January 2008
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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 Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.
Treasury has released for public comment draft legislation to criminalise cartel behaviour. Submissions close on 29 February 2008. A copy of the discussion paper and exposure draft Bill can be viewed at:
http://www.treasury.gov.au/documents/1330/PDF/Cartels_Bill_Discussion_paper.pdf
http://www.treasury.gov.au/documents/1330/PDF/Attachment_A_cartels_Exposure_draft_bill.pdf
ASIC and Standards Australia have released a handbook to promote reference checking in the financial services industry. For a copy of the handbook, go to:
ASX has provided amended guidance on the entry of index arbitrage orders and when the bulk authorisation of orders by automated order processing systems is appropriate. See ASX Market Circular 025/08 and attachment:
Minter Ellison, Going, Going, Gone? Online Auctions and Smythe v Thomas - 21 January 2008 discusses an important recent decision on the contractual ramifications of online auctions. See:
For a general discussion of recent developments in employee relations law, see Allens Arthur Robinson, Focus: Workplace Relations - January 2008:
http://www.aar.com.au/pubs/pdf/wr/fowrjan08.pdf
The Anti-Money Laundering and Counter-Terrorism Financing Regulation 2008 came into effect on 31 January 2008. It changes the Anti-Money Laundering and Counter Terrorism Financing Act 2006 so that the issue of interests in managed investment schemes, and options to acquire such interests, are a designated service under the AML/CTF Act. Issuers of such interests will therefore need to comply with the AML/CTF Act and implement an AML/CTF compliance program and an identification process for subscribers. See Mallesons, Managed Investment Scheme Issuers Are Now Subject to Anti-money Laundering Laws - 30 January 2008:
http://www.mallesons.com/publications/2008/Feb/9286379W.htm
For those who haven’t caught up with it yet, Baker & McKenzie, Anti-Money Laundering and Counter-Terrorism Financing Act Overview - January 2008 has a general overview of compliance obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act. See:
New Regulations have been passed bringing the use of bill facilities and promissory notes within the Uniform Consumer Credit Code where the credit is provided wholly or predominantly for personal, domestic or household purposes. See Gadens, Banking and Finance Update - January 2008:
http://www.gadens.com.au/Publications-View.asp?DocumentID=1260
Clayton Utz, ASIC v Citigroup - The Compliance Implications - 29 January 2008 has a useful summary of the guidance that case offers on the proper construction of Chinese walls. See:
http://www.claytonutz.com.au/areas_of_law/controller.asp?aolstring=&na=1668
The Tax Laws Amendment (2007 Measures No. 3) Act 2007 (Cth) imposes a new regime for non-resident beneficiary withholding for certain widely held managed investment trusts. See Corrs, In Brief: New Non-Resident Withholding Rules For Managed Investment Trusts - January 2008:
The High Court has upheld the constitutionality of the Takeovers Panel. The decision in Attorney-General (Cth) v Alinta Limited [2008] HCA 2 can be viewed at:
http://www.austlii.edu.au/au/cases/cth/HCA/2008/2.html
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