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A Supreme Court of Queensland decision, handed down on 29 October 2008, highlights the complexity of the Property Agents and Motor Dealers Act 2000 (Qld) and how hard it is to comply with it. Partner Tony Davies reports why great care has to be taken in PAMDA transactions, especially on large commercial sales

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A recent decision of the Supreme Court of Queensland has held that despite a real estate agent using the wrong version of a PAMDA Form 21a agency appointment, the appointment was still valid. This decision gives some cause for hope that, depending on the particular circumstances, use of a superseded PAMDA Form may not be catastrophic. This could be particularly relevant to sale contracts

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We look at the relevance of public transport and precinct character in the decision to approve the development of residential care facilities and the calculation of retirement village exit fees

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Recently, the Board of Taxation released its discussion paper on the tax arrangements applying to managed investment trusts. The paper acknowledges that while the Australian managed funds industry has developed into one of the largest and most dynamic in the world, their taxation has been based on the laws for the taxation of trusts. Partner Martin Fry and Lawyer Belinda Loke report on the Board of Taxation's discussion paper and the pertinent issues affecting the managed funds industry

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A new prescribed contract of sale of real estate for use by real estate agents in Victoria replaces the short form 'contract note' and, while not compulsory for use by lawyers or licensed conveyancers, is expected quickly to replace the standard form Real Estate Institute of Victoria and Law Institute of Victoria contract as the industry standard contract for the sale and purchase of real estate in Victoria. Partner David McLeish and Senior Associates Alexandra Peace and David Hartney report

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In our Focus: Funds Management - July 2008, we looked at ASIC's proposals to improve disclosure to retail investors for unlisted property schemes. ASIC has now released its final regulatory guide that sets out what information must be applied to upfront and ongoing disclosures from 30 November 2008. Partner Anna Lenahan and Lawyer Gary Lo discuss the finalised disclosure principles and what needs to be done to comply with them

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The Federal Government recently introduced a Bill that proposes changes to the GST margin scheme provisions. Partner Peter Allen and Senior Associate Marc Johnston analyse the main proposed change

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The Australian Securities and Investments Commission has released a class order to facilitate the offering to Australian retail investors of collective investment schemes which have been authorised by the Hong Kong Securities and Futures Commission. Partner Susan Burns and Senior Associate Penelope Barclay look at a new regime where such schemes will effectively be governed by Hong Kong law, thereby reducing the Australian regulatory requirements which would otherwise apply

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A recent Victorian Court of Appeal decision highlights how subtle distinctions in the wording of market rental review provisions can significantly affect the basis and outcome of market rental reviews, in particular whether a market review is on the basis of 'face rental' or 'effective rental'. Partner David McLeish, Senior Associate David Hartney and Articled Clerk Dora Banyasz report

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The New South Wales Government has extended the exemption to the temporary freeze on applications for relocating gaming machines. Lawyer Mark Ryan reports

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A recent decision of the New South Wales Court of Appeal, Lennard v Jessica Estates Pty Limited, indicates that planning legislation could override private restrictive covenants to a greater extent than previously thought. Partner Nicholas Cowie, Senior Associate Emma Hodgson and Law Graduate Victoria Moore explain

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ASIC has released a draft regulatory guide that aims to improve disclosure by the responsible entities of unlisted property schemes. The guide sets out eight disclosure principles that are to be applied to upfront and ongoing disclosures to retail investors. Partner Susan Burns and Lawyer Gary Lo report on the proposals

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On 7 July 2008, the Hong Kong Securities and Futures Commission and ASIC signed a Declaration on Mutual Recognition of Cross-Border Offering of Collective Investment Schemes to expedite the public offering of retail funds into each other's markets. We look at what these arrangements mean for both Australian and Hong Kong funds

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The Federal Government announced changes in the 2008-09 federal Budget to the withholding tax rules applicable to certain distributions from Australian managed investment trusts. Legislation to implement these changes has now come into operation. Partner Peter Allen and Senior Associate Katrina Parkyn report

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Following a lengthy review process, the Retirement Villages Amendment Bill 2008 was introduced into the NSW Parliament on 26 June 2008. The Bill proposes extensive amendments to the Retirement Villages Act 1999 (NSW). Partner Mark Stubbings and Senior Associate Rebecca Barr outline the key amendments

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Earlier this month, the Treasury Department of the Australian Government released a Green Paper on Financial Services and Credit Reform. Partner Susan Burns and team summarise and discuss the Paper

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In the second part of our two-part series on changes to stamp duty across Australia, Partner Adrian Chek and Senior Associate Katrina Parkyn look at recent developments in stamp duty in the Australian Capital Territory, New South Wales, Tasmania, Victoria, South Australia and the Northern Territory

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In the first part of a two-part series on stamp duty changes across Australia, Partner Adrian Chek and Senior Associate Katrina Parkyn look at recent changes to stamp duty in Western Australia

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A final report released by the Productivity Commission proposes an extensive and wide-ranging reform package in the area of consumer policy. The proposed reforms, if implemented by government, will have significant consequences for financial service providers. Partners Catherine Parr and Peter Jones report

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AUSTRAC has recently released some updates to its policy on exemptions from the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 for those issuing and selling securities and has clarified its position on compliance reporting for managed investment schemes. Partner Peter Jones and Senior Associate Judy Maguire report

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Recent public debate on the virtues of gambling and poker machines has prompted the New South Wales Government to introduce the 'period of the freeze' pending a major re-write of the Gaming Machine Act 2001. During this period, there will be limits on the grant of new, and the transfer of existing, gaming machine entitlements. Partner Grant Higgins and Lawyer Mark Ryan look at the amendments

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A New South Wales Government discussion paper foreshadows wide-ranging amendments to the Retail Leases Act 1994. If the proposals identified in the discussion paper are adopted, there will be a significant impact on how landlords lease, operate and manage their assets, and potentially on the value of those assets. Partner Grant Higgins and Lawyer Mark Ryan look at what will change.

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The Australian Securities and Investments Commission (ASIC) is proposing exemptions to make it easier to provide some financial services information electronically. Partner Susan Burns and Senior Associate Penelope Barclay explain what is proposed

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ASIC has issued class order relief for certain share and interest sale facilities and related purchase facilities offered by issuers. Partner Susan Burns and Senior Associate Julian Donnan discuss the background to the class order, its conditions of relief and implications for issuers and operators.

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In light of suppressed regional share markets and below net asset value trading in the Singapore listed real estate investment trust space, Partners Robert Clarke, Stefanie Yuen Thio, and Senior Associates Ian Stewart and Andrew Emslie of AAR TSMP reflect on the current framework and highlight some of the key issues potential acquirers are likely to face

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In our Focus: Funds Management - March 2007, we reviewed an ASIC consultation paper regarding a proposed policy on the regulation of buy-backs of interests in listed managed investment schemes. ASIC has now issued class order relief which enables the responsible entity of a listed scheme to buy back interests that are traded on the Australian Stock Exchange. Partner Lynne Jensen discusses the conditions of relief

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Regulations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) relating to managed investment schemes have been approved. Partner Anna Lenahan and Senior Associate Judy Maguire report

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The Queensland Deputy Premier and Minister for Infrastructure and Planning, Paul Lucas, released the draft Iconic Queensland Places Bill 2008 for stakeholder consultation on 7 December 2007. The draft legislation is a direct response to fears expressed by some local governments and their communities that the widespread local government amalgamations in Queensland would rob them of their identity and character through inappropriate planning decisions

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We examine the latest chapter in a case involving workers exposed to traumatic events; New South Wales planning policy changes for housing for senior and disabled people; and recent Australian Taxation Office rulings regarding the GST and retirement villages

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Consistent with its policy on foreign collective investment schemes, the Australian Securities and Investment Commission has released a class order that provides conditional exemptions allowing some Singaporean collective investment schemes to be offered in Australia. Senior Associate Rebecca Devon and Vacation Clerk Judith Hammerschlag report

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Partners Anna Lenahan and Peter Jones and Senior Associate Judy Maguire look at the exemption of managed investment funds under the current anti-money laundering and counter-terrorism legislation

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The National Development and Reform Commission and the Ministry of Commerce issued on 31 October 2007 a revised version of China's Foreign Investment Catalogue, which sets out the industries for which foreign investment is encouraged, restricted or prohibited. The amendments to the Catalogue took effect on 1 December 2007. Partner Nigel Papi and Senior Associates Maggie Ma and Ross Keene look at the impact of the changes on the real estate sector

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The Shanghai Housing and Land Resources Bureau has issued a new circular on bidding for residential land that appears designed to take some of the heat out of public bidding for land. Partner Nigel Papi and Senior Associates Maggie Ma and Ross Keene comment on the new circular

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On Friday 28 September 2007, the Monetary Authority of Singapore released revised Property Fund Guidelines. The amendments to the Property Fund Guidelines seek to enhance the regulatory regime governing REITs in Singapore. Allens Arthur Robinson TSMP Director Stefanie Yuen Thio, Partner Robert Clarke and Lawyer Brooke Griffin look at some of the key amendments

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More regulations to give effect to measures implemented under the Federal Government's 'Simpler Regulatory System' legislation have now been made. Partner Susan Burns and Senior Associate Justine Woodford report on the latest developments

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The Australian Transaction Reports and Analysis Centre has released a Guidance Note on the Application of the Policy (Civil Penalty Orders) Principles 2006. The Guidance Note describes AUSTRAC's approach to the Policy Principles, including what are 'reasonable steps' toward compliance within the 15-month prosecution-free period. Partners Peter Jones and Anna Lenahan and Senior Associate Judy Maguire look at some of the issues that arise from the Policy Principles

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The Federal Government has finally announced new regulations enabling financial services providers to incorporate by reference some of the information required to be included in retail disclosure documents. Consultant Derek Heath and Senior Associate Justine Woodford discuss the implications of this welcome development and the other measures introduced under these regulations

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Twelve months after the Queensland State Government released a discussion paper about problems with the planning legislation and the integrated development assessment system, a reform agenda has been released. Senior Associate Rosanne Meurling looks at the significant points of the proposed changes

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Partner Victoria Poole and Lawyer Sue-Lyn Chan discuss ASIC's recent consultation paper that aims to address concerns, particularly about pooled mortgage schemes, that there is a mismatch between what investors are led to expect in disclosure documents regarding withdrawal rights and what can happen in practice. The proposals identify issues that responsible entities of registered managed investment schemes may need to consider to make sure they are carrying out their duties properly

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The New South Wales Supreme Court's decision in Chandra & Anor v Perpetual Trustees Victoria Ltd & Ors casts further doubt on the value of the security afforded by all monies mortgages that are tainted by fraud. Partner Matthew Skinner and Lawyers Adrian Fisher and Georgia Price explain

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We examine the main points of the Australian Competition and Consumer Commission's draft Casual Mall Licensing Code of Practice, and summarise a recent court decision that found a landlord liable for loss suffered by a tenant due to the actions of the landlord's contractor

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The Australian Securities and Investments Commission has issued a consultation paper setting out its proposed policy on granting financial services licensing relief to trustees of certain wholesale equity investment schemes. Partner Susan Burns and Lawyer Geoff Sanders outline the key elements of ASIC's proposals and some of the practical issues that remain outstanding

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A circular issued by China's State Administration of Foreign Exchange on 10 July 2007, which we understand has been forwarded to its branches and is being implemented by those branches, provides that foreign-invested real estate enterprises established after 1 June 2007 will not be allowed to have foreign debt. Partner Nigel Papi and Senior Associates Ross Keene and Wayne Wang comment on the key changes brought about by the circular

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Regulations to give effect to some of the measures implemented under the Federal Government's 'Simpler Regulatory System' legislation have now been made. Senior Associate Justine Woodford looks at some of the detail

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The Federal Government's 'Simpler Regulatory System' legislative reforms have now been given Royal Assent (on 28 June 2007). Senior Associate Justine Woodford explains

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A private member's Bill recently introduced into Federal Parliament proposes to limit fees imposed by financiers. Although the Bill may not become law, there may still be some consequences for financial services providers. Partners Catherine Parr and Peter Jones and Lawyer Katya Rozenblit report

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The Federal Court has rejected ASIC's charges of conflict of interest and insider trading against Citigroup. Partner Michael Schoenberg, Lawyer Alex Danne and Articled Clerk Simon Sherwood report

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The Federal Government's 'Simpler Regulatory System' legislative reforms for the corporate and financial services sector are intended to provide investors with improved access to, and participation in, corporate and financial markets, while also enabling industry participants to benefit from reduced compliance costs and streamlined and more efficient regulatory processes. Consultant Derek Heath and Senior Associate Justine Woodford summarise the legislation, which is awaiting Royal Assent.

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Australian financial services licence holders will need to review their general insurance arrangements in light of the Federal Government's proposed reforms to insurance business conducted in Australia by direct offshore foreign insurers. Senior Associate Rebecca Devon explains

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The Australian Transaction Reports and Analysis Centre has finally released a Draft Guidance Note on the Register of Providers of Designated Remittance Services

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On 28 May 2007, a new system of Aboriginal heritage protection in Victoria will come into force. Cultural heritage management plans are a significant feature of the new regime, with draft regulations setting out when these plans will be required. Partner Chris Schulz and Senior Associate Penny Creswell take a look at the proposed requirements for Aboriginal heritage plans

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Legislative changes and the introduction of some significant AML/CTF Rules make it clearer what are the obligations of reporting entities

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The long-anticipated draft Corporations Amendment Regulations were released by the Federal Government for public comment on 26 March 2007. Senior Associate Justine Woodford summarises the draft regulations and looks at where the review process is heading

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On 31 May 2007, the six-month grace period ends for reporting known or suspected contaminated sites to the Western Australian Department of Environment and Conservation pursuant to the Contaminated Sites Act 2003 (WA). From 1 June 2007, the statutory time limits for reporting will apply. Senior Associate Robyn Glindemann looks at the impact of the legislation

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The Brisbane City Council has introduced its Sustainable Development Policy, which includes a system of grants for developers of sustainable office buildings. This signals a growing commitment from the Brisbane City Council to drive sustainability in the built environment. Senior Associate Rosanne Meurling, Lawyer Simon Batten and Law Graduate Nikki O'Leary look at the new policy

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ASIC has released a consultation paper on a proposed policy to address industry concerns that the existing regulation of buy-backs of interests in listed managed investment schemes makes it difficult for those schemes to use the capital management techniques available to listed companies. Partner Lynne Jensen discusses the proposed policy

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The Basel II capital adequacy reforms, due to be implemented in Australia in January 2008, introduce the possibility of certain types of insurance products having a role as capital reduction tools under the applicable Australian regime. Partner Dean Carrigan reviews some of the challenges this will create for authorised deposit-taking institutions

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On 12 February 2007, the Federal Government released the long-awaited exposure draft legislation and explanatory materials for public comment. The reform package implements most of the recommendations of the review of the Insurance Contracts Act 1984. Partner Dean Carrigan and Senior Associate Mark Lindfield summarise each part of the reform package

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The Federal Government has today introduced to Parliament the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2007. AUSTRAC has also today released a new set of Draft AML/CTF Rules for consultation. The Policy Principles on the 15 month 'amnesty period' have also been released. Partner Peter Jones and Senior Associate Judy Maguire look at what this will mean

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ASIC has amended the Class Order that regulates discounted issues by registered managed investment schemes. Senior Associate Penny Nikoloudis reports on the changes

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ASIC has released a consultation paper inviting public submissions on the review of the Electronic Funds Transfer Code of Conduct. Partners Peter Jones and Catherine Parr and Lawyer Katya Rozenblit report

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On 4 December 2006, the Threatened Species Conservation Amendment (Biodiversity Banking) Act 2006 commenced. This Act establishes a biodiversity offset and land banking scheme by which the NSW Government intends to introduce a market-based approach to addressing the impacts of expanding urban development on biodiversity. Partner Mark Stubbings and Lawyer Kristy Owen look at what the new NSW legislation means for landholders

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In this edition: Australian media and ownership law changes; The importance of being a financial product; Tax promoter penalty rules; and more ...

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Allens Arthur Robinson Partner Anna Lenahan recently attended a high-level consultation between the Financial Action Task Force and representatives of the international legal and accounting professions. Anna and Senior Associate Judy Maguire report on the meeting and its outcomes

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Reporting entities could have to pay up to $11 million if they contravene the civil penalty provisions in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth). Partners Peter Jones and Anna Lenanhan and Senior Associate Judy Maguire report

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The 16 November 2006 release of the Corporate and Financial Services Regulation Review Proposals Paper is the Federal Government's latest strategy to improve and simplify the regulatory system in Australia's corporate and financial services sectors. Senior Associate Justine Woodford summarises the Government's latest proposals

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Partners Peter Jones And Anna Lenahan and Senior Associate Judy Maguire report on the latest developments involving the Anti-Money Laundering and Counter-Terrorism Financing Bill 2006

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The Anti-Money Laundering/Counter-Terrorism Financing Bill 2006 and accompanying Anti-Money Laundering/Counter-Terrorism Financing (Transactional Provisions and Consequential Amendments) Bill 2006 may be passed by the end of the year and implemented in early 2007. Partner Peter Jones and Senior Associate Judy Maguire provide an update of the key changes

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Partners Peter Jones and Anna Lenahan and Senior Associate Judy Maguire report on the Anti-Money Laundering and Counter-Terrorism Financing Bill 2006

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After a 13-year gestation period, the Contaminated Sites Act 2003 (WA) is due to come into effect on 1 December 2006. Senior Associate Robyn Glindemann outlines the key provisions of the Act and implications for landowners and occupiers in Western Australia

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Australian financial institutions won't necessarily comply with proposed anti-money laundering and counter terrorist financing laws if they simply adopt the compliance regimes of their US parent entities. Recent Financial Action Task Force evaluation of the US AML/CTF regime highlights the issues. Partners Anna Lenahan and Peter Jones and Senior Associate Judy Maguire discuss

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Following the release on 7 April 2006 of its Corporate and Financial Services Regulation Review consultation paper, the Federal Government yesterday announced the next stage for implementation of the reform proposals. This will occur through a combination of regulation and legislative changes (to be implemented in the short term) and further consultation on the more substantive issues raised in the consultation paper. Senior Associate Justine Woodford reports on the latest developments

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Liquidators of a high-profile Hong Kong hedge fund that collapsed in 2004 have recently commenced proceedings against the fund's auditor, custodian and administration services provider. This case has a number of commercial and practical implications for the managed funds industry, as Partner Matthew Barnard and Senior Associate Daniel Yeo explain

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As financial service businesses in our region look to expand their markets, they must be aware of the varied regulatory and legal environments in which they want to operate

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On 11 July 2006, a notice outlining new foreign investment restrictions in the People's Republic of China real estate market was jointly issued by six People's Republic of China government authorities. Partner Nigel Papi and Senior Associates Stuart Mengler and Maggie Ma report on the key aspects of the notice

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We look at recent developments in China which will provide offshore funds managers, custodians, securities institutions and asset managers with greater access to one of the world's largest and fastest growing economies

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We report on the suspicious matter reporting regime and AUSTRAC's new enforcement powers under the revised Exposure Draft Anti-Money Laundering and Counter-Terrorism Financing Bill

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The revised Exposure Draft Anti-Money Laundering and Counter-Terrorism Financing Bill, released on 13 July 2006, has addressed a number of problems identified by industry in the previous Exposure Draft Bill. Significant changes have been made, but concerns as to how to interpret some parts of the Bill and its impact on the financial sector remain. This Focus - the first in a series to be issued by AAR on the Bill - deals with the customer identification requirements

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The Federal Government has listened to industry and adopted a less prescriptive, more risk based approach to its new anti-money laundering (AML) counter terrorist financing (CTF) legislation. Partner Peter Jones and Senior Associate Judy Maguire report

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The Australian Securities and Investments Commission has recently published a booklet outlining several initiatives it intends to implement as part of a commitment to better regulation. Partner Robert Pick and Lawyer Alex Brown discuss the initiatives

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The Committee for the Prevention of Money Laundering and Terrorist Financing (a committee chaired by the European Union) has finalised its formal Draft Directive for implementing the Third Directive on the Prevention of Money Laundering and Terrorist Financing. The measures provide guidance on 'politically exposed persons'. Senior Associate Judy Maguire and Partner Anna Lenahan look at how PEPs are dealt with in the EU and other jurisdictions

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The Federal Government has released yet another proposals paper containing suggested refinements to the current regime. Senior Associate Justine Woodford discusses the latest financial services regulation proposals

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The Federal Government has again acted to reduce further the regulatory and compliance burden for financial services and associated industries in Australia, with a consultation paper released on 7 April 2006

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ASIC has issued a no-action letter regarding compliance with the requirements of Class Order 05/26 to the extent that they relate to the exercise of pricing discretions. The no-action position applies until 1 May 2007. While this is a welcome development, the uncertainties and practical concerns arising from the Class Order have yet to be resolved. Senior Associate Penny Nikoloudis reports

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Senior Associate Robyn Glindemann and Lawyer Ashley Phelps outline important changes to Western Australian planning and building legislation with the forthcoming operation of a new Planning and Development Act and proposed new building legislation

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The Retail Shop Leases Amendment Act (Qld) has been proclaimed and will commence next month, along with the Retail Shop Leases Regulation 2006. Senior Associate Christine Adamson reports

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After almost two years of industry consultation, ASIC has issued class order relief allowing responsible entities to exercise limited discretions when calculating unit prices. Responsible entities have until 1 May 2006 to implement procedures enabling them to comply with the conditions of the relief. Senior Associate Penny Nikoloudis examines the impact of the class order on both unlisted and listed schemes

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The Retail Shop Leases Amendment Bill has been passed by the Queensland Parliament. Senior Associate Christine Adamson explains what is contained in the Bill

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The FSR refinement regulations are aimed at improving the quality of information provided to consumers, as well as reducing the compliance burden and clarifying the law for financial services industry participants. Senior Associate Justine Woodford reports

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The Federal Government has finally released its Exposure Draft Bill on Anti-Money Laundering and Counter Terrorism Financing. The Bill imposes onerous customer due diligence, reporting and compliance obligations. Partners Anna Lenahan and Peter Jones and Senior Associate Judy Maguire report on these obligations and flag issues for further consideration

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The Corporations Regulations 2001 have been amended to give effect to proposals, announced by the Federal Government in May 2005, to refine financial services regulation in Australia. Senior Associate Justine Woodford reports

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The Retail Leases Amendment Act 2005 (NSW) will commence on 1 January 2006. The new legislation makes a number of significant changes to the Retail Leases Act 1994. Senior Associate Christine Adamson and Lawyer Jaelle Berkovits provide an overview of the changes to be made to the Act by the new legislation

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The Anti-Terrorism Act (No 2) 2005 (Cth) received assent on 14 December 2005. Of particular relevance to the financial sector are the amendments to the Financial Transaction Reports Act 1988 and the extension of the terrorist financing offence contained in the Criminal Code

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ASIC and APRA released a joint Guide to Good Practice in Unit Pricing earlier this month. This follows more than a year of industry consultation and review by the regulators of unit pricing practices in the funds management, superannuation and life insurance industries. Senior Associate Penny Nikoloudis and Lawyer Priya Kumar summarise the key aspects of the Guide, including the five good practice principles developed by ASIC and APRA

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The public has less than one month to make submissions to the Federal Government on the draft Corporations Amendment Regulations, which aim to reduce compliance costs while still ensuring that consumers receive relevant and adequate disclosure on financial products. Senior Associate Justine Woodford summarises what the regulations cover

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A recent Financial Action Task Force report concludes that Australia's anti-money laundering and counter-terrorist financing regimes do not comply with accepted global standards. Partner Anna Lenahan and Senior Associate Judy Maguire report on the task force's assessment and proposed reforms to the existing regimes

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The time period for land owners to make adverse possession applications against council land in Victoria is due to expire on 25 November 2005. Partner Chris Schulz and Lawyer Jacqueline Bredhauer look at the changes and the pending deadline

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Partner Matthew Barnard and Senior Associate Daniel Yeo report on a number of changes to the licensing regime under the Hong Kong Securities and Futures Ordinance that were recently announced by the Hong Kong Securities and Futures Commission

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Sweeping changes to Part 3 of the Environmental Planning and Assessment Act, streamlining local planning provisions in NSW commenced on 30 September 2005. Partner Paul Lalich and Senior Associate Felicity Rourke look at the changes.

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The Australian Securities & Investments Commission has released updates of its work on eight projects that are part of the proposed refinements to financial services regulation. Senior Associate Justine Woodford summarises the projects and reports on their status

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The Retail Shop Leases Amendment Bill 2005 was introduced into Queensland Parliament on 7 June this year. Senior Associate Christine Adamson provides an overview of the proposed legislation

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Many financial product providers are understandably still unclear about the Federal Government's changes to the disclosure laws. The recent announcement of an extension to the transitional relief from the dollar disclosure requirements for some product issuers

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Following the lapse of ASIC relief from the AASB 1046 requirements, directors' and executives' remuneration must now be disclosed in financial reports of listed schemes or unlisted schemes that have 100 or more retail investors, as Lawyer Janna Vynokur reports

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The Hong Kong Securities and Futures Commission recently issued its consultation conclusions on whether real estate investment trusts authorised for retail distribution in Hong Kong should be permitted to invest in properties overseas. Partner Matthew Barnard and Senior Associate Daniel Yeo report

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The Australian Securities & Investments Commission has released a new class order that allows a responsible entity of an 'eligible registered scheme' to remove a perpetuity clause from the scheme's constitution without obtaining member approval. Senior Associate Victoria Poole explains

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ASIC has issued a new class order, revising the terms of the conditional relief that allows a responsible entity to issue interests in a registered scheme at a discount. Senior Associate Penny Nikoloudis and Lawyer Geoff Sanders outline the key changes and some of the issues that remain outstanding

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The Federal Court has accepted that the ability of a landlord to carry out a market rent review may result in the supply of premises ceasing to be GST-free under the GST transition rules, even though the rent may not increase as a result of the review. Special Counsel Jeff Tyler and Lawyer Peter Moran explain

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Planning agreements will have a statutory framework to support them which did not previously exist, following the passage by the New South Wales Legislative Assembly of the Environmental Planning and Assessment Amendment (Development Contributions) Bill 2005 with a significant amendment that could assist with timing in the negotiation of planning agreements. Partner Nicholas Cowie and Lawyer Al Knox explain

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The Federal Government has proposed amendments to improve the practical operation of the financial services regulation framework, with many of the more onerous disclosure and licensing requirements being wound back. Senior Associate Justine Woodford summarises the latest proposals and looks at what happens next

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Employers will need to comply with the provisions of the new choice of superannuation fund legislation from 1 July this year. Senior Associate Lois Dannecker outlines some of the requirements

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The Hong Kong Securities and Futures Commission recently issued a consultation paper that reviews the proposal to permit REITs that are authorised for retail distribution in Hong Kong to invest in overseas properties. Partner Matthew Barnard and Senior Associate Daniel Yeo report

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Proposed amendments to the GST legislation could have an impact on the profitability of some residential property developments. Senior Associate Marc Johnston explains

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Partner Anna Lenahan and Lawyer Matti Bechler look at recent developments in the anti-money laundering area and provide an update on issues associated with the proposed reform of Australian anti-money laundering legislation

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A number of proposed changes to the licensing regime under the Hong Kong Securities and Futures Ordinance were recently announced by the Hong Kong Securities and Futures Commission, as Partner Matthew Barnard and Senior Associate Daniel Yeo report

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It is proposed that Hong Kong retail funds (other than real estate investment trusts (REITs)) may invest in REITs listed on any stock exchange. This follows changes to the law announced in November 2004 by the Hong Kong Securities and Futures Commission to allow authorised retail funds to invest in Hong Kong authorised REITs, as Partner Matthew Barnard and Senior Associate Daniel Yeo report

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New reforms to developer contributions to public amenities and services were introduced into NSW Parliament on 8 December 2004. Partner Nicholas Cowie and Lawyer Al Knox outline the proposed reforms and look at the impact they will have on developers and consent authorities

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Two recent developments have provided the financial services industry with guidance on their obligations in relation to dollar disclosure and a further extension of the transitional relief. Senior Associate Justine Woodford reports on an ASIC policy statement and the release by Treasury of further draft regulations

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The Retail Leases Amendment Act 2004 (NSW), which has now passed through all stages of parliament, will have an impact on the real estate sector. Senior Associate Christine Adamson and Articled Clerk Sarah Clarkson look at what will change under the amended retail leases legislation

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The Duties Amendment (Land Rich) Bill 2004 extends the vendor duty concept in NSW to certain dealings in land rich companies and trusts. Special Counsel Anthony Johnston and Senior Associate Katrina Parkyn look at the implications of the legislation on the property sector

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Hong Kong retail funds may now invest in REITs in Australia, following changes to the law recently announced by the Hong Kong Securities and Futures Commission, as Partner Matthew Barnard and Senior Associate Daniel Yeo report

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The end of the transitional period for contracts that existed before the introduction of GST is approaching. A draft Bill addressing the treatment of long-term non-reviewable contracts after 1 July 2005 has finally been released for comment. Lawyer Sean Massingham reports

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A new Act that amends a variety of Queensland environmental legislation has changed the system of environmental authorities for carrying out environmentally relevant activities other than mining and petroleum activities. Senior Associate Philip Murray looks at what will change with the new legislation

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Employers and trustees of superannuation funds should make themselves aware of new superannuation legislation requirements, which aim to enable employees to choose the fund to which their employer is to make their compulsory contributions. Senior Associate Lois Dannecker reports

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ASIC has announced class order relief to extend the date for compliance with the dollar disclosure regime from 1 January 2005 to 1 March 2005. Senior Associate Justine Woodford reports that ASIC does not expect to grant any further general extension to this revised compliance date

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Senior Associate Penny Nikoloudis outlines the action that needs to be taken by MDA operators to comply with the new regulatory framework

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Senior Associate Justine Woodford discusses what's happening now with fee disclosure in the financial services sector and where things are heading

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Senior Associate Christine Adamson and Articled Clerk Sarah Clarkson report on proposed legislative changes with implications for lessors of retail premises

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APRA has now released final versions of the Superannuation Safety legislation guidance notes

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The purpose of the new Superannuation Safety Amendment Act 2004 is to strengthen the existing prudential framework in the superannuation industry. Trustees should make themselves aware of the new requirements, report Senior Associate Lois Dannecker and Lawyer Priya Sivakumaran

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ASIC has announced its interim position on transaction costs for registered managed investment scheme constitutions. ASIC has indicated that until 31 December 2004, it will consider granting relief for new scheme constitutions on a case by case basis and will take no action in relation to constitutions of existing schemes

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ASIC's revamped policy on foreign collective investment schemes - Policy Statement 178 - has been developed to facilitate cross-border access to financial services. The policy proposes class order relief for collective investment schemes from New Zealand and the US and leaves the door open for new jurisdictions to be added to the class order. Partner Susan Burns and Lawyer Erin Walsh look at the new policy

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Constitutions that include what is considered to be a fairly standard definition of 'transaction costs' and that have been lodged with, and accepted by, ASIC in the past are now being rejected, reports lawyer Janna Vynokur

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Partner Tony Sheehan looks at significant developments that have occurred in relation to the stamp duty on real property transactions in NSW and Victoria and the potential impact this will have on how business is done

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The Federal Treasurer is expected to release draft regulations shortly on two major retirement income stream reforms that were announced in February this year. One reform will encourage the introduction of new income stream products and create new opportunities for superannuation providers. The other will change current asset test exemptions and make existing products for complying income streams less attractive. Senior Associate Lois Dannecker looks at the proposed reforms

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We look at rebate clauses in contracts of sale and depreciation allowance for apartment purchasers

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As the GST regime approaches its fourth anniversary, real estate has emerged as one of the areas producing more than its fair share of disputes with the Australian Tax Office, and a significant proportion of impending GST litigation involves real property. On 7 April 2004 alone, the ATO issued three Taxpayer Alerts, two public rulings and one determination on various property-related GST issues. Partner Ross Stitt looks at these and other recent developments

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A recent decision by the Victorian Civil and Administrative Tribunal will have potential ramifications for building developers and investors. Partner Tony Davies explains

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The Federal Government's decision to reform Australia's anti-money laundering system in line with the revised Forty Recommendations of the Financial Action Task Force on Money Laundering will result in significant changes to Australia's money laundering legislation, including the Financial Transaction Reports Act 1988. Senior Associate Anna Lenahan reports

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A recent decision by the South Australian Supreme Court has important implications for directors of all corporate trustees, as well as for third parties contracting with trustees. Senior Associate Lois Dannecker reports

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The Free Trade Agreement between Australia and the United States will affect Australia's foreign investment policy. Partner Nigel Papi and Senior Associate Anna Kovarik report

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Recent amendments to stamp duty legislation in several Australian states will have a dramatic impact on how business is done and on the property investment industry, as Special Counsel Anthony Johnston reports

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The second half of 2003 was nothing less than an extraordinary period in Australian capital markets. Few predicted a turn around at the beginning of 2003 when war was imminent and the future looked decidedly uncertain. Then came the Promina IPO. A good advertising campaign and some sharp pricing found success in a very tough market. The window of opportunity to raise capital opened and a stampede began for issuers to jump through it.

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From 1 July this year, all Queensland residents are automatically covered for the costs of ambulance services under the Community Ambulance Cover Act 2003. Senior Associate Christine Adamson and Lawyer Lorelle Porter examine the impact this Act will have on lessors of retail premises

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Lawyer Larissa Macpherson looks at the results of the appeal in the Asgard case, which held that trustees could not properly pay benefits at the direction of members

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The introduction of the Retail Leases Act 2003 (Vic) has implications for retail leases entered into in Victoria after 1 May 2003, as well as existing leases. It is important for both landlords and tenants to determine if the Act applies to them, explains Senior Associate Liz Grace

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Common sense prevailed when the High Court this month rejected the ACCC's appeal against a Federal Court decision that a landlord had not acted unconscionably in its dealings with a tenant. Special Counsel Brad Smith and Consultant Professor Bryan Horrigan look at the final chapter in the Berbatis/Farrington Fayre saga and the latest instalment of the evolution of unconscionable conduct in the Trade Practices Act

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Extensive amendments to the Body Corporate and Community Management Act 1997 were passed by the Queensland Government on 27 February and became law on 4 March 2003. This alert gives a brief overview of the main provisions of the amendments that are important to property developers

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A recent case in Queensland highlights the potential liability of retail operators for negligence arising from the actions of their customers. AAR Lawyer Michelle Davies reports on a Queensland Court of Appeal ruling which demonstrates how courts are more than willing to make store occupiers responsible when reasonably foreseeable injuries occur on their premises.

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Senior Associates Gerry Cawson and Judith Taylor from our private equity team consider the new tax concessions relating to venture capital investments in Australia

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Amendments to the Family Law Act and related legislation that superannuation be treated as communal property, means that superannuation funds must play a formal part in the process of splitting superannuation benefits on the breakdown of a member's marriage, as Senior Associate Lois Dannecker explains

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The Hong Kong Securities and Futures Commission has recently announced that it has authorised the first hedge funds products for distribution to retail investors in Hong Kong, reports Senior Associate Daniel Yeo

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Partner Heather Gray looks at a recent Federal Court decision that considered whether trustees can pay benefits at the direction of members, rather than directly to the members themselves