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.
Government to invest in Australian RMBS - 29 September 2008
The Australian Government announced on 26 September 2008 that the Australian Office of Financial Management (AOFM) will purchase Australian RMBS in two initial tranches of $2 billion each.
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.
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.
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.
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.
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.
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.
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.
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.
Is there sufficient support for personal property securities law reform in Australia? - 24 April 2006
Australia has started down the path to change its personal property securities law to match USA, Canada and New Zealand. This could lead to a single national electronic scheme affecting all property other than interests in land. The Attorney-General, Philip Ruddock is driving the change. An Options Paper invites your comments by 2 June 2006.
Finally …. legislative reform of NSW bills of sale and wool, stock and crop securities - 25 October 2005
Two of the oldest statutes in NSW (the Bills of Sale Act 1898 and the Liens on Crops and Wool and Stock Mortgages Act 1898) are to be repealed and replaced with a new Act. The Security Interests in Goods Bill 2005 received assent on 19 October 2005 and is expected to commence on 1 February 2006. If you are a financier who provides finance secured over agricultural produce or goods (or personal chattels) located in New South Wales, you need to review your security documents to ensure they are ready for this new regime.
Insight from APRA chief on APS120 changes - 9 September 2005
On Wednesday 7 September, Charles Littrell, Executive General Manager of APRA (Australian Prudential Regulation Authority), spoke at the "Fixed Income and Structured Credit Australasia Forum" in Sydney and gave some insight into the focus areas of APRA's changes to the prudential standards for securitisation.
Banking and finance alert - 15 July 2005
In June 2005, ISDA published international standard documentation for credit default swaps on asset backed securities. The documentation is likely to enhance industry efficiency (for bankers, lawyers and rating agencies alike) in the growing synthetic asset backed securities sector.
Banking and finance alert - 23 May 2005
Basel II - APRA releases discussion paper on the standardised approach to credit risk and draft Prudential Standard.
Read our archived publications…
“Mallesons Stephen Jaques’ securitisation practice has long been regarded as a market leader…it is best known for consistently working on cutting-edge deals.”
IFLR 1000 2007