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.
28. November 2010 18:44
The Corporations Amendment (No 1) Act 2010 has received assent (on 24 November 2010). It has not yet been proclaimed, but if unproclaimed within 6 months it will commence on 25 May 2011 by forced commencement.
The text of the amending Act is on Comlaw. Please see our previous post regarding the substance of the changes that it will make to the Australian Securities and Investments Commission Act and the Corporations Act.
28. November 2010 18:30
The Corporations Amendment (Sons of Gwalia) Bill 2010 passed the Senate on 26 November 2010.
The Bill reverses the High Court’s decision in Sons of Gwalia v Margaretic, which found that s 563A of the Corporations Act did not subordinate certain compensation claims by shareholders below the claims of other creditors.
As the Parliamentary Secretary to the Treasurer, David Bradbury, added: "The amendments also streamline the treatment of shareholder claimants in an external administration and eliminate common law restrictions on the capacity of a shareholder to recover damages against a company."
The revised text of the bill is available from its official Parliament House page. It is currently awaiting Royal Assent.
22. November 2010 17:35
Bruce Billson, the Shadow Minister for Small Business, Competition Policy and Consumer Affairs, introduced a private members’ bill into the House of Representatives this morning: the Competition and Consumer (Price Signalling) Amendment Bill 2010 (click here for official bill homepage with the text of bill and Explanatory Memorandum).
The key amendments proposed by the bill to the Competition and Consumer Act 2010 (the new name for the TPA as of 1 January 2011) are the proposed new s 45A(1): “[a] corporation must not engage in price signalling” and s 45A(2), which defines price signalling as the communication of price-related information to a competitor (s 45A(2)(a)) for the purpose of inducing that competitor to vary a price for supply or acquisition of goods or services (s 45A(2)(b)) where that communication has the effect, or is likely to have the effect, of substantially lessening competition in a given market ((s 45A(2)(c)).
Private communication between related bodies corporate or parties to a joint venture is excluded from the prohibition, as is communication permitted by a s 88 authorisation or s 93 notification: proposed new s 45A(11).
The Australian Bankers’ Association has promptly issued a media release warning that rushing the bill through could have the result “that customers, investors and analysts would end up being uninformed or misinformed.”
27. October 2010 16:35
In a submission to the Senate Legal and Constitutional Affairs Committee, the Federal Court has flagged its serious concerns with the reforms proposed in the Civil Dispute Resolution Bill 2010.
Although the Committee's report is not due until 22 November 2010 (today is the closing date for submissions), submissions already received are publicly available.
In short, the court is concerned that the reforms as set out in the Bill :
- are neither necessary nor desirable;
- are not suitable for the nature of much of the court's work;
- will increase costs and delays without corresponding benefit;
- run the risk of creating satellite litigation - litigation about litigation; and
- employ terminology which may be in conflict with the case management principles implemented in the Access to Justice (Civil Litigation Reforms) Act 2009, and case management reforms introduced in state jurisdictions.
The submission also points out that the operation of the reforms in a personal or corporate insolvency context is unclear.
The submission proposes an alternative approach of enacting legislation requiring a party contemplating litigation to serve a short statement outlining the factual and legal basis of its claim upon a potential respondent. If that step were taken, the court could then be given jurisdiction over ADR of the matter and the parties would be able to access court-annexed mediation (which is generally cheaper than external mediation, and integrated with existing case management powers).
27. October 2010 16:18
Mary MacKillop was first recognised by the Vatican, now by the Governor-General – the Corporations Amendment Regulations 2010 (No. 8) were registered today, and commence tomorrow.
Their stated purpose is “to protect the name of Mary MacKillop from commercial exploitation by individuals or corporations who have no connection to her.” They amend Sch 6 para 6203, which sets out the names which will be deemed unacceptable for registration by ASIC for the purposes of s 147(1)(c) or s 601DC(1)(c) of the Corporations Act.
11. October 2010 11:54
The Senate Economics Committee has set the closing date for submissions on the Corporations Amendment (No 1) Bill 2010. Submissions must be received by 15 October 2010 - this Friday.
Please refer to our previous posts on the substance of the bill and how to make a submission to the inquiry.
6. October 2010 12:29
The Bill was referred to the Senate Legal and Constitutional Affairs Committee on 30 September 2010, for inquiry and report by 18 November 2010.
The Bill will effectively reverse the High Court decision in Sons of Gwalia Ltd v Margaretic.
The Committee is seeking written submissions from interested individuals and organisations, preferably online, or by email to firstname.lastname@example.org. Submissions are open until 27 October 2010.
The Committee has prepared some general notes regarding submissions.