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Takeovers Panel reminds parties of their confidentiality obligations

by Hilary Kincaid 31. August 2010 17:25

The Takeovers Panel has published a reminder today to prospective parties of their obligations of confidentiality and not canvassing media under s 201A of the Australian Securities and Investments Commission Act: 

The Panel expects that parties will instruct each of their directors, officers and advisers to comply with the undertakings.  The Panel also expects that parties will not attempt to avoid the undertakings by talking to the media about closely related issues to those in the proceedings  or by briefing the media prior to lodging a Notice of Appearance. [see Just Group Limited [2008] ATP 22 at [32]]

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Takeovers and Reconstructions

Treasury guidelines for costing election commitments

by Hilary Kincaid 31. August 2010 17:20

With the current back-and-forth regarding costings at a federal level, it may be of interest to see the Charter of Budget Honesty, which "aims to inform those requesting policy costings of the general methodology that is to be applied, what information will need to be supplied when requesting a policy costing, and what will be produced".



Service 34 of Kelly and Ball Principles of Insurance Law

by Hilary Kincaid 31. August 2010 16:46

The new service of Kelly and Ball - Principles of Insurance Law has been released, reflecting recent developments in case law, policy and legislation. 

Subscribers’ attention is drawn in particular to: 

  • Chapter 5 — Terms of the Contract
    • Calliden Insurance v Chisholm suggesting that s 37 of the Insurance Contracts Act 1984 may prevent an insurer under a professional indemnity policy from refusing to indemnify the insured if the insured is insolvent or unable to pay its excess;
    • Nelson v Hollard Insurance where it has been held that the provision in a policy excluding liability for a loss caused by inherent defects, structural faults etc is not affected by the ICA s 46;
  • Chapter 8 — Claims
    • Calliden Insurance v Chisholm in relation to the question whether excess clauses require actual payment of the excess by the insured;
  • Chapter 14 — Liability Insurance
    •  New [14.0235] “Loss in value of investments” discussing Done v Financial Wisdom, Darlington Futures v Delco Australia and Trustees Executors v QBE Insurance (International) in relation to an exclusion of cover of a liability arising from the loss in value of investments;
  • Chapter 16 — Reinsurance
    • Additional material discussing the meaning of “actually paid”.



Kelly and Ball Principles of Insurance Law

APRA releases revised proposals for Financial Claims Scheme

by Hilary Kincaid 31. August 2010 11:21

APRA has released a response paper and draft reporting standard as part of the second round of consultation in relation to the implementation of a Financial Claims Scheme for authorised deposit-taking institutions (ADIs).

The FCS was established in October 2008 and is designed to provide some protection to depositors if their ADI is placed into liquidation in insolvency.

The response paper outlines key issues arising from submissions received in response to the consultation paper issued in January 2010. APRA has made some modifications to its proposals in response to those submissions: 

  • extending the period for providing FCS-related data to APRA from 48 hours to 72 hours of a request being made for the data;
  • requiring a reasonable assurance audit initially and every three years thereafter, rather than every year as proposed earlier, with limited assurance reviews in the intervening years;
  • no requirement for ADIs to include accrued interest, fees and charges in their reporting of deposit data for FCS testing purposes; and
  • providing a transition period of at least 12 months (extendable for up to a further 24 months on a case-by-case basis) before the FCS reporting obligations take effect. 

Submissions on the reporting standard and response paper are due by 15 October 2010. Subject to those submissions, APRA intends to release the final reporting standard in late 2010, to take effect from 1 April 2011. The consultation package is available on the official APRA site.

Once the standard is in effect (and after the relevant transitional period is over), ADIs will be required to report scheme-related data in a prescribed format to APRA forthwith following a request to that effect. There will also be periodic testing of ADIs' responsiveness.

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2011 High Court sitting dates

by Hilary Kincaid 31. August 2010 11:16

The High Court has, by rule of court, declared the 2011 sitting dates for both hearings and special leave applications.

They may be viewed on Comlaw.

As the correspondence from the Attorney-General rather majestically reminds us, "no consultation was necessary in relation to the appointment of the High Court sitting dates for 2011".

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August 2010 issue of Australian Banking and Finance Law Bulletin

by Hilary Kincaid 30. August 2010 17:31

The new issue of the Australian Banking and Finance Law Bulletin is now available online.

Subscribers' attention is drawn to the following article in particular:


Australian Banking and Finance Law Bulletin | Newsletters

ASIC releases new class order CO 10/545

by Hilary Kincaid 26. August 2010 14:23

ASIC has released a new class order, CO 10/545. This class order amends CO 98/1417 Audit relief for proprietary companies. 

The new terms of the principal class order are intended to reduce the administrative burden on companies relying on the relief associated with the requirement to lodge forms with ASIC every year. Companies will now only need to lodge Form 382 for the first year in which they claim the relief, rather than for each consecutive year in which the relief is claimed.

The class order commences today, on the date of its registration on FRLI.

Edited to add: the changes are also detailed at paragraphs 30–45 of ASIC Regulatory Guide 115 Audit relief for proprietary companies.



APRA releases quarterly performance statistics for March 2010

by Hilary Kincaid 26. August 2010 14:07

APRA has released the quarterly performance statistics for banks, credit unions and building societies for March 2010. Due to the market sensitivity of the profit information of listed banks, statistics are not made available until no earlier than four months after the end of the relevant reporting period.

The statistics are available in both pdf and Excel formats.

The statistics reveal some interesting trends - the net after-tax profit for building societies and credit unions (when taken together) for year end March 2010 increased by 16% from March 2009. However, the net after-tax profit for all banks for year end March 2010 decreased by 5% from March 2009.



3 minutes to prove your legal expertise

by Hilary Kincaid 26. August 2010 13:35

This isn't strictly speaking to do with corporations law, but it's an entertaining diversion - Queensland lawyer and blogger Paul Brennan has created a quick quiz to test your legal expertise.

Paul blogs at Law and Disorder.


New ASIC class order 10/746

by Hilary Kincaid 26. August 2010 08:46

ASIC has released a new class order, in order to correct some drafting anomalies in the National Consumer Credit Protection Regulations 2010 in relation to the streamlined application process for obtaining an Australian credit licence.

All of the provisions, except para 4(b)(i), commenced on 1 July 2010. The remaining paragraph commenced on 24 August 2010, the date of registration on FRLI.

For up-to-date commentary regarding the sweeping changes to the consumer credit regime, subscribers are referred to Australian Consumer Credit Law.

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ASIC | Australian Consumer Credit Law


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