July 2006
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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 Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.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 for public consultation a revised exposure draft Bill and draft Rules on anti-money laundering and counter-terrorism financing. These are best viewed on the AUSTRAC AML site at:
http://www.austrac.gov.au/aml/index.htm
Telemarketers note: the Do Not Call Register Act 2006 has passed into law. For a copy of the Act and its explanatory memorandum, go to:
http://www.comlaw.gov.au/ComLaw/Legislation/Act1.nsf/0/3B0DECA76329B6A4CA2571A2001EF835?OpenDocument
ACCC has released FairStore, a best practice guide for businesses servicing indigenous communities in rural and remote areas of Australia. A copy can be downloaded at:
ASIC has accepted a legally binding commitment from AMP Financial Planning Pty Limited to modify key aspects of how it provides financial advice to its customers about switching superannuation investments to funds managed by AMP. The undertaking addresses findings by ASIC that AMP financial planners failed to make proper disclosure of the costs of acquiring recommended products and the significant consequences of replacing existing products and that customers had been misled by suggestions that the planners could consider a broader range of non-AMP products than was in fact the case. For a copy of the enforceable undertaking, go to:
Astron Limited has paid a $66,000 penalty for failing to comply with the continuous disclosure obligations in the Corporations Act regarding a significant increase in the mineral resource estimate for a minerals sands deposit in Victoria. See Media Release 06-242:
http://www.asic.gov.au/asic/ASIC_PUB.NSF/byid/9CF6A8180FDA0B32CA2571AF0024BF27?opendocument
ASIC has issued an updated guide for product issuers to help them comply with the enhanced fee disclosure regulations. The updated guide can be downloaded at:
ASIC has issued Class Order CO 06/441 Including different registered scheme financial reports in a single document, allowing the financial statements of different registered schemes with a common responsible entity or responsible entities that are wholly beneficially owned by the same entity to be presented in adjacent columns in a single financial report. See Information Release IR 06-24:
http://www.asic.gov.au/asic/ASIC_PUB.NSF/byid/882F0E8B07EA46BECA2571A40022CA08?opendocument
ASIC has published guidance for superannuation trustees to help them meet their legal obligations to members regarding the reporting of material changes and significant events. See Information Release IR 06-26:
http://www.asic.gov.au/asic/ASIC_PUB.NSF/byid/31B85818B1D6FBE6CA2571AE0003F6BB?opendocument
ASIC has provided relief in relation to the requirement for trustees of superannuation funds to provide certain additional information in exit statements given on or after 1 July 2006, in cases where members exit the fund on or before 30 June 2006 as part of the fund’s winding up. See Information Release IR 06-25:
http://www.asic.gov.au/asic/ASIC_PUB.NSF/byid/AE9D5D8B5A5AFB83CA2571A8001B800B?opendocument
ASIC has released a report summarising its decisions on applications for relief from the financial services and managed investment provisions of the Corporations Act between 1 January and 31 March 2006. A copy of the report is available at:
ASIC has released Dealing with Book Up: Key Facts, a booklet containing essential information about the ‘book up’ credit system used widely in Aboriginal communities. The booklet is available at:
ASX has made further amendments to its Market Rule Procedures to facilitate its integrated trading system project. See ASX Circular 342/06 and attachments:
https://www.asxonline.com/intradoc-cgi/idcplg?IdcService=ASX_COLLECTION_DISPLAY&hasCollectionID=true&dCollectionID=364&SortField=xCircular&SortOrder=Desc&showContent=1&pagination=1&PageNumber=2 (this hyperlink on the ASX website appears to be broken)
ASX has amended its Market Rule Procedures to deal with recently announced changes to market hours. See ASX Circular 357/06 and attachments:
ASX has re-issued its guidance note on automated order processing systems to make some minor technical changes. See ASX Circular 346/06 and attachments:
SFE has issued an Error Resolution Policy and the Interest Rate and Equity Market Operational Policy. These are available on its website at:
http://www.sfe.com.au/content/aboutsfe/sfe_rules/operationalpolicy_errorresolution.pdf
http://www.sfe.com.au/content/aboutsfe/sfe_rules/operationalpolicy_irequity.pdf
For a summary of the revised Exposure Draft Anti-Money Laundering and Counter-Terrorism Financing Bill, see Allens Arthur Robinson, Focus: Anti-money Laundering - 27 July 2006:
http://www.aar.com.au/pubs/pdf/fmres/foaml27jul06.pdf
For a summary of the latest decision on the existence of an implied duty of good faith in commercial contracts, see Minter Ellison, News Alert - Debate Continues on Implied Duty of Good Faith in Commercial Contracts - 11 July 2006:
Blake Dawson Waldron, Company Law & Governance Update - 14 July 2006 looks at strategies for managing corruption risk in off-shore businesses, constitutional amendments to be considered for the 2006 AGM, proposed duties for those below board level, and the importance of environmental management systems. See:
http://www.bdw.com.au/publications/governance/governance072006.pdf
For a general discussion of recent developments in employee relations law, see Allens Arthur Robinson, Focus: Workplace Relations - July 2006:
http://www.aar.com.au/pubs/pdf/wr/fowrjul06.pdf
As of 18 July 2006, general insurers will be required to comply with the new General Insurance Code of Practice 2005. See Deacons, Legal Update: The General Insurance Code of Practice 2005 - 14 July 2006:
http://www.deacons.com.au/NewsUpdates/Newsroom/LegalUpdates.cfm?objid=5570
Proposed legislation, expected to be introduced towards the end of 2006, will result in a number of enhancements to the rights of Australian trade mark owners. See Freehills, Upcoming Changes to Australian Trade Mark Law - 21 July 2006:
http://www.freehills.com.au/publications/publications_6028.asp
In the highest decision by an Australian court on the subject of patenting business methods and schemes thus far, the Full Federal Court has dismissed an appeal against a decision revoking an innovation patent for an ‘asset protection method’. See Freehills, Full Federal Court rules on Patentability of ‘Asset Protection Method’ - 21 July 2006:
http://www.freehills.com.au/publications/publications_6027.asp
A recent draft code, developed jointly by the Australian Association of National Advertisers and the Food and Grocery Council, has broad implications for advertisers, marketers, and manufacturers of food and beverages. If adopted, the Food and Beverages Advertising and Marketing Communications Code will further regulate advertisements for food and beverages, especially those aimed at children. See Corrs Chambers Westgarth, Trimming the Fat: New Industry Code will Seek to Regulate Food Advertisements Aimed at Children - 31 July 2006:
For those interested in reading the decision in ASIC v Chemeq Limited [2006] FCA 936, imposing a $500,000 penalty on the defendant for its failure to disclose to the market significant overruns in the construction costs of a major production facility, it is available at:
http://cclsr.law.unimelb.edu.au/judgments/states/federal/2006/july/2006fca936.htm
In Griffiths v Northern Territory [2006] FCA 903, 3 separate but related applications on behalf of the Ngaliwurru and Nungali Peoples for a determination of native title under the Native Title Act 1993 (Cth) in respect of the town of Timber Creek, midway between Kununurra and Katherine, were upheld. The applicants had sought a determination that they were entitled to exclusive rights to possession, occupation, use and enjoyment. That claim was rejected, however, in favour of non-exclusive native title rights to use and enjoy the land and waters of the claim area. This means that members of the Amateur Fishermen's Association of the Northern Territory (who had opposed the application), and anyone else who wants to fish the waters of Timber Creek, can continue to do so. The decision is available at:
http://www.austlii.edu.au/au/cases/cth/federal_ct/2006/903.html
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