ASIC focuses on ratings agencies, credit default swaps & hedge funds - 11 November 2008
The Chairman of the Australian Securities and Investments Commission outlined ASIC's priorities in an address to the Australian Corporate Lawyers Association on 7 November 2008. The priorities centre on capital markets, retail investors and consumers and international capital flows.
Australian government introduces depositor protection legislation - 15 October 2008
The Australian government has today introduced legislation into the Australian parliament to implement the Financial Claims Scheme. This is to be the legislation under which the Government’s announced 100 per cent protection of deposits with Australian Authorised Deposit-taking Institutions (ADIs) is to be implemented.
RFP invited for AOFM mortgage backed securities proposal - 14 October 2008
The Australian Office of Financial Management (AOFM) announced yesterday that it was inviting the submission of a first round of proposals from arrangers of RMBS issues.
Retail disclosure standards in Hong Kong - 10 October 2008
Issuers of structured products in Hong Kong must consider whether their offering and advertising materials adequately disclose the risks affecting investors’ returns as a result of current market conditions.
EFT Code consultation paper - submissions due 5 December 2008
Today ASIC released an EFT Code Consultation Paper. It canvasses significant changes to the EFT Code.
National consumer credit regulation: 18-24 months and national consumer law - 3 October 2008
The Australian Federal and State and Territory Governments yesterday released their plan for the national regulation of credit. The timetable is 18 to 24 months for a wide-ranging transformation of Australian financial regulation by October 2010.
ASIC modifies covered short selling ban - 23 September 2008
Late yesterday the Australian Securities and Investments Commission (ASIC) further modified the ban it introduced on covered short selling to extend it to managed investment schemes and stapled securities. This will be reviewed in 30 days along with the ban in relation to securities. See the ASIC explanatory statement and class order.
Major reform of credit and financial services laws - 3 June 2008
The Government today released a Green Paper proposing major reforms to credit and financial services laws. Mortgage lending and broking may be regulated by the Commonwealth, with other consumer lending remaining with the States and Territories. If implemented, these changes will have a major impact on the financial services sector. Submissions close on 1 July 2008.
Review of the Code of Banking Practice - Issues Paper Released for consultation - 29 May 2008
On 28 May 2008 the independent reviewer of the Code of Banking Practice published an Issues Paper as part of the 2007-2008 Review and invited comment from stakeholders. Submissions in response to the Issues Paper are invited by 11 July 2008.
Clear Channel litigation - specific performance of financing and merger agreements - 23 May 2008
Litigation concerning the alleged refusal of a consortium of banks to fund the proposed $21 billion leveraged buyout of Clear Channel Communications Inc (Clear Channel) by private equity firms Bain Capital and THL Partners (Bain/THL) settled last week leaving unanswered some interesting legal questions.
High Court decision overturns GST treatment of forfeited deposits - 22 May 2008
In a unanimous decision, the High Court has held that GST does apply to a forfeited deposit. This overturns the earlier decision of the Full Federal Court, which specified that GST does not apply to a forfeited deposit.
Personal Property Securities Bill released - 16 May 2008
A consultation draft of the Personal Property Securities Bill 2008 (Bill) was released for public comment today.
Productivity Commission Review of Australia's consumer policy framework - 14 May 2008
The Productivity Commission (Commission) released its final Report - Review of Australia’s Consumer Policy Framework (Report) on 8 May 2008. The Report contains responses to the public submissions invited in November 2007.
Australian court confirms absolute transfer - 2 May 2008
The Federal Court of Australia has confirmed the validity of the absolute transfer provisions in security lending documents. Today, Justice Finkelstein of the Federal Court of Australia handed down his decision on a preliminary, but critical, question arising from the failure of Opes Prime Stockbroking Ltd.
The Producer Offset: the financier’s perspective - May 2008
The new tax relief system brought in by the Australian Screen Production Incentive introduced a new range of tax measures for the motion picture industry in Australia, consisting of various refundable tax offsets.
UK Companies Act 2006 - April 2008 implementation - 2 April 2008
The UK Companies Act 2006 is being implemented in stages. In our last Alert on the Act we outlined some of the provisions that came into force on 1 October 2007. This Alert briefly describes some changes to the implementation timetable and the more significant provisions coming into force on 6 April 2008.
Abolition of WA security duty - 25 March 2008
This is to remind you that mortgage duty will be abolished in Western Australia from 1 July 2008.
Personal property securities reform still on the agenda - 14 March 2008
The Australian Attorney-General has confirmed that the Australian Government remains committed to reforming the law on personal property securities (PPS) and that it plans to release exposure draft legislation shortly.
Affordable housing initiative will create new property industry sector - 3 March 2008
Mallesons Stephen Jaques predicts the emergence of a new property industry sector catering for affordable housing developments, kick started by the government’s affordable housing subsidy.
First Home Saver Accounts - Consultation Paper released - 8 February 2008
The Federal Government has released its Consultation Paper on First Home Saver Accounts, which the Government anticipates will hold around $4 billion in savings after four years.
Managed investment scheme issuers are now subject to anti-money laundering laws - 30 January 2008
On Thursday 31 January 2008, the Anti-Money Laundering and Counter-Terrorism Financing Regulations 2008 will take effect under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (AML/CTF Act).
High Court decides holdbacks must be disclosed in CCC contracts - 4 January 2008
The High Court confirmed on 12 December 2007 that where a credit provider lends money under a Consumer Credit Code regulated contract for a borrower to pay a supplier, but retains a portion of the sum lent pursuant to a side agreement with the supplier, s 15B(a)(ii) of the Code requires the credit contract to disclose that the credit provider is receiving that sum and the amount of the sum.
Urgent Consumer Credit Code amendments fast-tracked - 14 September 2007
The Ministerial Council on Consumer Affairs (MCCA) has released urgent draft amendments to the Consumer Credit Code (Code) and Consumer Credit Regulations.
AUSTRAC clarifies treatment of securities dealing and other AML/CTF Act developments - 31 August 2007
On Friday 31 August 2007, the Australian Transaction Reports and Analysis Centre (AUSTRAC) released draft anti-money laundering and counter-terrorism financing (AML/CTF) Rules.
AML/CTF Act Tranche 2 - Will you be covered? - 14 August 2007
The Anti-Money Laundering and Counter Terrorism Financing Act 2006 currently covers a range of financial and gambling designated services. The government proposes to amend the Act to cover a range of activities.
China regulates telemarketing of non-life insurance products - 7 June 2007
China’s insurance industry regulator, the China Insurance Regulatory Commission issued a notice on 24 April 2007 regulating the telemarketing of non-life insurance products.
All payments systems are go! - 30 May 2007
The Reserve Bank of Australia has formally started its consultation process for the review of Australia's payments system reforms by releasing an issues paper. The review is broad, and is likely to impact all players in the Australian card payments system.
Personal property security reform - Will you be affected? - 28 May 2007
In our previous Review, we outlined the current proposal to reform the law on personal property securities (PPS), including the proposal to replace the current system of registration with a single national register. In this Review, we examine which types of transactions may be affected by the PPS reform.
Latest proposed changes to the section 128F interest withholding tax exemption - 16 May 2007
On 10 May 2007, Tax Laws Amendment (2007 Measures No. 3) Bill 2007 (Bill) was introduced to Parliament. The Bill includes proposed amendments which narrow the scope of the interest withholding tax (IWT) exemption in section 128F of the Income Tax Assessment Act 1936 (section 128F exemption) in relation to “debt interests” which are not in the form of debentures.
It's time to start thinking about personal property security reform - 9 May 2007
Reforming the law on personal property security (PPS) in Australia has been on the agenda for some time. However, the most recent proposal appears to be gaining momentum (including allocation of funding for the reform announced in last night’s budget). So it may be time to start thinking about how the proposed changes will affect your business.
Anti-money laundering - AML/CTF Rules finalised - 2 April 2007
On 30 March 2007, the Australian Transaction Reports and Analysis Centre (AUSTRAC) made new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Rules under the AML/CTF Act 2006. These AML/CTF Rules relate to most AML/CTF obligations that commence on 12 June 2007 and on 12 December 2007.
Industry comments invited on EFT Code consultation paper - 1 March 2007
In January 2007, ASIC released a 129 page consultation paper canvassing a wide range of options for a far reaching revision of the Electronic Funds Transfer Code of Conduct. The closing date for submissions is Friday 13 April 2007. Financial institutions that offer electronic banking services to retail customers may want to consider preparing submissions. This is an important opportunity to shape what the new Code might look like!
Sons of Gwalia: shareholders as creditors - 1 February 2007
Are misled shareholders now to be treated equally with ordinary creditors in insolvency? For the moment, the answer is yes.
AML/CTF Act has commenced - 14 December 2006
The Australian Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) has commenced. It received Royal Assent on 12 December 2006. Some key obligations under the Act commenced on 13 December 2006 as follows.
Australian Parliament passes AML/CTF Acts - 7 December 2006
On 7 December 2006, the Australian Senate passed the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and the Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Act 2006. There are heavy penalties for non compliance.
China opens RMB retail business to foreign banks from 11 December 2006 - 23 November 2006
China has issued new rules to govern foreign banks' activities in China from 11 December 2006. To participate in the potentially lucrative retail RMB (renminbi) business and bank card business foreign banks have to incorporate subsidiaries in China as wholly-owned banks or Sino-foreign joint venture banks. These conditions will require most international banks to radically restructure their operational structures in China.
New APRA Prudential Standards on Outsourcing - 11 October 2006
On Friday 6 October 2006, the Australian Prudential Regulation Authority (APRA) released its new prudential standards on outsourcing for authorised deposit-taking institutions (ADIs), general insurers and life companies (regulated institutions). ADIs must comply with the new prudential standards from 1 January 2007.
Commencement of the e-commerce amendments to the Consumer Credit Code - 29 September 2006
The Consumer Credit Code has been amended to facilitate electronic contracts and electronic notices. The e-commerce amendments to the Consumer Credit Code and the corresponding regulations will commence on 9 October 2006.
E-commerce amendments to the Consumer Credit Code - 29 August 2006
The Consumer Credit Code will be amended to facilitate electronic contracts and electronic notices. The e-commerce amendments to the Consumer Credit Code have now been passed, but are still to be proclaimed. The final regulations have been gazetted, but are also yet to be proclaimed. Proclamation will occur at some point after the Queensland election, to be held on 9 September 2006.
New Anti-Money Laundering and Counter-Terrorism Financing Bill - 13 July 2006
On 13 July 2006, the Minister for Justice and Customs released a revised exposure draft of the Anti-Money Laundering and Counter-Terrorism Financing Bill. Submissions are due by 4 August 2006. That means there are only three weeks for submissions to be prepared on this complex legislation which has a broad impact on business. The second draft of the Bill leaves various issues unresolved and adds new obligations.
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