The Corporations Amendment Regulations 2009 (No. 8) have been made in relation to the disclosure of short selling information under the Corporations Amendment (Short Selling) Act 2008.
The Corporations Amendment (Improving Accountability on Termination Payments) Act 2009 commenced on 24 November 2009. Background here. UPDATE: Corporations Amendment Regulations 2009 (No. 9) commenced on 25 November 2009
One of the most difficult roles of a director is to determine whether the company is insolvent. ASIC has released a Consultation Paper outlining proposed guidance to directors on their duty to prevent insolvent trading: Consultation Paper 124 Directors’ duty to prevent insolvent trading: Guide for directors (CP 124). ASIC’s draft Regulatory Guide refers to […]
The Parliamentary Joint Committee on Corporations and Financial Services (chaired by Bernie Ripoll MP) has released its report into the issues associated with recent financial product and services provider collapses, such as Storm Financial, Opes Prime and other similar collapses, with particular reference to: the role of financial advisers; the general regulatory environment for these […]
In Australian Securities and Investments Commission v Rich NSWSC 1229 Judge Austin decided that ASIC had failed to prove its case against One.Tel director and joint chief executive Jodee Rich and One.Tel’s finance director Mark Silbermann. ASIC brought civil penalty proceedings for breach of the statutory duty of care of company directors and officers. The […]
The Corporations Legislation Amendment (Financial Services Modernisation) Act 2009 received royal assent on 6 November 2009. It is expected that Schedule 1 (margin lending), Schedule 2 (trustee companies) and parts of Schedule 3 (debentures) will commence by 1 January 2010. The rest of the Act commenced on 6 November 2009. Draft regulations and example PDS
The Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009 was passed by the Senate on 16 November after it dropped an amendment requiring a review in three years time. The House of Representatives sent the Bill back to the Senate after it disagreed with the proposed Senate change. Key features of the Bill […]
ASIC has announced that it has decided to withdraw current class order relief that allows issuers of investment products to cite credit ratings without the consent of credit rating agencies. From 1 January 2010, issuers must ensure that the credit rating agency has given its consent for the inclusion of a credit rating (and its […]