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This edition of Regulator comes to you one year after the collapse of Lehman Brothers on 15 September 2008. Given this anniversary, it is perhaps fitting that September 2009 is emerging as a critical one for the future shape of financial markets regulation, with a number of key developments taking place this month both globally and locally.
Author
Stuart Fuller, Managing Partner (Practice)
The International Organisation of Securities Commissions (IOSCO) recently released the Final Report of the Task Force on Unregulated Markets and Financial Products (TFUMP), following a Consultation Report in May. The Final Report gives Australia a clear mandate to implement changes in a way which recognises the particular features of market practice in Australia.
Author
Paul Smith, Partner
The recent Final Report of the International Organisation of Securities Commissions (IOSCO) Technical Committee in respect of the Task Force on Unregulated Markets and Financial Products (TFUMP) makes for encouraging reading at a time when it can be very difficult to find a positive word said about the CDS market.
Author
Jeremy Green, Senior Associate
The US Treasury Department has delivered draft legislative language to Capitol Hill with proposals on regulating the “over-the-counter” (OTC) derivatives industry in the United States. These proposals have attracted significant comment in the US, not in the least because of their breadth and apparent novelty. However, all but one of the fundamental principles of these new US regulatory proposals are unlikely to surprise market participants already familiar with derivatives regulation in Australia.
Author
Scott Farrell, Partner
The move of market trading supervision from the ASX to ASIC makes a good deal of sense but if the change is to realise its potential benefits for our financial system, then the Government and ASIC will need to keep the end game in sight.
Authors
Mark McFarlane, Partner
Damien Richard, Partner
Personal Property Securities reform, set for introduction in May 2011, will be one of the most important legislative reforms to affect the financial services industry for decades. Major changes will be required in the systems, processes, policies, procedures and documentation of financial institutions and others.
Author
John Canning, Partner
The first phase of the national consumer credit protection reform process is nearing completion, with the National Consumer Credit Protection Bill through the House of Representatives and introduced into the Senate on 7 September.
The process has been notable not only for the major change it represents to the regulation of credit in Australia but for the lack of broad-based consultation and the haste with which the Bill was drafted.
Author
Katherine Forrest, Partner
United Kingdom Office of Fair Trading Discussion Paper on wider use of director disqualification orders in competition law cases
On 18 August 2009, the United Kingdom Office of Fair Trading (OFT) released proposed changes to its guidance on director disqualification orders in competition law cases. Currently, a company director can be disqualified from acting as a director for up to 15 years if their company is involved in a contravention of competition law and a Court finds they are unfit to be involved in the management of a company as a result.
Authors
Dave Poddar, Partner
James Marshall, Legal Adviser (Not Australian Qualified)
The Federal Government's proposed legislation capping termination payments for directors and executives at 1x base salary has been passed by the House of Representatives and recommended by the Senate Economic Committee with only one change. The Bill is being debated in the Senate this week, and could become law within days.
Author
Tim Bednall, Partner
Innovation in actionA new section in Regulator to share some of the innovative legal work being undertaken by Mallesons partners to support better business outcomes.
- Mallesons acts on groundbreaking Opes Prime scheme of arrangement. Click here
- Mallesons partner chairs AFMA sub-group responsible for carbon trading documentation. Click here
- Mallesons advises on the biggest PPP transaction of the year, involving a novel finance structure. Click here
SignpostMallesons is co-sponsoring the annual AFR Chanticleer luncheon in Sydney in October, which will feature a panel of Australia’s leading chairmen providing perspectives on the major issues currently facing business and sharing opinions on the economic outlook.
The panellists at this year’s event are Catherine Livingstone AO, Leigh Clifford AO, Kevin McCann AM and Dr John M Schubert.
For those located in Sydney on 15 October, we recommend this event as one to attend.
Click here to view the PDF flyer.
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