November 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 Generally, it is too onerous a task for us to check and update these and so if a hyperlink is no longer valid, please accept our apologies.
Treasury has released a paper entitled Corporate and Financial Services Regulation Review Proposals Paper, with proposals to simplify and improve regulation in the areas of financial services, company reporting obligations, auditor independence, corporate governance, fundraising, takeovers and compliance. A copy can be downloaded at:
http://www.treasury.gov.au/contentitem.asp?NavId=&ContentID=1189
The Dawson amendments have finally become law. For a copy of the Trade Practices Legislation Amendment Act (No. 1) 2006 and its explanatory memorandum, go to:
The government's media reforms have passed through Parliament. For a copy of the Broadcasting Services Amendment (Media Ownership) Act 2006, Broadcasting Legislation Amendment (Digital Television) Act 2006 and Broadcasting Legislation Amendment Act (No. 1) 2006 and their respective explanatory memoranda, go to:
A number of technical but important amendments have been made to the Financial Transaction Reports Act 1988 (Cth). For a copy of the Financial Transaction Reports Amendment Act 2006 and its explanatory memorandum, go to:
ACCC has issued for public comment 3 draft publications - Formal merger review process guidelines, Guide to collective bargaining notifications and Authorisation – new processes from 2007 - to reflect the recent amendments to the Trade Practices Act 1974. For a copy, go to:
ACCC has also issued for public comment a draft guide to copyright licensing and collecting societies. For a copy, go to:
APRA has released a discussion paper, draft prudential standard and prudential practice guide on securitisation. For a copy, go to:
http://www.apra.gov.au/ADI/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=12772
http://www.apra.gov.au/ADI/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=12774
http://www.apra.gov.au/ADI/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=12771
ASIC has released two consultation papers about the general obligations of Australian financial services licensees under section 912A of the Corporations Act. For a copy, go to:
ASIC has released a report entitled Monitoring superannuation fees and costs: an ASIC report. For a copy, go to:
Not before time, ASIC has finally acted to permanently ban David Tweed from providing financial services. Mr Tweed is better known for his alter ego National Exchange Ltd, notorious for making unsolicited offers for securities at substantially less than their market value. See Media Release 06-382:
http://www.asic.gov.au/asic/ASIC_PUB.NSF/byid/4B911A8427589A0CCA25721A001B5E7D?opendocument
The ASX Corporate Governance Council has released an explanatory paper for public comment on its proposed changes to the Principles of Good Corporate Governance and Best Practice Recommendations. For a copy of the paper and the exposure draft of the proposed changes, go to:
http://www.asx.com.au/supervision/pdf/asxgc_explanatory_paper_consultation_paper_021106.pdf
http://www.asx.com.au/supervision/pdf/asxcgc_marked_amended_principles_021106.pdf
ASX has amended Guidance Notes 2, 10 and 25 to reflect the restructure to market supervision which occurred in October 2005. See ASX Circular 562/06 and attachments:
AUSTRAC has issued Guideline No 9 concerning International Funds Transfer Instructions and the meaning of ‘customer information’ in the recent amendments to the Financial Transaction Reports Act 1988 (Cth):
AUSTRAC has released Information Circular No 46 concerning the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) advisory concerning Belarus. For a copy, go to:
Allens Arthur Robinson, Focus: Resources – November 2006 has an interesting article on the recent Supreme Court of Victoria decision in Beaconsfield Gold NL v Allstate Prospecting Pty Ltd, centred on a pre-emptive rights clause in an unincorporated joint venture agreement and whether or not the clause was triggered by an upstream change in ownership of a joint venturer. See:
http://www.aar.com.au/pubs/pdf/res/foresnov06.pdf
The Federal Court of Australia has ordered a company to pay $4.5 million and its managing director $1 million for breaches of the Spam Act 2003. See Freehills, Spammers Ordered to Pay $5.5 Million - 1 November 2006:
http://www.freehills.com.au/publications/publications_6217.asp
For a general discussion of recent developments in employee relations law, see Allens Arthur Robinson, Focus: Workplace Relations - November 2006:
http://www.aar.com.au/pubs/pdf/wr/fowrnov06.pdf
And for a summary of the High Court decision on the constitutional challenge to the WorkChoices legislation and proposed changes to that legislation, see Allens Arthur Robinson, Client Update: Workplace Relations – November 2006:
http://www.aar.com.au/pubs/wr/cuwrnov06.htm
For a brief summary of the reforms in question, see Freehills, Key Features of the Anti-money Laundering and Counter-terrorism Financing Reforms - 15 November 2006:
http://www.freehills.com.au/publications/publications_6254.asp
For those interested in the High Court decision upholding the constitutionality of the WorkChoices legislation, New South Wales v Commonwealth of Australia [2006] HCA 52 can be viewed at:
http://www.austlii.edu.au/au/cases/cth/high_ct/2006/52.html
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