August 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 Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.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 announced a comprehensive package of corporate law reform proposals to form part of a single Bill to be called the Simpler Regulatory System Bill. See Media Release 028/2006:
http://parlsec.treasurer.gov.au/cjp/content/pressreleases/2006/028.asp
The Parliamentary Secretary to the Treasurer has also released a table summarising progress on the topics outlined in the Corporate and Financial Services Regulation Review Consultation Paper and outlining how the outstanding issues will be handled going forward. For a copy of the table, go to:
The Attorney General has announced details of the Government's reforms to improve the resolution of native title claims. See Media Release 158/2006:
ACCC has issued a paper providing guidance on how it will assess any proposed media mergers. A copy can be downloaded at:
ASIC has issued Policy Statement 184 Superannuation: Delivery of product disclosure strategies. A copy can be downloaded at:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/ps184.pdf/$file/ps184.pdf
ASIC has granted interim relief to give trustees of legacy superannuation products further time to comply with some periodic statement disclosure requirements. See Information Release IR 06-28:
http://www.asic.gov.au/asic/ASIC_PUB.NSF/byid/3807C95E4C68EFB4CA2571B800232FB7?opendocument
ASX has made substantial amendments to the warrant rules in section 10 of the ASX Market Rules. See ASX Circular 437/06 and attachments:
The Consumer Credit Amendment Regulation (No. 1) 2006 (Qld) was gazetted on 4 August 2006 and will commence on the proclamation of the Uniform Consumer Credit Code ecommerce amendments. See Deacons, Legal Update: Consumer Credit Amendment Regulation - E-commerce Amendments - 17 August 2006:
http://www.deacons.com.au/NewsUpdates/Newsroom/LegalUpdates.cfm?objid=5612
For an interesting article on the recent decision involving Nick Whitlam and the NRMA and the potential gaps it may lead to between the indemnity a company gives to its directors and the terms of its directors' and officers' liability insurance, see Allens Arthur Robinson, Focus: Insurance & Reinsurance – August 2006:
http://www.aar.com.au/pubs/pdf/insur/foinsaug06.pdf
Corrs, In Brief: IIA Introduces New Spam Code of Practice - 30 August 2006 examines the new Internet Industry Association Code of Practice and how it intends to address the spam problem. See:
For a general discussion of recent developments in employee relations law, see Allens Arthur Robinson, Focus: Workplace Relations - August 2006:
http://www.aar.com.au/pubs/pdf/wr/fowraug06.pdf
For a summary of the Australian Industrial Relations Commission's decision on the family provisions test case, see Freehills, Family Provisions Test Case - 9 August 2005:
http://www.freehills.com.au/publications/publications_5168.asp
Regulations have been made requiring details of superannuation contributions to be included on pay slips. See Freehills, Superannuation Details on Payslips - 7 August 2006:
http://www.freehills.com.au/publications/publications_6050.asp
Corrs, In Brief: Strategies for Reducing Accrued Annual Leave - 30 August 2006 examines the trend of workers hoarding annual leave and the problems it causes for employees and offers strategies to prevent it. See:
According to Allens Arthur Robinson, Focus: Anti-money Laundering - August 2006, Australian financial institutions won't necessarily comply with proposed anti-money laundering and counter terrorist financing laws if they simply adopt the compliance regimes of their US parents. See:
http://www.aar.com.au/pubs/pdf/fmres/foaml30aug06.pdf
Blake Dawson Waldron, Competition Law News - August 2006 has a useful discussion of the decision in the AAPT case concerning unfair terms in mobile phone contracts. See:
http://www.bdw.com.au/publications/competition/competition082006.pdf
Freehills, When Protecting Your Business is Going Too Far - ACCC v Woolworths - 17 August 2006 similarly has some useful guidance on the issues objecting to new competitor developments may raise. See:
http://www.freehills.com.au/publications/publications_6099.asp
For those interested in the civil penalties meted out to the former executives of GIO for breaching their statutory duty of care and, in one instance, their statutory duty of honesty, the decision in ASIC v Vines [2006] NSWSC 760 can be viewed at:
http://cclsr.law.unimelb.edu.au/judgments/states/nsw/2006/august/2006nswsc760.htm
The High Court has found that the rules against champerty and maintenance should give way to the need for greater access to justice and opened the door for litigation funders to take a much more significant role in class actions in Australia. The decisions in Campbells Cash and Carry Pty Limited v Fostif Pty Limited [2006] HCA 41 and Mobil Oil Australia Pty Limited v Trendlen Pty Limited [2006] HCA 42 can be viewed at:
http://www.austlii.edu.au/au/cases/cth/high_ct/2006/41.html
http://www.austlii.edu.au/au/cases/cth/high_ct/2006/42.html
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