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This has been the month that Australia could fairly be said to have moved from the bantamweight to the middleweight division of global economic players: The ascendancy of the G20 as the primary coordinating forum for global economic policy; the World Economic Forum ranking of Australia as the number two financial centre internationally; and the rally in international markets precipitated by Australia’s hike in official interest rates all combined to bolster Australia’s place in the global economic hierarchy.
Author
Stuart Fuller, Managing Partner
On 30 September, the Productivity Commission released a discussion draft report on Executive Remuneration in Australia, concluding that responsibility should stay with boards of public companies, rather than shareholders. It recommends against the imposition of remuneration caps and binding shareholder votes on remuneration. Rather, the Commission has focused on strong corporate governance, and made 15 recommendations going to reform of board governance arrangements.
Author
Tim Bednall, Partner
Twelve months ago the images of laid-off factory workers protesting outside closed factories in China filled the pages of the world’s press, as foreign demand for China’s exports plummeted. Chinese industries that relied heavily on direct foreign investment suffered, as the economies of their major trading partners deteriorated. Today the story is so different. Many of those factories have re-opened and are hiring again but now they are looking to serve the needs of a growing domestic economy, rather than consumers in the West.
Author
David Olsson, Partner
The Australian residential mortgage-backed securities (RMBS) market received some good news at last with the Treasurer’s announcement on 11 October that the Federal Government will direct the Australian Office of Financial Management (AOFM) to provide up to $8 billion of additional support for new issuances of RMBS.
Author
Ian Edmonds-Wilson, Partner
The Australian funds management industry is awaiting the outcome of a number of significant reports and inquiries in the last part of this year. The Henry Tax Review, the Cooper Review on superannuation and the Parliamentary Joint Committee on Corporations and Financial Services inquiry into Financial Projects and Services (PJC) have the potential to reshape the funds management industry and the financial services sector in Australia more broadly.
Author
Stephen Jaggers, Partner
In May this year, the Federal Government announced a wide ranging review of the superannuation system, covering governance, efficiency, structure and operation, including both compulsory and voluntary aspects. Combined with the Henry Review into Australia’s future tax system, which includes the taxation of superannuation, it is fair to say that superannuation is in the melting pot…again.
Author
John Edstein, Partner
The Trade Practices Amendment (Australian Consumer Law) Bill 2009 (“Bill”) has withstood investigation by a Senate Economics Committee, making it more likely the Bill will be passed in its current form (though subject to concerns raised by the Coalition in recent Parliamentary debate). The debate surrounding the regime has concentrated on the macro issues (such as compliance costs, general uncertainty and implementation timeframe) instead of the text of the Bill.
Authors
Caroline Coops, Partner
Mary Syrotynskyj, Solicitor
The recent standardisation of coupon terms for Australian credit derivative contracts has broader implications than simply on the pricing of credit derivatives. It represents a clear and real initial response by the derivatives market to the “encouragement” offered by Australia’s regulators for reforms in the industry.
Author
Scott Farrell, Partner
Innovation in action - Supporting better business outcomes
Decision may have implications for treatment of funded class actions
The full Federal Court today (20 October) upheld an action commenced by Mallesons Stephen Jaques on behalf of leading Australian property group, Brookfield Multiplex, which alleged that funding and retainer arrangements in a class action relating to Wembley Stadium constituted an unregistered managed investment scheme.
Read our client alert here.
Promoting Australian financial services in China
Beijing based Mallesons partner, David Olsson, is co-chairing an initiative by the China-Australian Chamber of Commerce to promote Australia as a regional financial centre.
The “Financial Services” initiative, which is being co-chaired by Ms Maria Liu, Branch Manger of ANZ, Beijing, will also support Australian financial institutions seeking to set up operations or expand their business in mainland China.
A series of speaking events will be run in coming months and a white paper will be produced to promote the private sector's contribution to the development of China's financial markets.
Mallesons makes it 3 awards in a row
Mallesons Stephen Jaques has won the prestigious CFO Magazine “Corporate Legal Services Firm of the Year” award for the 3rd consecutive year, the only firm to achieve this honour.
The award is voted by legal counsel from leading Australian companies and is keenly contested by all leading law firms. Mallesons is committed to innovation, both in the legal solutions that we deliver for clients and in our overall service levels, so we are delighted that our efforts have been recognised.
Announcing the 2009 award in Sydney this month, CFO Magazine said that in the judges’ view what sets Mallesons apart from competitors is the firm's deep understanding of clients’ businesses. As one judge noted: “Mallesons gets inside the DNA of a company and comes on the journey with it.”
We are very appreciative of the judges’ support and also offer our congratulations to other CFO award winners, including:
NAB - Business Bank of the Year
UBS - Investment Bank of the Year
GSJBW - Corporate Finance House of the Year
Qantas - Corporate Treasury Team of the Year
Westpac - Finance Team of the Year
ANZ - Hybrid Issuer of the Year
Santos - Secondary Market Equity Raising of the Year.
Talking banking competition on Sky News
Competition Partner, Dave Poddar, was interviewed recently on the Sky News Business channel program, "Law TV" about banking sector competition in Australia. View the video clip here.
SignpostA unique opportunity to hear one of Europe’s leading regulators in discussion with the Chairman of the ACCC on “Competition and Consumer Issues in the Financial Sector”
We are pleased to present this opportunity for business leaders, in-house counsel and lawyers to engage with these two high-profile and influential regulators.
The Chief Executive of the UK Office of Fair Trading, John Fingleton, and the Chairman of the ACCC, Graeme Samuel, will evaulate the competitive landscape for banks post GFC. They will also contrast the effects of the crisis on domestic versus international markets and discuss the future landscape.
The seminar will address:
- Past banking mergers, future mergers and reinvigoration of competition
- Cartel prohibitions, including criminal penalties
- Director disqualification powers in cartel investigations - UK OFT Consultation Paper
- International Competition Network cooperation
- Competition in the telecommunications sector
Presenters
John Fingleton - Chief Executive, UK Office of Fair Trading
Graeme Samuel - Chairman, Australian Competition and Consumer Commission
Thursday 12 November 2009
Mallesons Stephen Jaques
Level 61
Governor Phillip Tower
1 Farrer Place
Sydney
RSVP by Friday 23 October 2009. Further details: click here.
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