August 2009
| 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 Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.
The government has introduced a Bill into Parliament to implement the changes announced earlier in the year extending the reach of foreign investment laws to capture more complex control transactions. It has also announced an easing in the thresholds for foreign investment review. For a copy of the Foreign Acquisitions and Takeovers Amendment Bill 2009 and its explanatory memorandum, and of the Treasurer's media release of 4 August 2009, go to:
The government has released for public comment draft regulations and explanatory material for the national consumer credit protection laws. They can be viewed at:
http://www.treasury.gov.au/contentitem.asp?NavId=037&ContentID=1597
The government has also released for public comment draft regulations and explanatory material for the new laws relating to margin loans, trustee corporations and debentures. They can be viewed at:
http://www.treasury.gov.au/contentitem.asp?NavId=037&ContentID=1604
There have been further amendments to the AML/CTF Rules. For a copy of the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2009 (No.4) and its explanatory statement, go to:
APRA has released draft guidance and a discussion paper on capital, risk management, adequacy of resources and fitness and propriety for APRA-regulated superannuation trustees. They are available on the APRA website at:
http://www.apra.gov.au/Policy/Superannuation-Consultation-Packages.cfm
APRA has released the final reporting standards that will apply to general insurance groups. The new reporting standards and their accompanying forms and instructions can be viewed on APRA’s website at:
http://www.apra.gov.au/Statistics/Level-2-Reporting-Standards.cfm
http://www.apra.gov.au/Statistics/Level-2-Reporting-Requirements.cfm
APRA has initiated criminal proceedings alleging that a former chief executive officer victimised two directors of a superannuation trustee company. See media release 09.21:
http://www.apra.gov.au/media-releases/09_21.cfm
ASIC has released Regulatory Guide 201 Unsolicited credit cards and debit cards. It can be downloaded from:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg201.pdf/$file/rg201.pdf
ASIC has released consultation paper CP 114 Client money relating to dealing in OTC derivatives, which contains proposals to improve disclosure by financial services licensees dealing in OTC derivatives and clarifies how ASIC expects licensees to comply with the client money provisions in the Corporations Act. The consultation paper can be viewed at:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp114.pdf/$file/cp114.pdf
ASIC has announced changes to the form-lodging arrangements for companies wishing to take advantage of the relief from financial reporting requirements under Class Order 98/98 for small proprietary companies which are controlled by a foreign company but which are not part of a large group and under Class Order 98/1418 for wholly-owned entities. See Advisory 09-145AD:
ASX has released its Analysis of Corporate Governance Disclosures in Annual Reports for the year ended 31 December 2008. It can be downloaded from:
http://www.asx.com.au/about/pdf/mr_040809_corp_gov_report_review.pdf
ASX has amended several of the ASX Market Rules to correct various minor oversights, typographical and numbering errors. See Market Circular 275/09 and attachment:
AUSTRAC has released a revised approach to its supervision role under Australia's anti-money laundering and counter-terrorism financing laws. A booklet outlining the new approach can be viewed at:
http://www.austrac.gov.au/files/supervision_strategy_booklet_external_aug09.pdf
IFSA has published a new edition of its Blue Book, the investment industry's guidance for fund managers and corporations on corporate governance. The new book can be downloaded from:
http://www.ifsa.com.au//2009%20Documents/2009_0703_June%202009%20Blue%20Book%20FINAL.pdf
For a summary of the revised bill to reform termination payments, see Blake Dawson Waldron, Company Law & Governance Update - 11 August 2009:
http://www.blakedawson.com/Templates/Publications/x_article_content_page.aspx?id=56189
For a summary of recent amendments to the federal Disability Discrimination Act 1992, see Minter Ellison, HR & IR Update - 6 August 2009:
ASIC has proposed some fundamental reforms to the Australian financial services industry particularly affecting the financial advice industry. See Mallesons, ASIC Proposes Radical Reforms - 18 August 2009:
http://www.mallesons.com/publications/2009/Aug/10036915W.htm
The Government has released an exposure draft of the new tax legislation for employee share schemes. For further details, see Minter Ellison, Employee Share Scheme Taxation Changes - August 2009:
The Government has announced that it intends to change the Australian interest withholding tax treatment for certain bonds, notes and other debentures and debt interests issued by the Commonwealth, States and Territories and their authorities and released an exposure draft of amending legislation and explanatory material to implement the changes. See Mallesons, Changes to Australian IWT for Debt Instruments Issued by the Commonwealth, States, Territories and Their Authorities - 24 August 2009:
http://www.mallesons.com/publications/2009/Aug/10043219W.htm
For those interested, the decision on penalties in the James Hardie case (Australian Securities and Investments Commission v Macdonald (No 12) [2009] NSWSC 714) can be viewed at:
http://cclsr.law.unimelb.edu.au/judgments/states/nsw/2009/august/2009nswsc714.htm
Copyright © 2009 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.