August 2008
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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 Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.
Treasury has invited public submissions on its "root and branch" review of the Australian tax system. See its media release dated 19 August 2008 and its paper Architecture of Australia’s tax and transfer system, which are available at:
http://www.taxreview.treasury.gov.au/Content/Content.aspx?doc=html/media_releases/01.htm
The Australian Law Reform Commission has released its final report on privacy laws. For a copy, go to:
http://www.austlii.edu.au/au/other/alrc/publications/reports/108/
APRA and ASIC have jointly released a newly updated guide to good practice on unit pricing for the life insurance, superannuation and funds management industries. It can be downloaded from:
http://www.apra.gov.au/Superannuation/upload/UP_GGP_082008_ex_final.pdf
ASIC has issued a new Regulatory Guide 121 Doing financial services business in Australia. For a copy, go to:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg121.pdf/$file/rg121.pdf
ASIC has released a new Regulatory Guide 192 Licensing: wholesale equity venture capital schemes: trustee licensing explaining ongoing relief ASIC has granted, exempting trustees of wholesale equity schemes from having to hold an Australian financial services licence to provide custodial or depository services and dealing services. It can be downloaded from:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg192.pdf/$file/rg192.pdf
ASIC has also released an updated Regulatory Guide 69 Debentures – improving disclosure for retail investors. See:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg69v1.pdf/$file/rg69v1.pdf
AUSTRAC has released Guidance Note 08/04 Record-keeping requirements. It can be downloaded from:
http://www.austrac.gov.au/files/gn0804_record_keeping.pdf
AUSTRAC has released a new chapter to its regulatory guide outlining the ongoing customer due diligence obligations that come into effect on 12 December 2008. See:
http://www.austrac.gov.au/8aug08.html
AUSTRAC has also released Public Legal Interpretation No. 5 of 2008 Access to and disclosure of ‘AUSTRAC information’. It is available at:
http://www.austrac.gov.au/files/pli5_austrac_information.pdf
For a general discussion of recent developments in employee relations law, see Mallesons Stephen Jaques, Workplace and Employee Relations Update - August 2008 and Workplace (E)ssentials - August 2008:
http://www.mallesons.com/publications/update-combine.cfm?id=1438344
http://www.mallesons.com/publications/update-combine.cfm?id=1424650
And for an interesting article on the likely demise of employers' ability to conduct urine testing of employees for drugs and alcohol, see Hunt & Hunt, Employment and Workplace Relations - 27 August 2008:
http://www.hunthunt.com.au/PageSys/DocView.aspx?DocumentID=2086
For further and more detailed analyses of the ramifications of the Basis Capital decision, see Mallesons Stephen Jaques, Issue and Redemption of Units in Managed Funds - 22 August 2008 and WARNING: Period for Holding Application Money - 7 August 2008:
http://www.mallesons.com/publications/2008/Aug/9580654W.htm
http://www.mallesons.com/publications/2008/Aug/9557605W.htm
For a useful trilogy of articles on the changes to privacy laws proposed by the Australian Law Reform Commission, see Allens Arthur Robinson, Client Update: Privacy - 11 August 2008, Focus: Privacy - August 2008 - The New Unified Privacy Principles and Focus: Privacy - August 2008 - Credit Reporting and Credit Information:
http://www.aar.com.au/pubs/priv/cuprivaug08.htm
http://www.aar.com.au/pubs/pdf/priv/foprivaug08.pdf
http://www.aar.com.au/pubs/pdf/priv/fopriv19aug08.pdf
The Federal Privacy Commissioner has issued a final version of the voluntary guide to handling personal information security breaches. See Mallesons Stephen Jaques, Voluntary Guide to Handling Personal Information Security Breaches Released - 28 August 2008:
http://www.mallesons.com/publications/2008/Aug/9590297W.htm
For a summary of the Treasury discussion paper on the proposed reform of Australia’s tax system, see Mallesons Stephen Jaques, Australian Tax System Review - Treasury Discussion Paper Issued - 6 August 2008:
http://www.mallesons.com/publications/2008/Aug/9562301W.htm
In Basis Capital Funds Management Ltd v BT Portfolio Services Ltd [2008] NSWSC 766, the Supreme Court of NSW considered the duties of a responsible entity of a managed investment scheme when dealing with applications for the issue and redemption of interests in the scheme. The decision can be viewed at:
http://cclsr.law.unimelb.edu.au/judgments/states/nsw/2008/july/2008nswsc766.htm
In Master Education Services Pty Limited v Ketchell [2008] HCA 38, the High Court found that a breach by a franchisor of clause 11(1) of Franchising Code of Conduct did not make the franchise agreement unenforceable due to illegality. The decision can be viewed at:
http://www.austlii.edu.au/au/cases/cth/HCA/2008/38.html
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