May 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 Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.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 Bankruptcy Legislation Amendment (Anti Avoidance) Act 2006 has finally been enacted into law. For a copy of the Act, go to:
The Government has introduced a Bill to enable individuals who have an Australian phone number to opt out of receiving unsolicited telemarketing calls. For a copy of the Do Not Call Register Bill 2006, go to:
APRA has released new and harmonised prudential standards on governance for authorised deposit taking institutions and for life and general insurance companies. The standards and their accompanying prudential practice guides are located on APRA’s web site at:
http://www.apra.gov.au/Policy/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=10830
http://www.apra.gov.au/ADI/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=10828
http://www.apra.gov.au/General/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=10832
http://www.apra.gov.au/General/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=10834
http://www.apra.gov.au/Friendly/Prudential_Standards/LPS 510 Governance May 2006.pdf
http://www.apra.gov.au/Friendly/Prudential_Standards/LPG_510_May06.pdf
APRA has released revised prudential standards and guidance notes to reflect its prudential approach to the adoption of International Financial Reporting Standards by authorised deposit-taking institutions. The revised standards and guidance notes for ADIs are located on APRA’s website at:
http://www.apra.gov.au/ADI/ADI-Prudential-Standards-for-1-July-2006.cfm.
APRA has released updated draft reporting forms and instructions for APRA-regulated general insurers. The updates reflect changes flowing from the implementation of International Financial Reporting Standards in Australia and APRA’s general insurance stage 2 reforms. The draft forms and instructions, as well as a document outlining the changes to the general insurance reporting framework, are located on APRA’s website at:
http://www.apra.gov.au/Statistics/GI-reporting-consultation-May-06.cfm
Avastra Limited, a Sydney-based listed company, has paid a $33,000 penalty following an investigation by ASIC into an alleged failure to comply with the continuous disclose obligations in the Corporations Act. On 12 and 27 April 2005, Avastra announced that results of a particular clinical trial were expected at the end of 2005. According to ASIC, despite becoming aware on 26 April 2005 that the clinical trial results would not be known by the end of 2005, it was not until 13 May 2005 that Avastra announced the delay to the market. See Media Release 06-156:
http://www.asic.gov.au/asic/ASIC_PUB.NSF/byid/A2A98E60A30E5AC9CA25716F001CFA71?opendocument
ASX has amended a number of ASX Market Rules, including removing the obligation for copies of insurance documents provided to ASX to be certified and the requirement to enter into a warrant client agreement when a client is selling a warrant. See ASX Circular 252/06:
ACCC has blessed the merger of ASX and SFE from a competition standpoint. See:
http://www.asx.com.au/about/pdf/accc_decision_asx_sfe_24may06.pdf
AUSTRAC has issued a new Information Circular No. 44 regarding Reserve Bank of Australia sanctions against international financial transactions. For a copy, go to:
SFE has amended its operating rules to facilitate compliance by full participants with US regulatory requirements for dealings on behalf of US customers on non-US exchanges and issued a new determination relating to Operating Rule 5.6.1 (general disciplinary powers) and new procedures relating to Operating Rule 3.1.15 (wash trades). See SFE Notice 55/06:
http://www.sfe.com.au/content/notices/2006/notice2006_055.pdf
SFE has issued a reminder to participants about their obligations under the operating rules relating to client segregated accounts. See SFE Notice 50/06:
http://www.sfe.com.au/content/notices/2006/notice2006_050.pdf
For a brief summary of recent banking and finance cases, see Allens Arthur Robinson, Banking & Finance Update – May 2006:
http://www.aar.com.au/pubs/baf/fabumay06.htm
For a general discussion of recent developments in employee relations law, see Allens Arthur Robinson, Focus: Workplace Relations - May 2006:
http://www.aar.com.au/pubs/wr/fowrmay06.htm
The WA government has amended its employment laws to provide more generous long service leave entitlements and to enable unions to use the WAIRC to initiate good faith bargaining in relation to federal collective workplace agreements. See Blake Dawson Waldron, Industrial Relations and Employment Alert - May 2006:
http://www.bdw.com.au/publications/irca/irca052006.pdf
The NSW Government has released draft amendments to the Occupational Health and Safety Act 2000 designed to make significant practical improvements to the operation of that Act. See Blake Dawson Waldron, Safety Matters Alert - May 2006:
http://www.bdw.com/publications/safety/safety052006.pdf
For a useful summary of the Do Not Call Register Bill 2006 (mentioned above) and its impact on telemarketers, see Mallesons, Proposed Restrictions on Outbound Telemarketing - 30 May 2006:
http://www.mallesons.com/publications/2006/May/8448196W.htm
The Australian Communications and Media Authority has succeeded in proceedings brought against Clarity1 and its managing director for sending unsolicited commercial electronic messages and using 'harvested' electronic addresses in breach of the Spam Act 2003 (Cth). The relief obtained included injunctive relief and orders that the company pay a civil penalty order and any financial benefit it had received as payment. See Minter Ellison, ACMA Succeeds Against Spammer - 19 May 2006:
Phillips Fox, Superannuation Law Update - May 2006 has a convenient list of the new superannuation rules that will come into force on 1 July 2007:
http://www.phillipsfox.com/vbscript/displaydoc.asp?ndocid=115442588
A majority of the High Court has confirmed the long standing principle that a person who engages an independent contractor to perform maintenance work will not be vicariously liable for the contractor's negligence in performing that work. The decision in Sweeney v Boylan Nominees Pty Limited [2006] HCA 19 can be viewed at:
http://www.austlii.edu.au/au/cases/cth/high_ct/2006/19.html
A majority of the High Court has also confirmed that a person born with disabilities has no claim at law against a medical practitioner tending the mother during her pregnancy based on an assertion that it would have been preferable if he had not been born. The decision in Waller v James [2006] HCA 16 can be viewed at:
http://www.austlii.edu.au/au/cases/cth/high_ct/2006/16.html
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