January 2010
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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 Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.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 announced a package of reforms to Australia's corporate insolvency laws. This includes amendments to the Corporations Act to reverse the effect of the High Court's decision in Sons of Gwalia v Margaretic, which held that certain compensation claims by shareholders against the company ranked equally with the claims of other unsecured creditors in a winding up. The package can be viewed at:
http://www.treasury.gov.au/documents/1713/PDF/Insolvent_Trading_Safe_Harbour_DP.pdf
The Productivity Commission has released its final report on executive remuneration in Australia. The report can be downloaded from:
http://www.pc.gov.au/projects/inquiry/executive-remuneration/report
APRA has released for consultation a discussion paper outlining proposals on the implementation of the Financial Claims Scheme for authorised deposit-taking institutions. The consultation package can be found on the APRA website at:
http://www.apra.gov.au/Policy/upload/DP-FCS-for-ADIs-Jan-2010.pdf
ASIC has announced the results of its review of 30 June 2009 financial reports and the areas on which it intends to focus its next review of 31 December 2009 results. See Media Release 10‑04MR:
ASX has released an information paper entitled Capital Raising in Australia: Experiences and Lessons from the Global Financial Crisis. The paper aims to improve understanding of the overall capital raising process and examines the criticisms levelled at particular capital raising mechanisms. It can be downloaded from:
http://www.asx.com.au/about/pdf/20100129_asx_information_paper_capital_raising_in_australia.pdf
AUSTRAC has announced an extension to the transition period for businesses required to report international funds transfer instructions under Australia's anti-money laundering legislation. See its media release dated 28 January 2010:
http://www.austrac.gov.au/28jan10.html
SFE has published further guidance for participants on their obligations when trading out of errors. See SFE Notice 001/10:
http://www.sfe.com.au/content/notices/2010/notice2010_001.pdf
For a summary of the Productivity Commission’s final report on executive remuneration, see Allens Arthur Robinson, Focus: Productivity Commission's Final Report on executive remuneration in Australia - 20 January 2010:
http://www.aar.com.au/pubs/cg/focgjan10.htm
For a summary of the proposed simplified PDS disclosures for superannuation and managed investment products released last month, see Minter Ellison, Alert - Update: A simplified regime for product disclosure - 22 January 2010:
The Federal Government intends to introduce legislation to make it easier for shareholders to obtain roll-over relief in takeovers and mergers. See Blake Dawson, Tax Bulletin - 20 January 2010:
http://www.blakedawson.com/Templates/Publications/x_publication_content_page.aspx?id=57581
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