Allens Arthur Robinson

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The Australian Securities & Investments Commission hopes that excessive jargon and unnecessary information that hampers investors making informed investment decisions will be limited under new corporations regulations on certain product disclosure statements. Partner Anna Lenahan and Senior Associate Marc Kemp look at the changes that mean some superannuation products and margin loans, as well as interests in simple managed investment schemes, may only be issued under a product disclosure statement limited to a certain number of pages

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Managers and advisers of investment funds with clients or assets in the United States may face new registration and reporting obligations with the US Securities and Exchange Commission. Partner Robert Clarke and Senior Associate Marc Kemp consider the impact of the US Dodd-Frank Wall Street Reform and Consumer Protection Act.

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Retailers in New South Wales could find it easier to open new stores under a draft State Environment and Planning Policy. Partner Paul Lalich speaks to Boardroom Radio about the potential impact on NSW retailers and landowners under the policy

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Recently, Allens Arthur Robinson obtained for a client an ASIC exemption from the need to hold an Australian financial services licence for management rights schemes at an apartment complex. Partner Tony Davies and Senior Associate Bill Burton report on the exemption, which is thought to be the first of its kind

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The highly anticipated Cooper Review into superannuation was released last week. Partner Mark Cerche speaks to Boardroom Radio about the review's recommendations, including the MySuper default product, and what the next steps are in the Cooper Review process

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The Court of Appeal of Victoria has upheld a superannuation fund trustee's decision rejecting a member's claim for total and permanent invalidity benefit, and considered the principles the courts apply when reviewing a trustee's decision. Partner Michael Quinlan and Lawyer Catherine Zahra report.

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The NSW Retirement Villages Act 1999 has been amended to include a requirement that operators of retirement villages in New South Wales must register their interest on title

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With last week's announcement by the Federal Government that the carbon pollution reduction scheme will not be introduced until at least 2013, regulatory initiatives designed to promote energy efficiency are likely to play an even greater role in Australian climate change policy.As part of our series on energy efficiency, we outline some recent developmentsin the building sector and the work of the Prime Minister's Task Group on Energy Efficiency

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The second preliminary report stemming from the Cooper Review was released this week. Partner Mark Cerche speaks to Boardroom Radio about the structural changes to the MySuper fund proposed by the report and what it means for fund trustees

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New legislation was introduced into Federal Parliament recently which, if passed, would impose energy related disclosure obligations on those offering to sell, lease or sub-lease office buildings of 2000m2 or more. This Focus is the first in a series on the Federal Government's policies to promote energy efficiency. Partner Chris Schulz and Lawyer Nadia Harrison report

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Detailed requirements to enable property owners, tenants and developers to comply with the provisions of the Disability Discrimination Act 1992 (Cth) relating to access to premises have been provided in the form of new disability access standards, which will be adopted as an amendment to the Building Code of Australia. Partner Nicholas Cowie and Senior Associate Matti Bechler report

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All Queensland developers should be focused on the impact of a recent Queensland Supreme Court decision that has established a new test for material prejudice when buyers receive a 'further statement' under body corporate legislation. Partner Tony Davies reports

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Queensland developers will be pleased with the proposed Property Agents and Motor Dealers Act 2000 (Qld) amendments recently introduced into the Queensland Parliament. The amendments will create greater certainty for all parties involved in residential sales, in particular, 'off the plan' sales. Back-to-back amendments have also been made to the Body Corporate and Community Management Act 1997 (Qld). Partner Tony Davies and Senior Associate Liam Chambers report

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Significant amendments to a proposed European Union Directive on Alternative Investment Fund Managers will have a major impact on Australian- and Asian-based funds and fund managers. Partner Robert Clarke, Senior Associate Marc Kemp and Lawyer Elizabeth Lee report

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The circumstances in which a responsible entity may amend a scheme constitution without member approval have been considered further in a recent decision of the Victorian Supreme Court. Partner Susan Burns and Senior Associate Penny Nikoloudis report on this decision

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The Queensland Government recently introduced contentious new legislation into Parliament which has sparked concern in a property industry still feeling the effects of the global financial crisis. Partner Bill McCredie and Lawyer Eve Lynch report

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The PRC State Administration of Taxation has recently issued a circular stating that PRC non-residents may be liable to pay PRC tax when transferring offshore companies that directly or indirectly hold shares in PRC companies. Partner Campbell Davidson, Senior Associate Ross Keene and Consultant Wen Zhang report

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Partner Susan Burns and Lawyer David Marcus consider how the proposed Australian Consumer Law will affect managed fund products.

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The Federal Assistant Treasurer has released exposure draft legislation on the taxation of gains and losses on the disposal of investments by managed investment trusts. Under the proposed legislation, trustees of eligible managed investment trusts will be able to elect capital account treatment for gains and losses on certain assets. Partner Michael Rigby and Lawyer Jonathan Lee report

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Two recent New South Wales Supreme Court decisions, looking at a superannuation trustee's liability to pay interest and costs on the late payment of a total and permanent disablement benefit, have important ramifications for the appropriateness of a trustee conducting a vigorous defence of its conduct, the rate of interest to be applied when there is an alleged breach of trust, and when the trustee rate of interest should be applied. Partner Michael Quinlan and Lawyer Catherine Zahra report.

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Commission-based remuneration for financial planners would be phased out and ASIC would be given new powers to ban incompetent or unlawful financial advisers under recommendations contained in a Parliamentary Joint Committee report released this week. The recommendations aim to enhance both the professionalism of the financial advice sector and consumer confidence and protection, as Partner Anna Lenahan and Senior Associate Marc Kemp report.

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Further to our Focus, the Building and Other Legislation Amendment Bill 2009 has been passed. The provisions we discussed will commence from 1 January 2010. Partner Tony Davies reports

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Queensland developers will need to prepare to disclose more information to buyers in order to comply with the Building and Other Legislation Amendment Bill 2009 when it becomes law. Partner Tony Davies outlines the changes

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A recent Western Australia Court of Appeal decision reinforces that contracts with the Crown, to be binding, must relate to the ordinary functions of government and be entered into by officials with authority to do so. Partner Leighton O'Brien and Lawyer Michael Hogan explain

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In recent months, several hostile attempts to remove responsible entities have come before the courts. As a result, there has been sharper focus on the statutory regime for changing responsible entities, with many of the relevant provisions of the Corporations Act 2001 (Cth) having now been tested. Partner Susan Burns and Senior Associate Penny Nikoloudis examine the effect of recent case law on the procedures for removing REs

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The State Administration of Foreign Exchange of the People's Republic of China recently published the Provisions for Foreign Exchange Administration on Domestic Securities Investment by Qualified Foreign Institutional Investors, which replace the previous Interim Provisions. Partner Campbell Davidson and Senior Associate Troy Zhang look at the key changes

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Developers involved in large-scale projects with multiple sales should carefully review their contracts to ensure that they do not breach the terms of the Trade Practices Amendment (Australian Consumer Law) Bill 2009, which is specifically aimed at unfair terms in standard form contracts (including real estate contracts) and will apply Australia-wide. It is likely to become law on or about 1 January 2010. Partner Tony Davies reports

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Recent decisions of the Queensland Supreme and District Courts may have significant ramifications for contracting and settlement processes. Partner Tony Davies and Senior Associate Annabelle Aland report

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The new South East Queensland Regional Plan 2009-2031 has been released and, subject to regular monitoring and review, is expected to manage population growth and change to 2031. Partner Bill McCredie and Senior Associate Anna Vella report on the key changes

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Partner Bill McCredie and Senior Associate Anna Vella report on the key aspects of the South-East Queensland Regional Plan 2009-2031

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Special Counsel, Christine Adamson and Lawyer, Sarah Merrett examine a recent decision of the Queensland Court of Appeal dealing with ratchet clauses in retail shop leases in Queensland

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The New South Wales Government announced in its state budget a range of new property concessions. Partner Adrian Chek speaks to Boardroom Radio about what the changes will mean for NSW property owners

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The Sustainable Planning Bill 2009 was recently introduced into the Queensland Parliament. The Bill will attempt to address the issues facing planning and development assessment in the State by standardising planning scheme provisions, addressing shortcomings in the development assessment process, introducing deemed approvals for certain types of development applications and giving the court increased powers to deal with development applications notwithstanding procedural errors that have occurred during the development assessment process

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In the wake of the financial crisis, the European Union is moving towards tighter regulation of alternative investment funds, in particular hedge funds and private equity funds, through a proposed Directive on Alterative Investment Fund Managers. The proposed directive would have considerable extra-territorial reach and may result in additional regulatory burdens for managers of alternative investment funds based outside Europe. Partner Tim Manefield, Senior Associates Marc Kemp and Charlie Harrison, and Lawyer John Henderson report

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A recent judgment of the Federal Court gives some very useful insights into how advertising material for the sale of residential product can be misleading and deceptive. Partner Tony Davies and Lawyer Donna Burnett report

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There have been a number of regulatory and policy changes recently introduced in the PRC real estate sector. Partners Nigel Papi and Tim Manefield and Senior Associates Maggie Ma and Campbell Izzard look at four of these changes and summarise how they may affect you

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The Senate Standing Committee on Economics has tabled a report which recommends that the Senate pass the Australian Business Investment Partnership bills. Partner Nicholas Cowie and Lawyer Andrew Selim take a closer look at the committee's findings

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The Northern Territory Government recently released its budget for 2009-10, which announced a number of changes to stamp duty in the NT, including the imposition of landholder duty on the acquisition of listed companies and trusts. Taxpayers are also reminded that, with effect from 1 July 2009, NSW will be introducing new and broader landholder provisions, and South Australia will be abolishing mortgage and rental business duty. Partner Adrian Chek, Senior Associate Katrina Parkyn and Law Graduate Gobind Kalsi look at the proposed NT changes and at how they will affect taxpayers

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A recent decision of the NSW Supreme Court provides important guidance on amending constitutions of registered managed investment schemes. Partner Matthew McLennan and Senior Associate Georgina Perry report

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Media releases indicate that China's first listed Real Estate Investment Trust may be sponsored by Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd, a major real estate developer in Shanghai. Partners Nigel Papi and Tim Manefield and Senior Associate Troy Zhang report

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In our February Focus, we outlined recent key amendments to the Aged Care Act 1997 (Cth) and related legislation. Partner Tony Davies and Senior Associate Rebecca Barr present a case study on the legal implications of the amendments to link approved provider status to places, or 'bed licences', held.

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In a recent decision, the High Court of Australia has found that in determining the appropriate amount of damages for breach of a lease, the cost of rectification is to be preferred over the diminution in value. The court stated that cost of rectification will only be considered an unreasonable basis for the calculation of damages in fairly exceptional circumstances. Partner Leighton O'Brien and Lawyer Alicia Moody look at the decision

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We look at the legal regime for mergers, recent regulatory developments in the banking industry, key issues under the current mining regime and the National Social Security Fund scheme

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A recent decision of the Queensland Court of Appeal highlights how easily parties can bind themselves to an agreement for the sale of land, and the extent to which a court will read terms into the agreement to give effect to the parties' intentions. Partner Tony Davies looks at the decision that provides a timely reminder of why caution must be exercised when negotiating the commercial terms of a sale, particularly where it is intended that negotiations are non-binding or subject to legal documentation being finalised

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In our quarterly Focus on safety at work, we look at the second report on harmonisation of occupational health and safety laws in Australia, the dangers for employers even if an occupational health and safety risk is not located on work premises, risk assessment and the Beaconsfield Gold Mine disaster, the s28(a) defence in NSW, and the high penalties attracted by a failure to manage well-known risks to safety at work.

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A recent court decision in Hong Kong has allowed a purchaser to avoid a purchase agreement relying on a relatively minor title defect. Partner Tim Manefield reports on the decision

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Following the Commonwealth Government's announcement in December 2008 that the FIRB regulations in regard to acquisition of real estate by foreigners was to be amended, the relevant legislation and policy documents have now been issued. Partner Tony Davies looks the changes that are generally effective from 18 December 2008

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ASIC has put forward proposals to remove certain regulatory restrictions to rights issues, dividend reinvestment plans and placements. As Partner Anna Lenahan and Senior Associate Zoe Green report, ASIC has sought comments on the measures by the end of this month

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The Federal Government has tabled draft legislation intended to establish the eagerly awaited commercial property funding vehicle, the Australian Business Investment Partnership, affectionately known as 'RuddBank'. Partner Nicholas Cowie and Lawyer Andrew Selim report on the Bill tabled on 12 March 2009 and several aspects of the scheme that are yet to be clarified