April 2006
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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 Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.
The Parliamentary Secretary to the Treasurer has released a consultation paper entitled Corporate and Financial Services Regulation Review. The paper seeks public comment on proposed measures to improve the operation of the laws regulating financial services, company reporting obligations, auditor independence, corporate governance, fundraising, takeovers, collective investments and dealing with regulators. The consultation paper can be downloaded from:
http://www.treasury.gov.au/documents/1068/PDF/CFS_Regulation_Paper.pdf
The Australian Government has announced interim actions to address a number of the recommendations of the Report of the Taskforce on Reducing the Regulatory Burdens on Business. The announcement can be viewed at:
http://www.treasurer.gov.au/tsr/content/pressreleases/2006/019.asp
ACCC has published a guide for the small business sector on the essential elements of a trade practices compliance program. For a copy, go to:
APRA has issued the second of two consultation packages outlining its proposed prudential response to the adoption of International Financial Reporting Standards in Australia by authorised deposit-taking institutions and general insurers. APRA's response to submissions and draft prudential standard and guidance notes can be downloaded from:
http://www.apra.gov.au/Policy/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=10583
http://www.apra.gov.au/Policy/IFRS-Tier-1-capital-and-securitisation.cfm
ASIC is seeking comment on a new policy proposal paper regarding ASIC’s power to give relief from the auditor rotation obligations in the Corporations Act. For a copy of the paper, go to:
ASIC has released a discussion paper on managing conflicts of interest in the financial services industry. For a copy of the paper, go to:
ASIC has published guidance to help financial services industry participants better understand ASIC’s administrative powers in the enforcement of financial services laws. For a copy of the guide, go to:
SDI Ltd, a Melbourne-based listed company, has paid a $33,000 penalty after ASIC issued an infringement notice alleging that it failed to keep the market properly informed about a likely downgrade in profits. SDI had announced in late February 2005 a profit target of $9.1m for the year to 30 June 2005. Despite lower than expected results in January, February and March 2005, it wasn't until 11 May 2005 that SDI announced to the market an updated profit target of $4m to $5m. For details, see Media Release 06-124:
http://www.asic.gov.au/asic/ASIC_PUB.NSF/byid/B57F5BD84DE01E7CCA2571570013B9F1?opendocument
Consequential upon the adoption of its integrated trading system, ASX has published new procedures and guidance notes on automated order processing and client order precedence. See Participant Circular 177/06 and attachments:
For a general discussion of recent developments in employee relations law, see Allens Arthur Robinson, Focus: Workplace Relations - April 2006:
http://www.aar.com.au/pubs/pdf/wr/fowrapr06.pdf
The Queensland Workplace Health and Safety Act 1995 has recently been amended by the Workers Compensation and Rehabilitation and other Acts Amendment Act 2005. For a summary of the amendments, see Minter Ellison, Queensland Introduces New WHS Obligations - 10 April 2006:
Freehills, Building a Program for Compliance With Your AML and CTF Obligations - 4 April 2006 discusses proposed guidelines for compliance programs required to be implemented under the draft Anti-Money Laundering and Counter-Terrorism Financing Bill. See:
http://www.freehills.com.au/publications/publications_5758.asp
For a summary of the amendments to be effected by the Intellectual Property Laws Amendment Bill 2006, see Allens Arthur Robinson, Focus: Intellectual Property – April 2006:
http://www.aar.com.au/pubs/pdf/ip/foipapr06.pdf
Gilbert & Tobin, Update on Defamation Laws - 1 April 2006 contains a useful update on the progress in implementing uniform defamation laws around the country:
Two important native title decisions in the Northern Territory. In Risk v Northern Territory of Australia [2006] FCA 404, the Federal Court rejected an application by three different groups of applicants for a native title determination in relation to land and waters in and around Darwin. In Jango v Northern Territory of Australia [2006] FCA 318, the Federal Court rejected an application for compensation for the extinguishment of native title over land comprised in the Yulara township and tourist village. The decisions can be viewed at:
http://www.austlii.edu.au/au/cases/cth/federal_ct/2006/404.html
http://www.austlii.edu.au/au/cases/cth/federal_ct/2006/318.html
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