 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
Australian Regulatory Compliance Review
Australian Technology and IP Business
Credit Union and Mutual Law
National Consumer Credit Reform
Personal Property Securities Australia
Longview Business Insights
Australian Private Health Insurers
Wills, Trusts, Super
Mutuals Resource Centre
Commonwealth legislation
Corporate Governance
Not-for-Profit links
Regulator Links
Austrac has published a risk assessment tool designed to help small-to-medium sized businesses meet the requirements of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Print This Post
Austrac has issued draft AML/CTF Rules which amend paragraph 14.4 of Chapter 14 by raising the threshold from $500 to $1,000 regarding the designated service of exchanging one currency for another in the course of carrying on a currency exchange business (item 50 of table 1 and item 14 of table 3 in section 6 of the AML/CTF Act), for reporting entities which are not ADIs, building societies banks, credit unions or representatives of a foreign bank.
As a result, the customer identification procedures under the AML/CTF Act do not apply to transactions under $1,000 unless a reporting entity, in accordance with its enhanced customer due diligence program, decides to obtain and verify any ‘know your customer’ information about that customer.
A public consultation period is open from 30 July 2008 to 13 August 2008.
Print This Post
Joshua Gans has written a humorous but relevant opinion piece on the restrictions on republishing information published on government web sites.
His point is that there is much government data (he gives the examples of the location of public toilets and bus and train timetables and potentially FuelWatch data) which is either inaccessible when you want it or is published in a form that is not easy to use which third parties could re-use for the public benefit (plus a marginal profit).
It reminds me of the government practice of requiring copyright over all third party contractors’ work even though the government did not keep a record of what they owned or how it could be used.
Whilst there are no doubt copyright and contractual issues, the issue also reflects cultural and philosophical beliefs about the ownership of (intellectual) property.
It is worth quoting US copyright lawyer William Patry who this week stopped writing his blog citing the depressing state of copyright law:
Copyright law has abandoned its reason for being: to encourage learning and the creation of new works. Instead, its principal functions now are to preserve existing failed business models, to suppress new business models and technologies, and to obtain, if possible, enormous windfall profits from activity that not only causes no harm, but which is beneficial to copyright owners.
UPDATE: If you’re interested in exploring the concept of creativity and the law then you have to read Blawg Review#171. Here’s how it starts:
"If intellectual property had a theme song it would have to be "Like a Virgin."
Why?
Because IP is all about "the very first time," the "aha" moment, the creative spark that gives rise to previously undreamed imaginings.The restrictions of "how we’ve always done things" fall away and the numbing repetition of days become vibrant. " Read more
Print This Post
Australia is frequently referred to as part of Asia Pacific but we have little knowledge of our Pacific Island neighbours.
LLRX has published a guide to resources on the law of the Pacific Islands.
What are the Pacific Islands?
American Samoa; Commonwealth of Northern Mariana Islands; Cook Islands; Easter Island; Federated States of Micronesia; Fiji; French Polynesia; Guam; Hawaii; Kiribati; Marshall Islands; Midway Is.; Nauru; New Caledonia; Niue; Norfolk Island; Palau; Papua New Guinea; Pitcairn Is.; Samoa; Solomon Is.; Tokelau; Tonga; Tuvalu; Vanuatu; Wallis and Futuna.
Print This Post
This article by me first appeared in Complinet.
The Australian Prudential Regulation Authority (APRA) has published a Regulation Impact Statement (RIS) discussing the modifications and clarifications to the prudential framework arising from the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 (the Act) as well as other changes to the prudential framework.
The Act requires that all insurers wishing to carry on general insurance business in Australia, whether directly or through the actions of an intermediary (e.g. an agent or a broker), are required to become authorised under the Insurance Act 1973.
To give effect to the Australian Government announcement in relation to the regulation of Direct Offshore Foreign Insurers (DOFIs) and, more generally, to recognise different categories of insurer based on risk profiles APRA has had to modify and clarify its prudential framework. APRA has consulted extensively on all the proposals. Because of their proposed simultaneous introduction, all of the proposals were subject to consultation at the same time. Based on feedback received, the implementation of the proposals relating to non-APRA-authorised reinsurance will be delayed six months.
Print This Post
