities. See Blake Dawson Waldron, Tax Bulletin - April 2005:
http://www.bdw.com.au/publications/taxbulletin/taxbulletina042005.pdf
The corporate reconstruction exemption from stamp duty in Victoria is to be widened. See Blake Dawson Waldron, Stamp Duty Bulletin - April 2005:
http://www.bdw.com.au/publications/stampduty/stampduty042005.pdf
For a copy of the High Court decisions in Rich and Silbermann v CGU Insurance Limited [2005] HCA 16 and Wilkie v Gordian Runoff Limited [2005] HCA 17 dealing with the advancement of defence costs under D&O insurance policies, go to:
http://www.austlii.edu.au/au/cases/cth/high_ct/2005/16.html
http://www.austlii.edu.au/au/cases/cth/high_ct/2005/17.html
Copyright © 2005 Inhouse Legal Solutions Pty Limited ("ILS") ABN 16 003 663 456.
This newsletter is a summary only of the subject matter covered and is not intended to be, nor should it be relied upon as, a substitute for legal or other professional advice. It is made available without the assumption of a duty of care by ILS, or the officers, employees or agents of ILS who were involved in its preparation and without any representation or warranty as to accuracy or completeness. ILS is not responsible for, and gives no representations or warranties regarding, the source, quality, accuracy or completeness of the materials on any website to which a hyperlink is provided above.