February 2007
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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 Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.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 Federal Government has introduced to Parliament a Bill to modify the anti-money laundering laws enacted late last year. For a copy of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2007 and its explanatory memorandum, go to:
AUSTRAC has also released for consultation a new set of draft AML/CTF Rules covering customer identification, AML/CTF programs and gambling services. The full text of the draft rules can be viewed at:
The Federal Government has released an exposure draft of a Bill to amend the Insurance Contracts Act 1984 (Cth). The draft Bill and associated material can be found at:
http://icareview.treasury.gov.au/content/exposure_draft.asp?NavID=10
The Attorney-General's department has released some helpful fact sheets on the recent amendments to copyright laws. They are available at:
The Federal Court of Australia has ordered penalties totalling $3.4 million against the Jurlique group of companies and their founder for engaging in resale price maintenance in the sale of cosmetic products between 1991 and 2003. This is the highest penalty ever imposed for resale price maintenance in Australia. See Media Release # MR 029/07:
http://www.accc.gov.au/content/index.phtml/itemId/780091/fromItemId/2332
ASIC has commenced civil penalty proceedings against former and current directors and former executives of James Hardie. See Media Release 07-35:
http://www.asic.gov.au/asic/ASIC_PUB.NSF/byid/D0915C920E83CF06CA257283000075C1?opendocument
ASIC has commenced legal proceedings against a research analyst for insider trading. ASIC alleges that the analyst sold his wife’s shares in Peppercorn Investment Fund after he received information that PIV would fall $1 million short of its forecasted profit for the 2004 financial year. This information was not generally known to the market until 2 weeks later, when PIV issued a profit downgrade warning. See Media Release 07-41:
http://www.asic.gov.au/asic/ASIC_PUB.NSF/byid/905AD0372AD67003CA25728A00161A98?opendocument
ASIC has released Policy Statement 187 Auditor rotation, outlining its approach to applications for relief from the auditor rotation requirements in the Corporations Act. A copy of the Policy Statement can be viewed at:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/ps187.pdf/$file/ps187.pdf
ASIC has also released Policy Statement 188 Disclosure in reconstructions, dealing with the disclosure requirements for reconstructions or capital reductions involving an issue of securities. The statement confirms that invitations to vote on an issue of securities constitute an ‘offer’ for the purposes of the prospectus provisions of the Corporations Act. This means a prospectus must accompany the notice of meeting. A copy of the Policy Statement can be viewed at:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/ps188.pdf/$file/ps188.pdf
ASIC has issued an information sheet and practical example illustrating the type of information typically required in an application for relief. These documents supplement ASIC’s Policy Statement 51 Applications for Relief and provide practical guidance for applicants who request an exemption or modification under the Corporations Act. Copies of the information sheet and example can be downloaded from:
ASX has amended ASX Market Rule Procedure 31.9.2 relating to the minimum disclosed quantity for an Iceberg order. See ASX Circular 076/07:
SFE has reinforced to participants that representatives suspected of entering orders without the genuine intent to trade will be referred to the Exchange’s Disciplinary Committees for disciplinary action. See SFE Notice 21/07:
http://www.sfe.com.au/content/notices/2007/notice2007_021.pdf
For a general discussion of recent developments in employee relations law, see Allens Arthur Robinson, Focus: Workplace Relations - February 2007:
http://www.aar.com.au/pubs/pdf/wr/fowrfeb07.pdf
The Supreme Court of New South Wales has confirmed that a duty of good faith and a duty of mutual trust and confidence will be implied into contracts of employment. See Freehills, New South Wales Supreme Court Confirms Implied Duties of Good Faith and Mutual Trust and Confidence - 21 February 2007:
http://www.freehills.com.au/publications/publications_6438.asp
For a discussion of the Federal Court decision in the Wongatha case (below), see Minter Ellison, News Alert - First Goldfields Native Title Claim Dismissed - 6 February 2007:
Clayton Utz, Tax Insights - 2 February 2007 discusses the new capital gains tax rules that apply for foreign residents and the new income tax rules for individuals who become temporary residents. See:
http://www.claytonutz.com.au/areas_of_law/controller.asp?aolstring=&ns=288
The Federal Court has dismissed the first native title claims over the Goldfields region of Western Australia on the basis that none of them were properly authorised under the Native Title Act. However, the Court specifically declined to make a determination that there is no native title in the area. The decision in Harrington-Smith on behalf of the Wongatha People v State of Western Australia (No 9) [2007] FCA 31 can be viewed at:
http://www.austlii.edu.au/au/cases/cth/federal_ct/2007/31.html
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