Regulator - October 2009
Mallesons’ Regulator Newsletter offers perspectives on current regulatory issues from the Market Regulation team.
Octaviar - was it all just a bad dream? - 21 September 2009
The Octaviar decision has been emphatically overturned by the Queensland Court of Appeal. But this does not yet mean that life necessarily returns to the way it was. For a start, there is the possibility of appeal. In any event, the “genie is out of the bottle”: parties who want to attack charges will be looking closely at the registration provisions of the Corporations Act and the drafting and registration of charges and variations, and at least one remark in the appeal judgment may leave some uncertainty. Thus, parties taking security will need to remain alert, though not alarmed.
PE Investments in the PRC: bumpy path to foreign-invested Renminbi Funds - 19 August 2009
Offshore private equity funds are confronted with significant hurdles if they want to make acquisitions in China, as they need to attend to the often long and arduous approval process applicable to all foreign acquisition and direct investment projects. One way to overcome this would be to bring investment funds onshore so that they are treated as local investors in China.
Regulator - 2nd edition - 14 August 2009
Regulator - 2 July 2009
Mallesons’ Regulator Newsletter offers perspectives on current regulatory issues from the Market Regulation team.
Australian Government releases guarantee scheme documents - 21 November 2008
The Australian Government (“Government”) has today published its guarantee facility under which Australian authorised deposit-taking institutions (“ADIs”) may apply to have deposit amounts over A$1 million and certain funding liabilities guaranteed by the Government. Foreign banks (“Foreign ADIs”) authorised to carry on banking business in Australia under the Banking Act 1959 may also apply to have certain deposits and funding liabilities held by Australian residents guaranteed by the Government.
Australia’s National Innovation Report- Key Points for Corporate Counsel - 11 September 2008
On 9 September 2008, the Federal Government released a major report on Australia’s National Innovation System. The Report was prepared by a panel chaired by Dr Terry Cutler, which included respected economists and research industry experts. This Alert identifies the specific key recommendations and issues raised by the Report which would have a legal impact on major corporations.
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.
2008-09 Budget changes affecting employee share and option schemes - 15 May 2008
Proposed changes in the 2008-09 Budget may affect both participants and administrators of employee share and option schemes. Participants may be affected by the proposed changes to the election requirements, particularly if they are seeking to obtain the benefit of the 50% capital gains tax (CGT) concession. Administrators of employee option warehouse trusts will welcome the proposed CGT relief to prevent double taxation.
Equity Derivatives - Takeovers Panel Guidance Note issued - 14 April 2008
The long-awaited Equity Derivatives Guidance Note was released by the Takeovers Panel on 11 April 2008.
Takeovers Panel releases guidance note on insider participation in control transactions - 12 June 2007
On 7 June 2007 the Panel released Guidance Note 19: Insider Participation in Control Transactions.
Takeovers Panel responds to increased private equity activity - 23 February 2007
On 21 February 2007 the Takeovers Panel responded to the increase in private equity transactions by releasing for public comment a draft Guidance Note and Issues Paper on insider participation in control transactions. Submissions are due by 6 April 2007. The draft Guidance Note considers when the conduct of such transactions may give rise to unacceptable circumstances.