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November 30, 2008

Rules for developing business regulation

The Administrative Review Council has published a report, ‘Administrative accountability in business areas subject to complex regulation’.

The report focuses on accountability and transparency in the development of business rules by government.  A key suggested principle is that "There should be an opportunity to seek review of any decision that applies a business rule in a way that directly affects the rights or interests of a person or business. "

The report encompasses regulation by way of ‘black letter’ law and ‘soft law’ guidelines and codes.

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Posted 30th November 2008 by David Jacobson in Business Planning, Deregulation_

Austrac draft rules for providers of traveller accommodation: safety deposit boxes and currency exchange transactions

Austrac has released 2 sets of draft AML/CTF Rules relating to providers of traveller accommodation for public consultation:

Safe deposit boxes
These draft AML/CTF Rules exempt providers of traveller accommodation, who provide in-room safes and safe deposit facilities to registered guests,from all provisions of the AML/CTF Act. A public consultation period is open from 28 November 2008 to 12 December 2008.

Currency exchange transactions
These draft AML/CTF Rules exempt providers of traveller accommodation, who also provide low-value currency exchange services to registered guests,from all provisions of the AML/CTF Act. A public consultation period is open from 28 November 2008 to 12 December 2008.

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Posted 30th November 2008 by David Jacobson in Anti-money laundering

List of government guaranteed large deposits and wholesale funding

The Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding (the Guarantee Scheme) commenced on 28 November 2008.

The list of government guaranteed liabilities (by financial institution and product type) is here.

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Posted 30th November 2008 by David Jacobson in Financial Services

November 27, 2008

Fair Work Bill

The Fair Work Bill 2008 has been introduced into Parliament.

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Posted 27th November 2008 by David Jacobson in Workplace

Large Deposit Guarantee Bill

The Guarantee Scheme for Large Deposits and Wholesale Funding Appropriation Bill 2008 has been introduced into Parliament with the goal of taking effect by 28 November 2008.

The Bill appropriates funds to enable claims to be paid under the Guarantee Scheme for Large Deposits and Wholesale Funding. The Bill also provides a borrowing power, should there be insufficient funds in the Consolidated Revenue Fund at the time claims are to be paid.

But,according to the Treasurer,the expected financial impact of the Guarantee Scheme is remote and unquantifiable.

UPDATE: Passed 26 November 2008

Act as passed

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Posted 27th November 2008 by David Jacobson in Financial Services

Prescribed Private Funds Discussion Paper

The Treasurer announced in the 2008 Budget that the Government will legislate guidelines to improve the integrity of Prescribed Private Funds (PPFs) and to provide the trustees of PPFs with greater certainty as to their philanthropic obligations. A discussion paper has now been released.

A PPF is a trust to which businesses, families and individuals can make tax deductible donations, for the purposes of disbursing funds to a range of deductible gift recipients.

The proposed PPF guidelines will ensure regular valuation of assets at market rates and increase the size of compulsory distributions. The Commissioner of Taxation will also be given greater regulatory powers. This measure will have effect from 1 July 2009.

Interested parties are invited to comment on the paper by 14 January 2009.

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Posted 27th November 2008 by David Jacobson in Tax

November 24, 2008

Austrac Regulatory Guide updated

Austrac has released a new Chapter 9 on reporting obligations for its Regulatory Guide.

All reporting entities under the AML/CTF Act will have the new reporting requirements from 12 December 2008. From this date, providers of financial, bullion, gambling or money transfer services will need to report suspicious matters, threshold transactions and international funds transfer instructions to AUSTRAC.

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Posted 24th November 2008 by David Jacobson in Anti-money laundering

November 23, 2008

The Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding

Scheme legal documentation and application procedures for the guarantee of large deposits and wholesale funding are now available on the guarantee scheme website

ADI's who wish to offer a government guarantee for deposits over $1million from 28 November 2008 must apply and be approved by the Scheme Administrator.

The government guarantee which will apply from 28 November is here.

The site will list approved institutions and guaranteed liabilities here.

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Posted 23rd November 2008 by David Jacobson in Financial Services

ACCC Merger guidelines 2008

The Australian Competition and Consumer Commission (ACCC) has issued its revised Merger Guidelines 2008

The guidelines outline the general principles underpinning the ACCC's approach to merger analysis under section 50 of the Trade Practices Act 1974.

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Posted 23rd November 2008 by David Jacobson in Trade Practices

ASIC charges against former HIH chair withdrawn

The Commonwealth Director of Public Prosecutions (CDPP) has withdrawn the charge brought by ASIC against the former chairman of HIH Insurance Limited (HIH), Mr Geoffrey Cohen.

ASIC alleged that in delivering his address to shareholders at the HIH Annual General Meeting (AGM) on 15 December 2000, Mr Cohen did not take reasonable steps to ensure that the information he gave to the shareholders at the HIH AGM was not misleading about the joint venture between Allianz Australia Ltd (Allianz) and HIH. These statements related to the effect of the joint venture on HIH’s cash flow and the payment of $200 million by Allianz to HIH.

The withdrawal of the charges concludes ASIC’s proceedings against Mr Cohen and no further action will be brought.

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Posted 23rd November 2008 by David Jacobson in Corporations Act