June 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 Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.
A law containing the transitional arrangements for the introduction of the Fair Work Act 2009 (Cth) and the repeal of the Workplace Relations Act 1996 (Cth) and another law establishing a mechanism for the States to refer their industrial relations powers to the Commonwealth have been enacted. For a copy of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009, Fair Work (State Referral and Consequential and Other Amendments) Act 2009 and their respective explanatory memoranda, go to:
The Fair Work Regulations 2009 have now also been promulgated. For a copy of the Regulations and their explanatory statement, go to:
The Trade Practices Amendment (Cartel Conduct and Other Measures) Act 2009 (Cth) has now passed into law. For a copy of the Act and its explanatory memorandum, go to:
The Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009 has been introduced into Parliament. For a copy of the Bill and its explanatory memorandum, go to:
The Federal Government's proposed legislation to establish a single, national consumer law framework has been tabled in Parliament. For a copy of the Trade Practices Amendment (Australian Consumer Law) Bill 2009 and its explanatory memorandum, go to:
The Federal Government has tabled in Parliament its legislation to take over the regulation of consumer credit nationally. For a copy of the National Consumer Credit Protection Bill 2009, the National Consumer Credit Protection (Transitional and Consequential Provisions) Bill 2009 and their respective explanatory memoranda, go to:
The Bill to bring margin lending and traditional trustee company services within the regulatory framework of Chapter 7 of the Corporations Act has also been introduced into Federal Parliament. For a copy of the Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 and its explanatory memorandum, go to:
And completing a massive month for draft legislation regulating consumer and financial markets, the government has also tabled its proposed laws to reform person property securities in Parliament. For a copy of the Personal Properties Securities Bill 2009 and its explanatory memorandum, go to:
ACCC has released its revised policy on the application of immunity in relation to cartel conduct. The policy is in two parts and can be downloaded from:
ASIC has released a stack of new measures to enhance market disclosure and efficiency in capital raisings and also continuous disclosure by unlisted disclosing entities. They include updates to Regulatory Guides 72 (Foreign securities prospectus relief), 125 (Share purchase plans), 173 (Disclosure for on-sale of securities and other financial products) and 189 (Disclosure relief for rights issues) and new Regulatory Guides 198 (Unlisted disclosing entities: continuous disclosure obligations) and 199 (Broadening the rights issue and dividend reinvestment plan exceptions for takeovers). See Advisory AD-110:
ASIC has updated Regulatory Guide 30 Paperless issues and transfers under a global debenture. For a copy, go to:
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg30.pdf/$file/rg30.pdf
ASIC has highlighted a number of areas on which it intends to focus its regulatory attention when reviewing this year's crop of financial reports. See Media Release 09-115:
ASX has amended ASX Market Rules Procedures 19.6.1 and 19.6.2 to cater for recent amendments to the ASIC class order on short selling. See ASX Circular 179/09:
AUSTRAC has released it Typologies and Case Studies Report 2009. It can be downloaded from:
http://www.austrac.gov.au/typologies_2009.html
SFE has released the latest version of the SFE Operational Policies (Version 4.3). See SFE Notice 098/09:
http://www.sfe.com.au/content/notices/2009/notice2009_098.pdf
For a summary of the reintroduced Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009, see Allens Arthur Robinson, Client Update: Legislating Accountability - The 'Golden Handshake' Bill - 29 June 2009:
http://www.aar.com.au/pubs/wr/cuwrjun09.htm
For a summary of recent developments in employee relations law, see Allens Arthur Robinson, Focus: Workplace Relations - June 2009:
http://www.aar.com.au/pubs/wr/fowrjun09.htm
Some major changes to NSW stamp duty laws. See Minter Ellison, Major NSW Stamp Duty Changes - 'Land Holder' Duty Regime, Wholesale Changes to NSW Mortgage Duty and NSW Finally Introduces General Anti Avoidance Provision - 18 June 2009:
For a summary of the proposed uniform national consumer laws contained in the Trade Practices Amendment (Australian Consumer Law) Bill 2009, see Allens Arthur Robinson, Focus: Australian Consumer Law Bill - 26 June 2009:
http://www.aar.com.au/pubs/comp/focomp26jun09.htm
In Friend v Brooker [2009] HCA 21, the High Court has held that a director who had personally borrowed money and on-lent it to the company, had no equitable right entitling him to claim a contribution from a co-director towards repayment of the loan. The decision can be viewed at:
http://www.austlii.edu.au/au/cases/cth/HCA/2009/21.html
In Keynes v Rural Directions Pty Ltd (No 2) [2009] FCA 567, the Federal Court has held that forward contracts for supply of grain are not "derivatives" or "financial products" for the purposes of the Corporations Act. The decision can be viewed at:
http://cclsr.law.unimelb.edu.au/judgments/states/federal/2009/june/2009fca567.htm
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