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International Law

Australian Regulatory Compliance Review

information about Australian laws, regulations and legal compliance particulartly in the financial services industry

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Last Entry: June 15, 2014 at 16:41:06

Dealing with privacy complaints

Posted on August 26, 2008
The Australian Privacy Commissioner, Karen Curtis, has published an information sheet to assist organisations in investigating privacy complaints they receive. A step-by-step guide to internal investigations of privacy complaints by organisations (pdf) covers a number of steps to undertake when...

Successful appeal by a HIH director against disqualification by APRA

Posted on August 25, 2008
The Administrative Appeals Tribunal has set aside the disqualification of Mr Charles Abbott by the Australian Prudential Regulation Authority (APRA): Abbott and Australian Prudential Regulation Authority [2008] AATA 641 Mr Abbott, who was an alternate director at HIH Limited (HIH)...

Mutual recognition arrangement between Australia and the United States

Posted on August 25, 2008
A mutual recognition arrangement between Australia and the United States has been signed by Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, Mr Tony D?Aloisio, Chairman of the Australian Securities and Investments Commission (ASIC), and Mr Christopher...

ANZ Bank securities lending review and risk management: Opes Prime aftermath

Posted on August 24, 2008
The ANZ Bank has released the report of a Review Committee (pdf) which examined the Bank?s involvement in Securities Lending and its relationship with Broker clients including the Opes Prime group (Opes). (Business Day background) The Review Committee found :...

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Responsible Lending Practices: Consumer Credit Cards

Posted on August 24, 2008
The Ministerial Council on Consumer Affairs has released a consultation Regulatory Impact Statement on Responsible Lending Practices in Relation to Consumer Credit Cards (pdf). The Paper discusses options to assist consumer choice of card products and protect consumers from lending...

Privacy Commissioner issues voluntary data breach guide

Posted on August 24, 2008
The Australian Privacy Commissioner, Karen Curtis, has released a "Guide to Handling Personal Information Security Breaches" (pdf). It is a voluntary guide for use by businesses, agencies and non-government organisations in preventing and, if necessary, responding to a data breach...

AML and finance brokers

Posted on August 21, 2008
AUSTRAC has published an information sheet on its interpretation of the AML obligations of finance brokers. Comments include: Finance brokers who are holders of an Australian financial services (AFS) licence and only provide the designated service specified in item 54...

First Home Saver Accounts: training requirements for financial product advisers

Posted on August 21, 2008
ASIC has released an update to RG 146 Licensing: Training of financial product advisers (pdf) to include new requirements for people who give advice about First Home Saver Accounts (FHSA's). ASIC has applied the Tier 2 level to courses and...

AML Rules update

Posted on August 21, 2008
The Anti-Money Laundering and Counter-Terrorism Financing Rules have been updated to incorporate amendments made by Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2008 (No. 4) in relation to reportable detail requirements and Anti Money Laundering and Counter Terrorism Financing...

Tax law changes design

Posted on August 21, 2008
The Assistant Treasurer and Minister for Competition and Consumer Policy, Chris Bowen MP, has released the Tax Design Review Panel's report Better Tax Design and Implementation. The report makes 26 recommendations that propose significant changes to existing processes for tax...

Commonwealth courts portal

Posted on August 20, 2008
The new Commonwealth courts portal features Federal Law Search which provides selected information on cases initiated in the Federal Court of Australia and in the federal law jurisdiction of the Federal Magistrates Court of Australia. The database is updated in...

Privacy law reform and the financial services industry

Posted on August 20, 2008
This article by me first appeared in Complinet. The Australian Law Reform Commission has released its Report "For Your Information: Australian Privacy Law and Practice". The 3 volume report covers most areas of privacy law and makes 295 recommendations for...

Venture capital and private equity update

Posted on August 19, 2008
In this speech The Hon Chris Bowen MP, Assistant Treasurer and Minister for Competition Policy and Consumer Affairs provides an update of the independent Cutler review of Australia?s innovation system, the early stage venture capital limited partnership program and the...

Thought for the day

Posted on August 19, 2008
By Hugh Macleod at Gaping Void

Queensland Government response to FOI review

Posted on August 19, 2008
Premier Anna Bligh has released the Queensland Government?s response to Dr David Solomon?s report into Freedom of Information. Ms Bligh said the Government supported in full or part 139 of the 141 recommendations. The response to the recommendations will form...

National consumer law

Posted on August 16, 2008
The Ministerial Council on Consumer Affairs (MCCA) has agreed that all Australian governments should adopt a new national consumer law, which will operate in all Australian jurisdictions and remains consistent. (Joint Communique) The Ministerial Council has agreed to propose to...

Public Legal Interpretation No. 5 of 2008 ? Access to and disclosure of ?AUSTRAC information?

Posted on August 16, 2008
Public Legal Interpretation No. 5 of 2008 ? Access to and disclosure of ?AUSTRAC information? (pdf) sets out which Australian government agencies may access information collected by AUSTRAC and how that information may be dealt with, once accessed. It also...

Possible expansion of Do Not Call Register

Posted on August 14, 2008
The Australian Communications and Media Authority (ACMA) has called for submissions on potential changes to the eligibility requirements for registration on the Do Not Call Register. At present, telephone numbers not used primarily for private or domestic purposes and all...

ASIC issues ASX assessment

Posted on August 14, 2008
ASIC has released its assessment of each of the licensees of the Australian Securities Exchange (the ASX group). The report (pdf) covers the period 1 July 2006 to 30 March 2008. ASIC?s task is to assess if, over the period...

ACCC merger decisions

Posted on August 13, 2008
Two recent ACCC decisions in respect of proposed mergers (Westpac and St.George and Medibank Private and Australian Health Management Group) give an insight in to the way the ACCC analyses markets and the associated competition issues. On 13 August 2008,...

AUSTRAC Regulatory Guide on new ongoing customer due diligence obligations

Posted on August 12, 2008
The AUSTRAC Regulatory Guide has been updated with the addition of new chapter 8 which outlines new ongoing customer due diligence obligations that come into effect on 12 December 2008. From 12 December 2008, reporting entities must incorporate ongoing customer...

ASIC's approach to people overseas offering financial services in Australia

Posted on August 11, 2008
ASIC has issued a new regulatory guide Doing financial services business in Australia (RG 121 pdf). The new guide explains to foreign financial services providers Australia?s financial services regime under the Corporations Act by: Setting out the statutory regime and...

Government response to Privacy Report

Posted on August 11, 2008
Senator The Hon John Faulkner the Special Minister of State says the Government will respond to the Australian Law Reform Commission Privacy Report in stages. The first stage of the response will focus on the recommendations relating to the unified...

ALRC Report: Australian Privacy Law and Practice

Posted on August 10, 2008
The Australian Law Reform Commission has released its Report "For Your Information: Australian Privacy Law and Practice". The 3 volume report covers most areas of privacy law and makes 295 recommendations for reform, including the recommendation that the Privacy Act...

AML and gaming machine venues

Posted on August 09, 2008
AUSTRAC has considered the issue of who is the reporting entity that provides designated services for gaming machine venues. In its opinion the reporting entity is the the gaming machine operator licence/authority holder. Designated services in relation to gaming machine...

Government announces changes to Temporary Residents' Superannuation

Posted on August 09, 2008
Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, has announced the final form of the Government measure to require temporary residents? superannuation to be paid to the Commonwealth. Under the new approach temporary residents' superannuation will remain...

Review of the Legal Framework for the Administration of the Goods and Services Tax

Posted on August 07, 2008
Although the Henry Review will not deal with the rate and base of the GST, the Board of Taxation is separately looking at the legal framework for the administration of the GST. The Board has released an issues paper. The...

ASIC's response to sub-prime and market turmoil

Posted on August 07, 2008
In a speech Lessons learnt from market volatility and sub-prime (pdf). ASIC Commissioner Belinda Gibson listed her 4 lessons as follows: 1. Australia is very much part of the global economy and subject to its influences. 2. ASIC is a...

Surveyors entitled to be paid for copying of plans

Posted on August 06, 2008
In Copyright Agency Limited v State of New South Wales [2008] HCA 35, the High Court decided that the State of New South Wales was not entitled to use surveyors? plans (by copying the survey plans and providing them to...

Notification requirements for Product Disclosure Statements

Posted on August 06, 2008
From 1 July 2008, the notification requirements have changed for most PDSs issued by financial services licensees: see s1015D(2) of the Corporations Act 2001 (Corporations Act) and ASIC Information Sheet 94. From 1 July 2008, the responsible person for a...

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