16. December 2010 12:20
Bob Katter, Member for Kennedy, has come out against yesterday's approval by the ACCC of the prospective takeover of the ASX by the SGX.
"Our hope is that my fellow Members of Parliament will reject this fanatical marketism that is taking away our sovereign right to self-determination..if ever there was an example of selling your birthright for a bowl of porridge, this is it.”
The takeover is yet to be approved by the Foreign Investment Review Board or Parliament.
14. December 2010 11:25
The latest issue of our monthly legal briefing for corporate lawyers and busy senior executives, Inhouse Counsel, is now available.
The issue includes the following articles:
- "Hot and cold in the greenhouse - 2010 in review and prospects for 2011" by Damien Lockie, Bond University;
- "Six things you need to know about Victoria's Civil Procedure Act 2010" by Jo Cameron, Mallesons Stephen Jaques;
- "Shareholder class actions - the best defence is a good offence" by Dawna Wright, McGrathNicol Forensic; and
- "What we can expect of workplace relations in 2011" by Nick Ruskin, DLA Phillips Fox.
14. December 2010 11:07
Now that the substantive provisions of the Corporations Amendment (No 1) Act 2010 have commenced, amending regulations have been made in support of the new regime.
The Corporations Amendment Regulations 2010 (No 10) make amendments to prescribe improper purposes for the use of information in a copy of the register, and create a new fee structure for obtaining such copies. The explanatory statement is available on Comlaw.
The Australian Securities and Investments Commission Amendment Regulations 2010 (No 5) substitute the definition of “financial service” in reg 2C. Their object is to ensure that ASIC can take action against parties under the investor protection provisions. The explanatory statement is available on Comlaw.
14. December 2010 11:05
ASIC has released a new regulatory guide regarding online financial services disclosure: RG 221 Facilitating online financial services disclosures.
In the guide, ASIC sets out its interpretation of the Corporations Act’s online financial services disclosure provisions, and the relief that it has granted in CO 10/1219. More information is available on the ASIC site. The class order commenced yesterday (13 December) and modifies s 940C in relation to all persons. The explanatory statement is available on Comlaw.
13. December 2010 12:05
Clinton Hart of Spearwood, Western Australia was sentenced in the Perth Magistrates Court on 9 December 2010 on eight counts of fraud under the Western Australian Criminal Code and one count of obtaining money for goods without disclosing his bankruptcy under the Bankruptcy Act 1966.
Hart became bankrupt in 2003 by debtor’s petition. The bankruptcy was extended by the trustee, and Hart is not eligible for discharge until May 2011.
Hart was previously convicted and sentenced in 2006 on thirteen Bankruptcy Act charges relating to dishonesty and non-disclosure of information. He was sentenced to 6 months’ imprisonment on each charge, but was released on payment of a substantial surety, agreeing to be of good behaviour and to make reparation to his creditors.
On 9 December, Hart was sentenced to twelve months’ imprisonment on each of the eight State fraud charges and one months’ imprisonment, served concurrently, for the bankruptcy offence. The 2006 recognizance release was also revoked.
In sentencing, Magistrate Baylyl noted that the courts had endeavoured to deal with Hart in a non-custodial way, but his subsequent offending and persistent disregard left them with no option other than a custodial sentence. A monetary penalty would have been grossly inadequate.
13. December 2010 12:05
The price signalling bill has been referred to the House of Representatives Economics Committee for inquiry.
The committee is keen to hear from consumer groups, business associations, academia, government departments and individuals. Submissions are open until Friday, 28 January 2010. The Committee has been asked to report by May 2011.
13. December 2010 11:11
The substantive provisions of the Corporations Amendment (No 1) Act 2010 have been proclaimed – they commence today.
Proclamation details are here on Comlaw. Please see our previous post regarding the substance of the amendments that it will make.
9. December 2010 13:06
Parliament resumes on Tuesday 8 February 2011.
9. December 2010 12:40
The latest issue of our regulation and compliance update, Financial Services Newsletter, is now online.
We note the following articles in particular:
- "The future of financial advice - some clarity on changes" by Adrian Verdnik, Hall and Wilcox;
- "Effective product disclosure: the long and the short of it" by Lisa Simmons and Alison Ng, Blake Dawson; and
- "2010 regulatory roundup for responsible entities: the new paradigm" by Stephen Etkind, Richard Batten and Andrew Yik, Minter Ellison.
9. December 2010 12:29
The latest service of Australian Corporate Finance Law is now available.
The extracts of the Corporations Act 2001 have been revised to include:
Cross references to commentary in Financial Services, Austin and Black’s Annotations to the Corporations Act, Australian Corporation Law Principles and Practice, Australian Encyclopedia of Forms and Precedents, Australian Stamp Duties Law and Ford’s Principles of Corporations Law.
References to relevant ASIC forms, class orders and regulatory guides.
References to relevant Harmonised Court (Corporations) Rules.