On 22 September 2011, the Australian Fisheries Management Authority (AFMA) announced a temporary order, aimed at protecting dolphins, that alters management arrangements in the Gillnet, Hook and Trap Sector of the Southern and Eastern Scalefish and Shark Fishery. The temporary order includes the closure of an area to fishing by gillnets, increased monitoring requirements in [...]
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29 September 2011
On 20 September 2011, the Australian Securities and Investments Commission released the new ePayments Code, which provides consumer protections in relation to electronic payment products. Membership to the ePayments Code is voluntary. The ePayments Code replaces the Electronic Funds Transfer Code of Conduct since a number of newer electronic payment products have entered the market [...] Continue reading ePayments Code – Regulation Impact Statement – Australian Securities and Investments Commission 16 September 2011
On 16 August 2011, the Assistant Treasurer announced the release of exposure draft legislation to the proposed interim Investment Manager Regime. Currently, uncertainties over the tax treatment of investment incomes from foreign managed funds are considered to be having an adverse effect on the investment decisions of those funds. The proposal provides greater certainty in [...] Continue reading Interim Investment Manager Regime – Regulation Impact Statement – Treasury 12 September 2011
On 24 August the Australian Government announced its response to the 10 year review of the Environment Protection and Biodiversity Conservation Act 1999. The Government’s response included a large number of changes; the two major components are to: increase the use of environmental approvals to classes of actions, rather than project-by-project approvals. The Government will do [...] Continue reading Response to the review of the EPBC Act – Regulation Impact Statement – Department of Sustainability, Environment, Water, Population and Communities 9 September 2011
On 5 August 2011, the Assistant Treasurer released for public consultation the exposure draft of the National Consumer Credit Protection Amendment (Enhancements) Bill 2011, which forms a part of Phase Two of the National Consumer Credit reforms. The proposal provides greater protection in relation to consumer leases that are functionally similar to other forms of [...] Continue reading Regulation of consumer leases and enhancements to the National Credit Code – Regulation Impact Statement – Treasury 9 September 2011
On 5 August 2011 the Assistant Treasurer, the Hon Bill Shorten, released for public consultation the exposure draft to the National Consumer Credit Protection Amendment (Enhancements Bill) 2011. One measure sought to be implemented includes protections for older Australians accessing the equity in their homes through reverse mortgages or home reversion schemes. These will require [...] Continue reading Delivering for Seniors: Equity Release Product Reforms – Regulation Impact Statement – Treasury 2 September 2011
On 25 August 2011, the Assistant Treasurer announced measures to increase the level of protection for the provision of short-term, small amount lending. These changes follow on from the issues identified during the course of Phase One of the National Consumer Credit Protection Reforms, and have been addressed as part of Phase Two. Credit providers [...] Continue reading Regulation of short-term, small amount (payday) finance – Regulation Impact Statement – Treasury 2 September 2011
On 12 August 2011, the Australian Securities and Investments Commission (ASIC) released a suite of disclosure benchmarks for Product Disclosure Statements for Over-the-Counter Contracts for Difference (OTC CFDs). OTC CFDs are considered high risk financial products requiring more detailed disclosure on a number of key points. Providers will be required to disclose against the benchmarks [...] |
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