Allens

06 March 2013

On 18 December 2012, the Peoples Bank of China announced its approval of the publication of the China Inter-bank Market Bond Repurchase Master Agreement by the National Association of Financial Market Institutional Investors, which NAFMII later published on 21 January 2013.

05 March 2013

The Hong Kong Government has taken a major step towards developing Islamic finance in Hong Kong.

30 January 2013

As the Commodity Futures Trading Commission, the Securities and Exchange Commission, and other regulators have worked to implement Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, uncertainty has arisen with respect to the extraterritorial scope of Title VII and its application to cross-border derivatives transactions and international market participants.

19 November 2012

To promote foreign investment within China, MOFCOM has issued rules to allow both domestic and foreign investors to contribute equity interests in PRC companies to foreign invested enterprises by way of incorporation or subscription.

24 September 2012

Proposed new disclosure rules will affect the way mining and oil and gas companies report on their reserves and resources. The proposals seek to strike a balance between providing meaningful information to investors about listed entities' reserves and resources assets while managing compliance costs for listed companies. Partner Ted Hill and Lawyer Lachlan Clancy report.

22 August 2012

The latest bond issue by Queensland Treasury Corporation features innovations that may appear in the future in the corporate sector. Partner David Clifford talks to BRR Media about the bond issue, and what it means for Australian debt markets.

01 August 2012

The Australian Securities Exchange has released amended Listing Rules that increase the annual capital raising limit for mid to small caps and should mean greater flexibility for a large number of ASX-listed companies. Partners Andrew Pascoe and Julian Donnan, Senior Associate Matthew Ireland and Lawyer Kieran Chute report.

05 April 2012

The Australian Securities Exchange has proposed to increase the capital raising limit for mid to small caps. Partner Julian Donnan spoke to BRR Media about what the proposal will mean for a large number of ASX-listed companies

04 April 2012

The Australian Securities Exchange has proposed to increase the capital raising limit for mid to small caps. Partner Julian Donnan and Senior Associate Robert Speed look at the proposal which should mean greater flexibility for a large number of ASX-listed companies

02 March 2012

The Federal Government has announced that it will be introducing changes to the general anti-avoidance rule. Partner Larry Magid spoke to BRR Media about the reasons behind the move and how the changes may impact on Australian businesses

22 December 2011

To promote the proper disclosure of financial information that is not prepared according to accounting standards, and to assist directors and others not to mislead investors and other users of financial information, the Australian Securities and Investments Commission has issued guidance on its use and presentation. Partner Robert Pick and Senior Associate Jonathan Teo report on the impact of this on financial reporting

14 December 2011

The Federal Government has released a discussion paper that outlines proposals to reform the Australian retail corporate bond market. Partners Stuart McCulloch and David Clifford spoke to Boardroom Radio about some of the proposals and what their implementation may mean for the market

05 September 2011

Promoters of financial products and services will be required to produce accurate and balanced advertisements for their products under new guidelines proposed by the Australian Securities and Investments Commission. Publishers will be required to refuse to run advertisements that do not meet these requirements. Partner Julian Donnan and Lawyer Mike Forster explain

26 May 2011

Recently, Seven West Media Limited partially funded its acquisition of Seven Media Group with an accelerated non-renounceable entitlement offer of Convertible Unsecured Loan Securities to its shareholders. Partner Tom Story, Senior Associate Bob Speed and Lawyer Alex Borda examine the acquisition and the pros and cons of the use of CULS

06 May 2011

The Australian Government has granted Chi-X Australia Pty Ltd a licence for the operation of a financial market for the trading of securities and certain financial products, in competition with the Australian Securities Exchange. Exchange market competition is aimed at promoting Australia as a financial services hub within the Asia region. Partner Robert Pick, Senior Associate Marc Kemp and Lawyer Scott Day discuss the introduction of Chi-X as an alternative market operator, the new Market Integrity Rules and the transition towards commencement of the Chi-X market

19 April 2011

The Australian Securities and Investment Commission has released an additional consultation paper and a draft regulatory guide on disclosure obligations of infrastructure entities to retail investors, and is now seeking further submissions. Partners Andrew Mansour and Campbell Davidson and Lawyer Michael Tollman report

19 April 2011

The Ministry of Commerce of the People's Republic of China has recently issued changes to its policy on foreign investment. Partner David Wenger and Senior Associate Wayne Wang report on the changes that apply to foreign investment in China

18 February 2011

The Circular on the Establishment of National Security Review Mechanism in relation to Foreign Merger and Acquisition Activities of Domestic Enterprises (Guofaban 2011 No.6), which formally establishes the national security review mechanism and takes effect in early March 2011, has been issued. Partner David Wenger and Special Counsel Frank Fan report

20 December 2010

Australian issuer companies should be aware of a recent Australian Taxation Office draft ruling that states Retail Premiums paid in respect of certain accelerated rights issues will be regarded as unfranked dividends for tax purposes, and therefore taxed as such in the hands of Australian resident shareholders, and subject to withholding tax where paid to non-Australian resident shareholders. Partner Martin Fry, Senior Associate Rory O'Brien and Lawyer Kai Fu report

10 December 2010

The Federal Government has released a discussion paper on changes to the demerger tax relief rules. Partner Katrina Parkyn speaks to Boardroom Radio about the changes and who will benefit from them

03 September 2010

The role of supervising financial markets has been transferred from ASX Limited to the Australian Securities and Investments Commission and, as a result, ASX Limited has undertaken a re-branding of the operating rules and various entities associated with it. Partner Warwick Painter, Lawyer Jonathan Lee and Law Graduate Rola Lin report

17 August 2010

ISS Governance Services has released a report analysing the Australian equity capital market in 2008 and 2009 and includes suggested reforms. Partner and Co-Head of the Capital Markets Practice Group, Robert Pick, speaks to Boardroom Radio about the report and explains why many of the suggestions are unnecessary

07 July 2010

In response to significant increases in foreign investment, Australia's foreign investment policy has been updated to clarify the rules that will be applied when reviewing investment proposals by foreign investors - especially those from foreign governments and their related entities. Partner Jeremy Low and Lawyer Tim Cardiff report on the changes and their implications

21 June 2010

The first covered bond in Australasia was launched in New Zealand this month. Partner Tom Highnam and Senior Associate Paul Cerch speak to Boardroom Radio about what this means for the Australian covered bonds market

13 May 2010

The Australian Securities and Investments Commission has announced a range of regulatory reforms designed to re-invigorate the retail corporate bond market in Australia and to increase the ease and efficiency with which ASX-listed issuers are able to issue corporate bonds to retail investors. Partners Robert Pick and Tom Story outline the changes and consider their likely impact

13 May 2010

Partners Stuart McCulloch and David Clifford talk to Boardroom Radio about the Australian Securities and Investments Commission reforms announced this week to help promote the issue of vanilla corporate bonds to retail investors

16 March 2010

The Australian Securities and Investments Commission has expanded custodian entities' ability to apply for shares under a share purchase plan on behalf of their beneficiaries, ensuring that all shareholders who hold through a custodial structure are treated equally. Partner Robert Pick and Senior Associate Charlie Harrison report

17 February 2010

The Australian Stock Exchange recently released a paper that examines capital raising in Australia during the global financial crisis. Partners Robert Pick and Steve Clifford and Senior Associate Charlie Harrison report on the paper that gives a positive report card to the relevant regulatory regime

04 February 2010

The Foreign Acquisitions and Takeovers Act 1975 (Cth) has been amended so that transactions that result in foreign investors gaining, whether now or in the future, influence or control over an Australian company are now subject to Australia's foreign investment rules. In addition, there have been several other developments in foreign investment regulation, as Partners Alex Ding and Phillip Cornwell and Lawyer Tim Cardiff report

23 December 2009

The Australian Securities and Investments Commission has released a consultation paper seeking comment on proposed best practice guidelines for the handling of confidential information by companies and advisers. Partner Tim Lester and Lawyer Bree Rowswell look at the new proposals

20 October 2009

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

17 September 2009

Capital Markets Partners Robert Pick and Tom Story discuss equity raisings.

27 August 2009

As foreshadowed by the Treasurer in his announcement of 12 February 2009, the Federal Government has introduced into the House of Representatives a Bill to amend the Foreign Acquisitions and Takeovers Act 1975 (Cth) as it applies to the acquisition of shares or voting power in Australian companies by foreign investors. Partners Alex Ding and Phillip Cornwell and Lawyer Tim Cardiff report on the key features of the amendments.

19 June 2009

The Australian Securities and Investments Commission recently released consultation papers seeking comment on various new measures to make capital raisings more streamlined and efficient. After several months of consultation with industry, the new measures were published on 18 June 2009. Partner Tom Story and Senior Associate Bob Speed set out the key changes

08 May 2009

The Federal Government yesterday released the exposure draft of the Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 and requires feedback on its proposed reforms within three weeks. This follows the announcement in January 2009 that the Government was commencing consultation with industry about its proposed margin lending reforms. Partner Warwick Painter and Senior Associate Justine Woodford provide an overview of the reforms

09 April 2009

Amid the global recession and significant negative public sentiment against excessive executive remuneration practices, the Federal Government has mandated the Productivity Commission to examine Australia's framework for executive remuneration, including the tax treatment of equity based remuneration. In addition, the Government has proposed reforms to significantly broaden the circumstances in which shareholder approval of executive termination payments is required. Partner Sarah Bernhardt and Senior Associate Gaibrielle Germanos examine the taxation aspects of the reform proposals

31 March 2009

Tabcorp Holdings Limited has made the first major retail offering of corporate bonds by an ASX-listed company in almost 20 years. Partner David Clifford looks at the offer

31 March 2009

ASIC announced recently that it had banned a dealer from providing any financial services for 18 months for allegedly spreading false and misleading information about listed securities. This is the latest in a series of developments that are likely to result in tighter regulation of day-to-day business for market participants, fund managers, directors of listed companies and professional investors and a greater willingness by ASIC to take direct action against individuals

17 March 2009

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

04 March 2009

In a recent decision, the Takeovers Panel required the sub-underwriting arrangements for a rights issue to be restructured so as to decrease the ability of the sub-underwriter to acquire control of the issuer. As the global financial crisis drives an increased need for equity capital by companies, this decision highlights that the Takeovers Panel will nonetheless scrutinise the potential control impact of rights issues to see whether they give rise to unacceptable circumstances. Partner Tom Story and Lawyer James Clifford report

03 March 2009

The impact of the current market conditions has led ASIC to issue a discussions paper outlining measures to facilitate capital raisings. Partner Anna Lenahan speaks to Boardroom Radio about the details of the discussion paper

20 February 2009

The Treasurer recently announced that the Commonwealth Government intends to amend legislation to clarify the operation of the foreign investment screening regime. Partner Alex Ding and Lawyer Laijing Lee report

10 February 2009

There has been a recent spate of capital raisings, with many more on the drawing board. Partner Robert Pick speaks to Boardroom Room about the key drivers for this surge

19 January 2009

Following consultation with industry during 2008 about whether margin lending should be subject to more formal regulation as a financial product, the Federal Government yesterday announced that it is now proceeding with plans to implement such regulation. Partner Warwick Painter and Senior Associate Justine Woodford provide details of the latest developments

22 October 2008

Following on from the announcements made in late September imposing a ban on most short selling in Australia, the Australian Securities and Investments Commission has now announced that the existing restrictions will continue, although it is currently expected that the ban in relation to non-financial stocks will not extend beyond 18 November 2008. Partner Warwick Painter and Senior Associate Justine Woodford provide details of the latest developments

30 September 2008

In the past 10 days, Australian market participants and fund managers have been subjected to an extraordinary series of announcements which, for the present, have significantly changed the regulation of short selling in Australia. At the same time, the Federal Government has also released the long-awaited exposure draft of its proposed legislative reforms in this area

22 September 2008

In response to recent global market conditions and arrangements put in place by overseas regulators, the Australian Securities Exchange and the Australian Securities and Investments Commission have announced measures to prevent short selling in Australia, which take effect from today. Partner Warwick Painter and Senior Associate Justine Woodford outline the details

25 June 2008

The Australian Securities and Investments Commission has issued class order relief to extend the exemption that permits a traditional rights issue to be undertaken without a prospectus or a product disclosure statement to non-traditional rights issue structures. Partners Steve Clifford and Robert Pick and Lawyer Alex Brown consider the implications for issuers and market participants generally

17 April 2008

The Takeovers Panel has released Guidance Note 20 to assist market participants to understand the Panel's approach to disclosure of equity derivatives, particularly the circumstances in which positions taken by parties to equity derivatives must be disclosed to the market even though no 'relevant interest' may have been acquired. Partner Jeremy Low and Senior Associate Julian Donnan outline those circumstances, the position with respect to market makers, and the content and timing for disclosure

10 April 2008

The regulator of Singapore's securities industry, the Monetary Authority of Singapore, has undertaken consultation with a wide range of stakeholders on proposed amendments to the principal legislation governing the securities industry - the Securities and Futures Act and the Financial Advisors Act. AAR TSMP Partners Robert Clarke and Stefanie Yuen Thio, and Senior Associate Krista Bowie, provide a brief overview of the proposed legislative amendments