July 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 Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.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 an issues paper as a precursor to considering amendments to the implied warranties and conditions in the Trade Practices Act and State and Territory fair trading and sale of goods laws. The issues paper can be downloaded from:
http://www.treasury.gov.au/documents/1586/PDF/Issues_paper_20090726.pdf
Some minor amendments have been made to the AML/CTF Rules. For a copy of the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2009 (No.3) and its explanatory statement, go to:
ACCC has issued guidelines on how it will approach its investigation of cartels following the amendments to the law introducing criminal sanctions for serious cartel conduct. The release coincides with the signing of a memorandum of understanding with the Commonwealth Director of Public Prosecutions setting out how the ACCC and CDPP will work together in relation to the prosecution of cartel offences. The guidelines, MOU and related information are available on the ACCC's website at:
APRA has released the final version of its life insurance reporting standards. The standards come into effect on 1 October 2009 and are available at:
http://www.apra.gov.au/Policy/LI-reporting-standards-changes-July-2009.cfm
ASIC has released a series of policy proposal papers for credit licensees and margin lenders. They cover the training obligations for margin lending advisers (CP108), financial requirements for margin lenders (CP109), general conduct obligations of credit licensees (CP110), compensation and financial resources arrangements for credit licensees (CP111), dispute resolution requirements for credit licensees and margin lenders (CP112), and competence and training requirements for credit licensees (CP113). For a copy of the consultation papers, go to:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/CP110.pdf/$file/CP110.pdf
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp112.pdf/$file/cp112.pdf
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp113.pdf/$file/cp113.pdf
ASIC has released a consultation paper as a precursor to publishing guidance on the substantial holding disclosure obligations arising from securities lending and prime broking transactions. It can be viewed at:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp107.pdf/$file/cp107.pdf
ASIC has released Regulatory Guide 200 Advice to super fund members. It can be viewed at:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/RG200.pdf/$file/RG200.pdf
ASX has released its latest report on compliance with the ASX Corporate Governance Council’s Principles and Recommendations. See media release dated 10 July 2009:
http://www.asx.com.au/about/pdf/mr_100709_corporate_gov_reporting_review.pdf
AUSTRAC has accepted its first enforceable undertakings in relation to non-compliance with anti-money laundering and counter-terrorism financing laws. The undertakings are from Barclays Bank and Mega International Commercial Bank. See media releases dated 1 July 2009:
http://www.austrac.gov.au/1jul09.html
http://www.austrac.gov.au/1jul09_2.html
A recent New South Wales Court of Appeal decision provides guidance on the effect of contractual clauses requiring parties to negotiate in good faith. For more details, see Allens Arthur Robinson, Focus: Negotiating in Good Faith - 20 July 2009:
http://www.aar.com.au/pubs/const/foconst20jul09.htm
For a summary of recent developments in employee relations law, see Mallesons Stephen Jaques, Workplace (E)ssentials - July 2009:
http://www.mallesons.com/publications/update-combine.cfm?id=1803385
The Federal Court has awarded a record $466,000 in damages against an employer after finding that an employee had been subjected to unlawful sexual harassment and sex discrimination during her employment. See Blake Dawson, Discrimination Bulletin - 9 July 2009:
http://www.blakedawson.com/Templates/Publications/x_publication_content_page.aspx?id=55911
Mallesons Stephen Jaques, New Margin Lending Regulation: 7 steps for advisers - 7 July 2009 has some suggestions to help financial planners and others involved in advising on and distributing margin loans to develop a plan to comply with the new licensing laws due to come into operation later this year. See:
http://www.mallesons.com/publications/2009/Jul/9983401W.htm
For a summary of recent developments in native title law, see Allens Arthur Robinson, Focus: Recent Native Title Developments - 20 July 2009:
http://www.aar.com.au/pubs/nat/fonatjul09.htm
For a summary of the current situation with the taxation of employee share schemes, see Allens Arthur Robinson, Taxation of Employee Share Schemes - The Current State of Play - 22 July 2009:
http://www.aar.com.au/pubs/pdf/tax/papjul09.pdf
After several months of uncertainty, the controversial Duties Amendment Bill 2008 (Vic) has received Royal Assent. For a summary, see Allens Arthur Robinson, Client Update: Victoria Tightens Stamp Duty Provisions - 13 July 2009:
http://www.aar.com.au/pubs/tax/cutaxjul09.htm
For a discussion of how the Trade Practices Amendment (Cartel Conduct and Other Measures) Act 2009 (Cth) may impact on existing and future joint venture activities, see Minter Ellison, New Joint Venture Defences: Are You Exposed? - 24 July 2009:
In Pape v Commissioner of Taxation [2009] HCA 23, the High Court upheld the constitutionality of the Federal Government's tax bonus for working Australians. The decision can be viewed at:
http://www.austlii.edu.au/au/cases/cth/HCA/2009/23.html
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