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On 6 May 2013, the Australian Securities Exchange issued proposed amendments to the Listing Rules to facilitate rights issues. The Exposure Draft includes amendments to shorten the timetables for entitlement offers and to reduce the number of circumstances in which issuers would need to apply to the ASX for waivers. The amendments intend to facilitate capital raisings by addressing recent market developments and regulatory innovations.
In Matthew Maxwell v Highway Hauliers Pty Ltd  WASCA 115 delivered on 6 May 2013, the Western Australian Court of Appeal considered the appropriate statutory construction of s54(1) of the Insurance Contracts Act 1984 and arrived at a different result to the Queensland Court of Appeal when applying it to a similar scenario. The Western Australian Court of Appeal took a broader view of the nature and type of insurance in issue.
As part of the federal government's 'Stronger Super' package of reforms, new portfolio holdings disclosure obligations will be imposed on trustees of registrable superannuation entities (RSEs). The federal government has now released draft regulations which set out the manner in which portfolio holdings will need to be disclosed.
On 1 May 2013 the Queensland government announced the details for the repeal of the gas electricity certificate (GEC) scheme, and published draft legislation to make 2013 the last liability year of the scheme. Any GECs must be created prior to 30 April 2014.
On 26 April 2013 Treasury released the Government response to the Parliamentary Joint Committee on Corporations and Financial Services report on the collapse of Trio Capital and to the Richard St. John report on Compensation arrangements for consumers of financial services. Although preliminary, the response gives a clear signal to industry regarding the shape of future developments in financial services regulation.
Yesterday the Victorian government set the levy rates for the new Fire Services Property Levy which is payable from 1 July 2013. The new Fire Services Property Levy, created by the Fire Services Property Levy Act 2012 (VIC), replaces the current levy imposed upon insurers. The new levy will be payable by Victorian landowners, tenants of crown land, and licensees of crown land who have an option to purchase.
The New South Wales Government released today a regulation which prescribes the use of a standard form of retirement village contract, a general inquiry document and a revised disclosure statement. Use of these new documents is mandatory from 1 October 2013.
On 18 April 2013, Treasury issued exposure draft legislation, an explanatory memorandum and draft designation rules to provide a tax loss incentive for nationally significant designated infrastructure projects. To access the tax loss incentive the project vehicle must meet certain requirements to be a designated infrastructure project entity, and the project must be determined a designated infrastructure project by the Infrastructure Coordinator.
The proposed statutory codification of the definition of 'charity' and the inclusion of a statutory 'public benefit' test may impact professional organisations currently endorsed as charities. Clients within these entities should consider their current constitutional documents in light of the proposed changes.
The Personal Property Securities Act 2009 (Cth) and new legislative regime governing security interests in personal property have presented an interesting challenge to our clients and the broader legal community. In this update we discuss the key practical issues facing businesses operating under the new regime and provide tips on how to deal with them.
New regulations for Victorian retail leases will come into effect on 22 April 2013 as part of the Retail Leases Regulations 2013 (VIC). The changes include the introduction of four new disclosure forms.
The Singapore International Arbitration Centre (SIAC) has announced a new governance structure and a revised edition of the SIAC Rules of Arbitration, effective from 1 April 2013. Clients should not underestimate the significance of these changes.
With a growing number of Chinese companies pursuing overseas opportunities, China's market watchdog , the PRC Ministry of Commerce (MOFCOM), has issued three administrative provisions/policies that are designed to regulate the behaviour of Chinese entities engaged in outbound investment.
On 8 April 2013, the federal government issued the Charities Bill 2013 and the Charities (Consequential Amendments and Transitional Provisions) Bill 2013, introducing a statutory definition of 'charity' and 'charitable purpose' for the purposes of all Commonwealth legislation.
The Australasian Retail Credit Association has released for public consultation a draft of the new Credit Reporting Code of Conduct that it is developing at the Privacy Commissioner's request. The release of the draft Code follows the passing of the Privacy Amendment (Enhancing Privacy Protection) Act 2012 last November, which made substantial changes to the Commonwealth Privacy Act 1988 including the replacement of the current credit reporting system by Part IIIA of the amended Act and the requirement for a new Code to be developed.
The recent Information Commissioner decision in Dreamsafe Recycling Pty Ltd and Department of Education, Employment and Workplace Relations provides further guidance on what constitutes 'deliberative matter' and public interest factors against disclosure for the purposes of section 47C of the Freedom of Information Act 1982 (Cth).
Hunt & Hunt Lawyers v Mitchell Morgan Nominees Pty Ltd & Ors  HCA 10. By a 3-2 majority, the High Court has overturned a decision of the NSW Court of Appeal which had threatened to erode the protection of the proportionate liability regime. The High Court has found that there can be a single loss capable of apportionment even where there are entirely separate causes of the loss.
The Justice and Community Safety Legislation Amendment Act (No. 2) 2013 No. 11 is now in effect. The prohibition in section 124(1) of the Land Titles Act 1925 (ACT) from registering notices or declarations of trust on the land titles register will now be qualified so that such notice or declaration will only be prohibited if the trust creates or affects an interest in land.
Recent judgments by the Federal Court of Australia have emphasised that the application of a global compliance policy may not meet the necessary requirements to defend a breach of Australian law. This reinforces the need for multinationals to review universal international programs to ensure they specifically cater for domestic obligations.
Important amendments have been made to the Retirement Villages Act 1986 (VIC) introducing stringent disclosure requirements on owners and operators of retirement villages in Victoria. The amendments enable prospective residents to better compare retirement villages before signing a contract.