“ASIC gives credit ratings agencies improved control over ratings use”
Press release - ASIC has decided to withdraw current class order relief that allows issuers of investment products to cite credit ratings without the consent of credit rating agencies.
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“ASIC outlines improvements to regulation of credit rating agencies in Australia”
Press release - ASIC has outlined changes to the regulation of credit rating agencies in Australia.
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“Joint Statement with H.E. Sri Mulyani Indrawati Minister of Finance, Republic of Indonesia”
Joint Statement between H.E. Sri Mulyani Indrawati, Minister of Finance of the Republic of Indonesia and The Hon. Wayne Swan MP, Treasurer of the Commonwealth of Australia, Jakarta, 10 November 2009.
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“Facilitating capital raising for corporate Australia”
A speech by Belinda Gibson, Commissioner ASIC, to the Corporate Finance World Australia 2009 conference.
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“MINCO Agrees On Principles for Reform of Directors' Liability Provisions”
Press release from Chris Bowen - The Ministerial Council for Corporations (MINCO) has agreed on a set of principles for reform of directors’ liability provisions.
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“APRA defers development of enhanced superannuation statistics”
Media release - APRA has deferred the update of its superannuation statistical collections and publications pending the outcome of the Review into the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System (the Cooper Review).
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“ASIC grants transitional relief from regulation for funded class actions”
Media release - ASIC has announced its intention to grant transitional relief to lawyers and litigation funders involved in legal proceedings structured as funded class actions.
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“Mid-Year Economic and Fiscal Outlook 2009-10”
Press release from Wayne Swan MP - The 2009-10 Mid-Year Economic and Fiscal Outlook (MYEFO) has been released.
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“APRA signs multilateral insurance MoU”
Press release from APRA - APRA has signed the International Association of Insurance Supervisors’ (IAIS) Multilateral Memorandum of Understanding (MMoU) at the IAIS Annual Conference in Brazil.
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“Standard Business Reporting Gains International Momentum”
Joint press release from Chris Bowen MP and Lindsay Tanner MP about the Standard Business Reporting (SBR) program attracting interest internationally.
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“Research, ratings firms 'are not fraud watchdogs'”
Article from The Australian about ASIC’s role in determining whether a corporate entity has been fraudulent.
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“Regulatory Response to the Financial Crisis”
Speech by ASIC chairman Tony D’Aloisio to the Asia Securities Forum in Sydney.
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“Nomination of Australian Executive Director to the European Bank for Reconstruction and Development”
The Treasurer, The Hon Wayne Swan MP, has announced that the Australian Government has nominated Dr John Eyers to the role of Executive Director to the European Bank for Reconstruction and Development (EBRD).
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“Further Support for Competition in the Mortgage Market”
The Treasurer, The Hon Wayne Swan MP, has announced an extension to the Government’s investment in Australian residential mortgage-backed securities (RMBS) to further support competition in Australia’s mortgage market.
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“Top Australian Regulator Recognised in Appointment to Major International Financial Body”
Press release from the Minister for Financial Services, Superannuation and Corporate Law on the nomination of the Chairman of the Australian Securities and Investments Commission (ASIC), Tony D’Aloisio to chair a major international regulatory body.
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“Australia’s financial system ranks 2nd to UK: World Economic Forum”
Business Spectator article - Australia has been ranked second in the World Economic Forum’s second annual Financial Development Report.
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“Australia Convenes Pacific Economic Ministers to Discuss Global Recession”
The Assistant Treasurer, Senator The Hon Nick Sherry, has convened another round of the informal dialogue with Pacific Economic Ministers during the IMF and World Bank Annual Meetings.
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“Statement by Glenn Stevens: Monetary Policy”
Media Release from the Reserve Bank of Australia website - The RBA has announced an increase in the cash rate by 25 basis points, effective 7 October 2009.
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“Government Action on Executive Pay”
The Productivity Commission today released its Discussion Draft on Executive Remuneration in Australia. The Commission proposes reforms that would improve the accountability of boards, remove conflicts of interest and enhance shareholder engagement on remuneration.
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“ASIC provides hedging relief to market makers”
Announcement - ASIC has issued Class Order [CO 09/774] that allows short selling to hedge risk from market making activities.
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“Australian regulator helps clean up the mess”
Article from The Age online about Australian-born IOSCO chairwoman Jane Diplock and her views on market regulation.
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“Clearing house alert on up to 15 brokerages”
Article from The Age online about the RBA’s latest annual assessment on the number of brokerages placed on the Australian Clearing House watchlist amidst market volatility.
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“Government measures to address confidence concerns in the financial sector - The Financial Claims Scheme and the Guarantee Scheme for Large Deposits and Wholesale Funding”
Report by the Senate Economics References Committee on the potential introduction of an optional fee-based government guarantee on RMBS.
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“Senate requests more bank competition, regulation”
Article from ABC online about a Senate committee recommending more transparency and reporting about bank mergers and the state of competition in the banking sector.
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“Ratings agencies under scrutiny over toxic debt”
Article from The Age about ratings agencies coming under pressure in the economic downturn.
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“APRA proposes enhanced liquidity requirements for ADIs”
The Australian Prudential Regulation Authority (APRA) has today released for consultation proposals to enhance liquidity risk management by authorised deposit-taking institutions (ADIs).
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“ASIC consults on responsible lending conduct obligations for credit licensees”
ASIC released its policy proposals on implementing the responsible lending obligations for credit licensees on 2 September 2009. This is part of the extensive consultation process that ASIC is undertaking to implement the proposed National Consumer Credit Protection Program.
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“Report on the National Consumer Credit Protection Bill 2009 and related bills”
The Senate Standing Committee on Economics has released its report on the National Consumer Credit Protection Bill 2009 and related bills.
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“Report on the Trade Practices Amendment (Australian Consumer Law) Bill 2009”
The Senate Standing Committee on Economics has released its report on the Trade Practices Amendment (Australian Consumer Law) Bill 2009 and has recommended that the Bill be passed.
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“ASIC acts on illegal early access to super”
ASIC is concerned that the current market conditions are contributing to an increase in the number of people attempting to gain illegal early access to their superannuation.
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“Reforms to the supervision of Australia's financial markets”
The Treasurer, Wayne Swan MP and the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, today announce changes to the supervision of Australia's financial markets that will enhance the integrity of Australia's financial markets and take another step towards establishing Australia as a financial services hub in the region.
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“ASIC expands relief for hardship withdrawals from frozen mortgage funds”
Australian Securities and Investments Commission (ASIC) has announced changes to hardship withdrawals from frozen mortgage funds.
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“Joint Media Release: APRA, ASIC and FICA hold meeting”
On 10 August 2009, the Board of the Finance Industry Council of Australia (FICA) met with the ASIC Commissioners and APRA Members to discuss a range of regulatory and industry issues, against the backdrop of the global financial crisis.
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“ASIC seeks improved disclosure for retail derivative investors”
ASIC is looking to strengthen protections for retail investors trading derivative products such as contracts-for-difference (CFDs).
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6 August 2009
“Enhancing the competitiveness of financial services - lessons learnt and opportunities for improvement”
Opening Remarks to a Keynote Panel by John Laker, Chairman, Australian Prudential Regulation Authority.
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“FED: Customer anger prompts changes to bank penalty fees”
Consumer anger over bank penalty fees could help force change across the banking industry following Westpac's decision to cut its charges from around $45 to $9.
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“Regulatory issues arising from the financial crisis for ASIC and for investors and financial consumers”
A speech by ASIC Chairman Tony D'Aloisio to the Australian Financial Counselling & Credit Reform Association.
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"ASIC advisory: Improving disclosure of securities lending"
ASIC today released consultation on guidance on disclosure of substantial holdings arising from securities lending or prime broking.
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"New market disclosure measures to enhance capital raising and continuous disclosure by unlisted entities"
ASIC today released new measures to enhance market disclosure and efficiency in capital raisings and unlisted disclosing entities.
The new equity raising policies released today seek to streamline the fundraising process by faster and more effective disclosure. The measures also aim to make it easier to include retail investor participation in fundraisings by expanding situations where a full prospectus or product disclosure statement (PDS) is not required.
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"ASIC updates guidance on paperless issues and transfers under a global debenture"
The updated regulatory guide sets out ASIC’s guidance on granting relief from the obligation under section 1071H of the Corporations Act 2001 for an issuer to provide certificates or other title documents for a paperless issue or transfer under a global debenture.
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"BCA Supports Government Employee Share Ownership Paper"
The Business Council of Australia welcomes the discussion paper on employee share ownership plans released today by the federal government.
The paper indicates a clear intent to support employee share ownership plans and to provide certainty to business and employees.
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"Regulatory issues arising from the financial crisis for ASIC and for market participants"
Speech by Tony D’Aloisio, Chairman of the Australian Securities and Investments Commission (ASIC) to the Securities & Derivatives Industry Association (SDIA)
12th Annual Conference, Sydney
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"On Board"
“On Board” is a periodic Mallesons publication for directors of Australian public companies and other large organisations. Our aim is to provide insights and commentary around recent developments in law and policy affecting those directors. This edition of “On Board” is devoted to commentary on the decision of the New South Wales Supreme Court in ASIC’s case against James Hardie Industries NV, James Hardie Industries Limited, and a number of former directors and executives of those companies.
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"Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009"
Australian Government Treasury
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“On Board” is a periodic Mallesons publication for directors of Australian public companies and other large organisations. Our aim is to provide insights and commentary around recent developments in law and policy affecting those directors. This edition reviews developments over the past 18 months including: Recent cases on directors’ duties; decisions of the Takeovers Panel concerning the actions of directors of target companies; and proposals concerning executive remuneration.