February 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 Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.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 Attorney-General has introduced comprehensive amendments to the Telecommunications (Interception) Act 1979 implementing recommendations from the Report of the Review of the Regulation of Access to Communications. See Attorney-General Media Release 017/2006:
The Australian Law Reform Commission is to review the operation of the Privacy Act 1988. See Attorney-General Media Release 006/2006:
ComLaw has helpfully released a "future law" compilation incorporating all of the amendments made to the Workplace Relations Act 1996 late last year. It can be downloaded at:
http://www.comlaw.gov.au/comlaw/comlaw.nsf/Preview/futurelaw?OpenDocument
ACCC has issued for public comment two draft guides on the authorisation and notification processes under the Trade Practices Act. The guides are available at:
APRA has released 3 new prudential standards and a number of prudential practice guides as part of its general insurance stage 2 reforms. The prudential standards and prudential practice guides are available on APRA's web site at:
www.apra.gov.au/General/General-Insurance-Prudential-Standards-and-Guidance-Notes.cfm
www.apra.gov.au/General/General-Insurance-PPGS.cfm
ASIC has released draft guidelines for issuers and advisers on the preparation of prospectuses. The draft policy statement, Better prospectus disclosure, can be downloaded at:
ASIC has issued Class Order CO 06/105 Calculation of director and executive remuneration giving short term relief to listed companies in measuring and reporting director and executive remuneration in their annual reports. The relief will remove any doubt over the ability of companies to disclose an individual director or executive remuneration using a single measurement basis. See Information Release IR 06-05:
http://www.asic.gov.au/asic/ASIC_PUB.NSF/byid/0A7C88C8549CDBE1CA25711B007E890F?opendocument
ASX has amended Guidance Note 30 Risk Management Framework Document and Key Risks and Internal Systems Statement. See ASX Circular 060/06 and attachments:
SFE has de-listed the NZ/Australia 3 and 10 Year Bond Spread Futures contracts due to lack of volume. See SFE Notice 11/06:
http://www.sfe.com.au/content/notices/2006/notice2006_011.pdf
For an outline of recent developments in banking and finance, see Allens Arthur Robinson, Finance & Banking Update - February 2006 and Clayton Utz, Banking & Financial Services Insights - 23 February 2006:
http://www.aar.com.au/pubs/baf/fabufeb06.htm
http://www.claytonutz.com/areas_of_law/controller.asp?aolstring=&ns=233
The Ministerial Council on Consumer Affairs has released a consultation package outlining proposed changes to the Consumer Credit Code. The changes aim to streamline disclosure of essential financial information relating to credit contracts. The package includes consultation drafts of the Consumer Credit Code Amendment Bill 2005 and Consumer Credit Code Regulation 2005. Also, the council is reviewing whether to renew the mandatory comparison rate regime which is set to expire on 30 June 2006. See Mallesons, Consumer Credit Changes: Pre-contractual Disclosure Changes and Mandatory Comparison Rates Review - 3 February 2006:
http://www.mallesons.com/publications/2006/Jan/8274219W.htm
For an interesting discussion of two recent court decisions examining the validity of liquidated damages clauses, see Allens Arthur Robinson, Focus: Construction - 1 February 2006:
http://www.aar.com.au/pubs/pdf/const/foconfeb06.pdf
And for an interesting discussion of a recent case highlighting the dangers of "cash consideration" provisions in joint venture pre-emption clauses, see Corrs, Energy & Resources Issues - 21 February 2006:
For a general discussion of recent developments in employee relations law, see Allens Arthur Robinson, Focus: Workplace Relations - February 2006:
http://www.aar.com.au/pubs/wr/fowrfeb06.htm
For a general discussion of recent developments on privacy issues, see Minter Ellison, Privacy Update - 21 February 2006:
For an outline of the new uniform defamation legislation now in force throughout Australia (apart from the Northern Territory), see Minter Ellison, New Uniform Defamation Laws - 1 February 2006:
For a useful outline of the steps to take in an ACCC "raid", see Mallesons, When the Regulator Comes Knocking - 20 February 2006:
http://www.mallesons.com/publications/2006/Feb/8309585W.htm
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