February 2008
| 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 Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.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 the first tranche of its reforms to workplace relations laws. The Workplace Relations Amendment (Transition to Forward with Fairness) Bill and its explanatory memorandum can be viewed at:
The government has introduced legislation into Parliament to adopt the UNCITRAL Model Law on Cross-Border Insolvency. The Cross-Border Insolvency Bill and its explanatory memorandum are available at:
The Australian Law Reform Commission has released its report A Review of Legal Professional Privilege and Federal Investigatory Bodies. It can be downloaded from:
http://www.austlii.edu.au/au/other/alrc/publications/reports/107/
A reminder for all AML/CTF reporting entities that the first AML/CTF Compliance Report for the period to 31 December 2007 is due to be lodged with AUSTRAC by 31 March 2008. A sample report can be downloaded from the AUSTRAC website at:
http://www.austrac.gov.au/amlctf_compliance_report.html
ACCC has published a guide for businesses and industry on the use of environmental claims in marketing. Its publication Green marketing and the Trade Practices Act can be downloaded from:
ACCC has issued its Draft Merger Guidelines 2008 for public comment. They can be viewed at:
ACCC has released an issues paper on matters relevant to its inquiry into the competitiveness of retail prices for standard groceries. It can be downloaded from:
APRA has released its reporting requirements for authorised deposit-taking institutions under the Basel II Framework. The suite of reporting standards, forms and instructions are available on APRA’s website at:
http://www.apra.gov.au/Statistics/ADIs-Reporting-Standard.cfm
ASIC has launched Super Decisions, a new consumer guide to getting the most out of superannuation. It can be downloaded from:
ASX and ASIC have co-operated on the release of two companies updates to assist listed companies meet their disclosure obligations in relation to finance arrangements and margin loans involving directors. They can be downloaded from:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/MR%2008-37.pdf/$file/MR%2008-37.pdf
Austrac has released draft AML/CTF Rules to allow customers who acquired interests in a managed investment scheme between 12 December 2007 and 30 January 2008 to be treated as pre-commencement customers under the AML/CTF Act. A copy of the draft rules is available at:
http://www.austrac.gov.au/files/draft_amlctf_rules_-mis_customers.pdf
SFE has doubled the size of the Clearing Guarantee Fund to $400m by a range of measures, including a doubling of first level clearing participant commitments from $60m to $120m, effective from 1 March 2008. See SFE Notice 023/08:
http://www.sfe.com.au/content/notices/2008/notice2008_023.pdf
For a general discussion of recent developments in employee relations law, see Allens Arthur Robinson, Focus: Workplace Relations - February 2008:
http://www.aar.com.au/pubs/pdf/wr/fowrfeb08.pdf
For a summary of the Federal Government’s transitional workplace relations reforms, see Freehills, Forward with Fairness Transitional Bill: Labor’s Changes Emphasise Collective Bargaining - 13 February 2008:
http://www.freehills.com.au/publications/publications_7145.asp
For an outline of the draft new National Employment Standards released by the Federal Government, see Deacons, Legal Update: Government Releases Details of New Universal National Employment Standards and the Creation of "Modern Awards": the Two Part Safety Net - 20 February 2008:
http://www.deacons.com.au/NewsUpdates/Newsroom/LegalUpdates.cfm?objid=6312
For a summary of the recent amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 introduced to ensure that issuing interests in a managed investment scheme constitutes a ‘designated service’ under the Act, see Corrs, In Brief: Update on the Application of AML/CTF Act to Managed Investment Schemes - 11 February 2008:
ASIC has called for margin lending to be regulated under the national financial services regime under Chapter 7 of the Corporations Act. See Deacons, Legal Update: Proposals for ASIC to Regulate Margin Lending - 28 February 2008:
Corrs Chambers Westgarth, Mortgagee gets Order Against Intellectually Impaired Borrower for Outstanding Loan Amounts, Despite Loan and Mortgage Agreements Being Void - 15 February 2008 summarises an interesting recent case where a lender was able to use restitution to recover loan monies despite its security being void. See:
http://www.corrs.com.au/corrs/website/web.nsf/Content/Pub_TGIF_Mortgagee_Outstanding_Loan_150208
The Federal Court has given further impetus to litigation funding of class actions by upholding a criterion for membership of a representative action that the member must have entered into a funding agreement with a nominated litigation fund. See Blake Dawson Waldron, Litigation Update -15 February 2008:
http://www.blakedawson.com/Templates/Publications/x_article_content_page.aspx?id=46781
The Federal Government has asked the Board of Taxation to examine options for a managed investments tax regime in Australia, including the potential for a specific tax regime for Real Estate Investment Trusts. See Deacons, Legal Update: Proposed Reform of Public Trading Trust Rules - 28 February 2008:
http://www.deacons.com.au/NewsUpdates/Newsroom/LegalUpdates.cfm?objid=6321
The Federal Court has recently handed down a decision on the application of the margin scheme that could create a major GST headache for developers of strata title units. This surprising decision contradicts the long held position on which there has been no dispute between the Commissioner and the taxpayer. See Deacons, Legal Update: Margin Scheme Mayhem - 26 February 2008:
http://www.deacons.com.au/NewsUpdates/Newsroom/LegalUpdates.cfm?objid=6316
For an outline on the ACCC's new draft merger Guidelines, see Mallesons, ACCC Releases New Draft Merger Guidelines 2008 - Safe Harbours and First Ports of Call - 14 February 2008:
http://www.mallesons.com/publications/2008/Feb/9310627W.htm
Beevers v Port Phillip Sea Pilots [2007] VSC 556 has a useful exposition of the law on expert determinations of the value of shares under pre-emption provisions in company constitutions. In that case, the court held an auditor’s valuation to be vitiated by partiality and want of independence. The decision can be viewed at:
http://cclsr.law.unimelb.edu.au/judgments/states/vic/2007/december/2007vsc556.htm
In Areva NC (Australia) Pty Ltd v Summit Resources (Australia) Pty Ltd [No 2] [2008] WASC 10, it was held that draft witness statements prepared by a company's former solicitor were 'books' of the company and therefore amenable to an order for inspection under section 247A of the Corporations Act. The decision can be viewed at:
http://cclsr.law.unimelb.edu.au/judgments/states/wa/2008/february/2008wasc0010.htm
Copyright © 2008 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.