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Australian Regulatory Compliance Review
Australian Technology and IP Business
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On 29 May 2007, ACMA varied the Telecommunications (Do Not Call Register) (Telemarketing and Research Calls) Industry Standard 2007 effective from 31 May 2007 to allow research calls to be made on Sundays between 9.00 am and 5.00 pm.
Telemarketing calls are still prohibited on Sundays under the standard.
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The Do
Not Call Register came into effect at midnight on 31 May 2007.
According to the Minister “At 9am today (31 May), the total number of registrations was 1,012,813. The
register has been taking more than 20,000 registrations per day.”
Senator Coonan also said that more than 44,500,000 numbers had been
checked, or ‘washed’, against those listed on the register, following
the start of the list washing service on 25 May. A total of 355
businesses have opened accounts with the register.
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The Minister for Communications, Information Technology and the
Arts, Senator Helen Coonan, has announced the appointment of Ms
Deirdre O’Donnell as the Telecommunications Industry Ombudsman (TIO).
The TIO is a free and independent dispute resolution scheme for
small business and residential consumers with unresolved complaints
regarding their telephone or internet services. The TIO has the
authority to make decisions that are legally binding upon
telecommunications companies.
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The Parliamentary Secretary to the Treasurer, Chris Pearce MP, has
introduced the Corporations Amendment (Insolvency) Bill 2007 into
Parliament.
The Insolvency Bill will:
UPDATE 9 August 2007: Bill passed by Senate.
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The appearance before the Senate Standing Committee on Economics
by Tony D’Aloisio, the new Chairman of ASIC, on 30 May 2007 gave him his first opportunity to publicly set out ASIC’s priorities for the next 12 months.
Tony D’Aloisio’s opening statement identified 6 things ASIC will do in the next 12 months:
1. lifting the operational effectiveness and service levels of ASIC for all stakeholders.
2. For retail investors (in particular ‘baby boomers’ retirees and the generation following them), to develop initiatives to assist them to better manage and protect their investments and wealth.
3. For all investors, to continue to maintain and improve confidence and integrity in Australia’s capital markets with new investigative and other techniques in the area of insider trading and market manipulation.
4. How ASIC can use new technology to improve existing services, add new services and reduce costs – that is, to reduce ‘red tape’ in providing legal infrastructure ( company registration, registration of charges, issue of licences, relief orders etc) for small and medium businesses.
5. For all investors, to improve what ASIC can do to facilitate inward and outward investment in our capital markets.
6. over the next 9 to 12 months while these things are going on, there will be an overall review of ASIC’s strategies (its priorities and initiatives).With a new Chairman, a fresh set of eyes can look at the organisation.
D’Aloisio made separate statements on Westpoint, Fincorp and Australian Capital Reserve.
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Complaint schemes are now a common part of any industry. They are designed to provide a consumer with a method of making a complaint and, if the complaint cannot be resolved, a method for resolving disputes.
But I have to say that I was surprised there are over 125 complaints categories currently in Australia according to ComplaintLine. (via The Australian Professional Liability Blog)
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The Reserve Bank of Australia has released a discussion paper ‘Reform of Australia’s Payments System: Issues for the 2007/08 Review’.
The release of this paper begins the formal process of consultation for
the Bank’s review of previous payments system reforms (including credit card reform in 2002) as foreshadowed in 2006.
The
paper sets out details on the timing and scope of the review and
provides a summary of the reforms and their rationale. The paper also
raises a number of specific issues on which the Bank is seeking comment
from interested parties.
The review will examine not only the effects
of the reforms to date, but also how, looking forward, the regulatory
regime can best contribute to competition and efficiency in the
Australian payments system. In particular, the review will examine what
has changed since the reforms were introduced and how any changes might
bear on the appropriate regulatory regime in the future.
Reflecting the broad scope of the review, the paper raises three interrelated questions:
Submissions are due by 31 August 2007. The Bank expects to
release its preliminary conclusions from the review – including details
of the general directions the Board is considering – for consultation
in April 2008.
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In Australian Competition & Consumer
Commission v Leahy Petroleum Pty Ltd [2007] FCA 794, the Federal Court dismissed ACCC’s application against 18 respondents for civil penalties relating to its allegations of the fixing of retail prices
of petrol in the Geelong retail petrol market.
The ACCC relied on circumstantial evidence,
principally a document compiled from data available to the ACCC of records of
telephone communications between participants in the Geelong retail petrol
market, and records of changes to the retail price of ULP by various
participants in that market. Some admissions were made by some respondents who also consented to orders.
The action failed as the Judge found there was insufficient evidence:
"948 Thus, all of the witnesses called to give evidence for the ACCC who acted on
behalf of parties to the alleged arrangements or understandings confirmed to a
greater or lesser degree the absence of any commitment, moral obligation, or
obligation binding in honour on the part of any party to any of those
arrangements or understandings. The evidence on the issue is all one way. It
is not possible to dismiss it, as counsel for the ACCC attempted to do in
submissions, as indicative of freedom to withdraw from, or to act inconsistently
with, an arrangement or understanding on a particular occasion. The plain fact
is that there was nothing by way of constraint to raise prices, felt or
otherwise, from which any party had to withdraw, or with which it was necessary
to act inconsistently, if prices were not increased on a particular occasion.
The express evidence is overwhelmingly to the effect that an essential element
of an arrangement or understanding, whether in the abstract or as pleaded, in
the form of a commitment or obligation to increase prices, did not exist…As I have
said, an arrangement or understanding in which each party is free to do as it
wishes is a creature unknown to s 45(2) of the Trade Practices Act. "
Judge Gray decided that none of the arrangements or understandings alleged by the
ACCC existed and dismissed the proceeding against the respondents who
defended it. He also refused to rely on the admissions made by the respondents who
consented to the case being decided against them, and coupled with the finding that
the alleged arrangements or understandings did not exist, came to the
conclusion that he should not give effect to the consents.
The ACCC has expressed disappointment at the decision.
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The appointment of an administrator to Australian Capital Reserve and the Estate Property Group which has reportedly borrowed $300 million from the public by way of unsecured notes has drawn attention again to ASIC’s role (this story from The Age) and the usefulness of our consumer protection laws, following Westpoint and Fincorp.
ASIC’s response is that on 9 March 2007, ASIC issued an Interim Stop Order on ACR’s 9th prospectus and has since then been kept informed of developments about ACR’s financial position.
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2007 FSR Update Web Seminar:Wednesday 20 June 2007 at 11am -12 noon Australian Eastern Time
The Financial Services Regulation provisions of the Corporations Act
require financial service providers to be licensed and comply with
strict disclosure obligations.
In this 60 minute live web seminar David Jacobson will
discuss FSR developments in the last 12 months and refinements
(including the Simpler Regulatory System package) which affect your day
to day procedures.
The seminar will discuss integrating the refinements in your
existing FSR compliance program and how ASIC is currently administering
the laws.
Responsible officers can treat the seminar as part of their training obligation.
You will learn about:
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