February 2009
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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 Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.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 released a discussion paper entitled An Australian Consumer Law: Fair Markets – Confident Consumers proposing to introduce uniform national and state consumer protection laws that will add provisions regulating unfair contract terms to the existing consumer protection provisions of the Trade Practices Act 1974 and a new national product safety regulatory and enforcement framework. For a copy of the discussion paper, go to:
http://www.treasury.gov.au/documents/1484/PDF/An_Australian_Consumer_Law.pdf
The Federal Court has ordered pecuniary penalties of $16 million against various airlines for price fixing fuel surcharges on international air cargo between 2003 and 2006. When added to the $20 million penalty imposed against Qantas and the $5 million penalty imposed against British Airways for the same conduct, this brings the total pecuniary penalties ordered against the illegal cartel to $41 million. See Media Release 029/09:
http://www.accc.gov.au/content/index.phtml/itemId/861037
ASIC has released Consultation Paper 105 Facilitating equity capital raising. For a copy, go to:
A former Queensland Gas Company Ltd executive has pleaded guilty to 4 insider trading charges for purchasing shares in the company while in possession of inside information about the proposed merger of the company with BG Group Plc. See Media Release MR09-10:
ASX has issued an updated Capital Liquidity Handbook. See ASX Circular 052/09 and attachment:
ASX Market Rule Procedures 1.6.2 and 1.6.3 have been amended to recognise correspondence submitted via ASX Compliance Monitor as a permissible form of giving notice under the ASX Market Rules. See ASX Circular 029/09 and attachment:
ASX has deferred the Phase 1 go-live date for the integrated trading system upgrade to the weekend of 16 – 17 May 2009. The Phase 2 go-live is still scheduled for mid-year with a firm date to be communicated no later than 29 March 2009. see ASX Circular 041/09:
ASX has released a new Guidance Note 37 Maintenance of an Orderly Market When Closing Out Settlement Failures. See ASX Circular 049/09:
AUSTRAC is reminding reporting entities that they must lodge their 2008 AML/CTF compliance report by 31 March 2009. See Media Release 27 February 2009:
http://www.austrac.gov.au/27feb09.html
AUSTRAC has released 2 new guidance notes 09/01 Definition of 'bullion' under the AML/CTF Act and 09/02 Assessment of comparable AML/CTF laws in foreign countries. For copies, go to:
http://www.austrac.gov.au/files/gn0901_bullion_definition.pdf
http://www.austrac.gov.au/files/gn0902_comparable_amlctf_laws.pdf
Mallesons Stephen Jaques, Executive Remuneration: Guidelines and Developments - 19 February 2009 summarises recent developments in Australia and the US on executive remuneration, including the Australian Institute of Company Directors recently released guidelines on executive remuneration for publicly listed companies. For a copy, go to:
http://www.mallesons.com/publications/2009/Feb/9803470W.htm
For a general outline of recent developments in employee relations laws, see Mallesons Stephen Jaques, Workplace (e)ssentials - February 2009:
http://www.mallesons.com/publications/update-combine.cfm?id=1628269
The final report of the national review into the harmonisation of occupational health and safety laws has been released. For a summary, see Freehills, Final Report of the National Review into Model OHS Laws Released - 13 February 2009:
http://www.freehills.com.au/4673.aspx
The Federal Treasurer has announced proposed amendments to the Foreign Acquisitions and Takeovers Act 1975 to treat convertible notes as equity for the purposes of the Act. See Mallesons Stephen Jaques, Changes to Australia’s Foreign Investment Regime - 17 February 2009:
http://www.mallesons.com/publications/2009/Feb/9798685W.htm
The Treasurer has released for public comment the draft legislation and explanatory materials for the small business and general business tax break announced on 3 February 2009 as part of the Government’s Nation Building and Jobs Plan. For details, see Mallesons Stephen Jaques, Small Business and General Business Tax Break - Details Revealed - 27 February 2009:
http://www.mallesons.com/publications/2009/Feb/9814948W.htm
The importance of the legal construction and drafting of contracts for the sale or purchase of CGT assets in a tax consolidation environment has again been emphasised with the recent release by the Australian Taxation Office of a new tax determination. TD 2008/29 deals with the tax implications for an entity which contracts to buy or sell a CGT asset and that contract settles after the entity enters or exits a tax consolidated group (straddle contracts). See Mallesons Stephen Jaques, Key Legal and Tax Issues Arising From “Straddle Contracts” in a Tax Consolidation Environment - 12 February 2009:
http://www.mallesons.com/publications/2009/Feb/9794449W.htm
For a brief summary of the proposed new national consumer laws, see Freehills, New National Consumer Law - 26 February 2009:
http://www.freehills.com.au/4703.aspx
An appeal against the decision reported in our July 2008 Inhouse Update holding that a fee of nearly $17,000 for the provision of a company’s register of members in electronic format was unreasonable, even though that was the amount the company’s third party registrar charged it for the service, and substituting a fee of $250, has been dismissed. The decision in AXA Asia Pacific Holdings Limited v Direct Share Purchasing Corporation Pty Ltd [2009] FCAFC 15 can be viewed at:
http://cclsr.law.unimelb.edu.au/judgments/states/federal/2009/feburary/2009fcafc15.htm
The Federal Court has held that it is within the power of the Court to determine native title claims by consent and made an order by consent recognising a native title claim to the Wellesley Group of islands. The decision in Lardil, Yangkaal, Gangalidda & Kaiadilt Peoples v State of Queensland [2008] FCA 1855 can be viewed at:
http://cclsr.law.unimelb.edu.au/judgments/states/federal/2008/december/2008fca1855.htm
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