View

Thailand's Ministry of Commerce recently issued an advice concerning the ability of a majority foreign-owned Thai company to grant a guarantee. The advice has important implications for all majority foreign-owned Thai companies and their ability to grant guarantees and, by extension, mortgages and other security for third-party debts. International Partner Marcus Clark and Senior Associate Rawat Chomsri report on the implications of the advice

View

Partner Diccon Loxton looks at the recent decision of the Western Australian Supreme Court in the Bell Group Ltd litigation, which is a timely case study of the legal issues involved in work-outs and corporate guarantees

View

The recent collapse of Lehman Brothers has rendered its 'minibonds' almost worthless with angry investors alleging that they were marketed to them as a low-risk product. It later transpired that the 'minibonds' were not bonds but derivatives designed for professional investors, not for retail investors. As a result, many investors are asking whether the banks fully disclosed the risks pertaining to that investment or were the banks in breach of any law or regulatory codes of conduct?

View

In the current financial crisis there have been concerns about the availability, suitability and accuracy of published base rates such as LIBOR. This has led to an enormous worldwide focus on clauses in syndicated loan agreements that were designed to deal with such issues. Partner Diccon Loxton gives a brief overview

View

The Australian Securities & Investments Commission has released a consultation paper inviting public submissions on its proposals to amend the Electronic Funds Transfer Code of Conduct. Partners Catherine Parr and Peter Jones and Lawyer Svetlana German report

View

The Federal Government has introduced legislation to the House of Representatives that implements parts of its financial stability package announced last weekend. Partner Peter Jones and Lawyer Nicholas Ng look at one aspect of the legislation: the government guarantee of deposits

View

The United States sub-prime crisis and its global effects have focused financiers' minds on the importance of valid and effective security. One aspect of ensuring security is watertight, something which is not often given the attention it deserves, is the need, in Queensland, to verify the identity of the person purporting to sign a real property mortgage as mortgagor. Partner Adam Thatcher and Lawyer Nicholas Ng look at a recent decision of the Supreme Court of Queensland

View

The Australian Law Reform Commission has recommended changes to Australia' privacy laws that will have important implications for credit providers. Partners Catherine Parr and Peter Jones look at what will change

View

The Australian Law Reform Commission has released a report into privacy law that recommends key changes to the Privacy Act 1988 (Cth) and other privacy legislation. Partners Catherine Parr and Peter Jones look at what is proposed and how the proposed Unified Privacy Principles differ from the current regime

View

A recent New South Wales Court of Appeal decision has highlighted the need for financiers to have sophisticated systems and procedures in place when providing credit to individuals for business or investment purposes. The reason for this is to avoid having to prove that the Consumer Credit Code does not apply to such transactions. Partner John Gallimore and Senior Associate Scott Mackay explain

View

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

View

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

View

Australia's vibrant economic conditions in recent years has led to a thriving appetite for infrastructure assets. However, the recent turmoil in global equity and financial markets has coincided with a severe tightening of credit generally. This change in economic circumstances will impact on the financing and delivery of new projects and the refinancing of existing projects. Partner Alan Millhouse and Lawyer Nicholas Ng report on the issues

View

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

View

The Securities and Futures Commission recently issued a circular to licensed corporations and associated entities on anti-money laundering and combating terrorist financing. The circular provides some answers on identification and handling of high-risk customers and politically exposed persons. Partner Matthew Barnard and trainee solicitor Brian Chen look at what the circular says and it implications

View

A private member's Bill recently introduced into Federal Parliament has been referred to the Senate Standing Committee on Economics for report by 16 September 2008. If passed, the Bill will have significant consequences for financial service providers. Partner Catherine Parr reports.

View

The appointment of an administrator to a borrower by its directors or a third party can pose risks for a secured creditor. In particular, it will be restricted, and delayed, from enforcing its security during the period of the administration. Senior Associate Nicholas Adkins and Lawyer Valeska Bloch report on the statutory steps involved in a voluntary administration and consider the potential risks for a secured creditor and ways these can be mitigated

View

The Ministerial Council on Consumer Affairs has released an exposure draft of the Finance Broking Bill 2007 - a model 'national' Bill to regulate finance broking. Overall, the Bill should ensure a higher standard of skill and competence among finance brokers and improve disclosure to loan applicants. The legislation is the product of reform proposals going back several years and would supplant reforms implemented recently in Western Australia. Partner Peter Jones looks at the Bill

View

As noted in our Client Update: Regulation & Compliance - 4 September 2007, proposed amendments to the Consumer Credit Code have been released. Allens Arthur Robinson has made a submission outlining some significant issues with the proposed changes. Partner Catherine Parr, Senior Associate Cameron Ball and Lawyer Cain Beckett examine these issues

View

Partner Catherine Parr, Special Counsel Karin Clark and Articled Clerk Kelly Griffiths report on proposals in the Australian Law Reform Commission's recent discussion paper for the reform of Australian privacy laws as they relate to credit reporting

View

The Corporations and Markets Advisory Committee has released a discussion paper on the implications of the Sons of Gwalia decision, which discusses whether aggrieved shareholders should rank with unsecured creditors in the event of a liquidation or voluntary administration. Partner Clint Hinchen and Lawyer Ada Lam report

View

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

View

The Ministerial Council on Consumer Affairs has released consultation drafts of the Consumer Credit Code Amendment Bill 2007 and Consumer Credit Amendment Regulation 2007, which propose significant amendments to the Consumer Credit Code. Partner Catherine Parr and Senior Associate Cameron Ball report

View

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

View

The Tax Laws Amendment (2007 Measures No 5) Bill 2007 (Cth) was tabled in Federal Parliament today. Partner Charles Armitage outlines the significance of the Bill

View

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

View

The National Electricity Market has seen the first suspension of an active electricity retailer and the application of Retailer of Last Resort schemes across a number of states. Partner John Greig looks at what happened and the consequences for market participants and customers alike

View

Consumer Affairs Victoria has called on credit providers and consumer groups to make submissions by 2 July 2007 on whether Part 2B of the Fair Trading Act 1999 (Vic), which prohibits the use of unfair terms in consumer contracts, should be extended to consumer credit contracts. Partners Peter Jones and Catherine Parr and Lawyer Katya Rozenblit report

View

Judge Felicity Hampel in the Victorian County Court recently held that the general law now offers protection to 'private information' under both the equitable action of breach of confidence and a new tort of invasion of privacy. Special Counsel Karin Clark, Lawyer Maree Norton and Articled Clerk Adam Butt consider the extent this groundbreaking decision, if upheld, is likely to increase an individual's right to control the publication of 'private information' about themselves

View

Legislation introduced today into Federal Parliament clarifies that the vast majority of syndicated loan facilities of at least $100 million that satisfy the public offer test will qualify for exemptions from interest withholding tax under sections 128F and 128FA of the Income Tax Assessment Act 1936 (Cth), without having to use a 'loan note' structure. Partner Diccon Loxton reports on the details of the Tax Laws Amendment (2007 Measures No. 3) Bill 2007

View

The Western Australian Department for Consumer and Employment Protection has released a revised Code of Conduct for Finance Brokers that will introduce additional safeguards for borrowers seeking loans through a finance broker. Western Australia is not alone in regulatory initiatives affecting finance brokers. Queensland is assessing a proposal for a Code of Conduct for finance brokers. Partner Catherine Parr, Senior Associate Cameron Ball and Lawyer Katya Rozenblit look at these developments

View

On 20 April 2007, the Government of Vietnam passed Decree 69/2007/ND-CP on Purchase by Foreign Investors of Shareholding in Vietnamese Commercial Banks (Decree 69). Partner Bill Magennis and Lawyer Julia Howes look at some of the key changes

View

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

View

The High Court's decision in the Sons of Gwalia case is an important one for financiers, creditors, shareholders and insolvency practitioners. Senior Associate Gabi Crafti and Partners Diccon Loxton and Michael Quinlan analyse the case and its implications

View

On 31 January, the High Court held that shareholders who have a claim against a company for misleading or deceptive conduct or breach of continuous disclosure obligations can prove in the administration or liquidation of the company, and will rank equally with unsecured creditors. Senior Associate Gabi Crafti and Partner Michael Quinlan report

View

Fears of cost blow-outs and of prolonged and costly disputes have given rise to a new approach in some greenfields project financings. Alliance contracts involve a collaborative process which is meant to promote openness, trust and risk-sharing between principals and contractors. They have been embraced by government procurement and the oil and gas sectors. Partner, Phillip Cornwell explores alliance contracts and their suitability as an alternative development structure for project financings

View

The Federal Government introduced a Bill this morning which, if passed, may affect syndicated loans documented or drawn down from today. Partner Diccon Loxton reports

View

Partner Diccon Loxton and Paralegal Eibhlin McBride provide a brief summary of recent cases relating to the world of banking and finance

View

The State Council of the PRC has issued new rules on foreign-funded banks that will take effect from 11 December 2006. Partner Nigel Papi and Senior Associate Frank Voon of our Shanghai office look at the recent revisions

View

Partner Diccon Loxton and Paralegal Eibhlin McBride provide a brief summary of recent cases relating to the world of banking and finance

View

Partner Diccon Loxton and Paralegal Eibhlin McBride provide a brief summary of recent cases relating to the world of banking and finance

View

The increasing involvement of private equity funds in acquisition transactions is leading to a blurring of boundaries in the financing conditions adopted in public and private acquisitions. Partner Phillip Cornwell, Senior Associate Douglas Fung and Lawyer Dorothy Pawlukowski look at recent developments in the conditionality of leveraged funding for public and private acquisitions

View

Partner Diccon Loxton and Paralegal Stanley Mok provide a brief summary of recent cases relating to the world of banking and finance

View

In our Focus: Project Finance - August 2005, we looked at the 'Equator Principles' and their impact on the project finance sector. The Equator Principles have since been revised to broaden their application and strengthen the social and environmental standards they impose. Partner Steve Pemberton and Lawyer David Donnelly of our Singapore office look at the recent revisions.

View

Partner Diccon Loxton and Paralegal Stanley Mok provide a brief summary of recent cases relating to the world of banking and finance

View

A bill recently passed by the NSW Parliament proposes to make significant changes to NSW mortgage duty with effect from 1 July 2006. These will broaden the scope of NSW mortgage duty until its eventual abolition on 1 January 2011. Partners Adrian Chek and Tony Sheehan report

View

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

View

A brief summary of recent cases relating to the banking and finance area.

View

The Federal Government has announced a new timetable for the finalisation of its anti-money laundering and counter-terrorism financing Bill. Partner Peter Jones explains

View

Read about the latest developments in the world of banking and finance

View

In a judgment handed down on 27 February 2006, the Full Federal Court has confirmed the ruling in the Sons of Gwalia case. Partner David Clifford explains

View

Read about the latest developments in the world of banking and finance

View

A recent English court decision has shed light into some dark corners of guarantees and subordination arrangements and it gives useful guidance on the use of no-proof clauses and turnover trusts in group insolvencies. Partner Diccon Loxton explains

View

Read about the latest developments in the world of banking and finance

View

A preliminary regulatory impact statement reviewing the effectiveness of the mandatory disclosure of comparison rates for fixed-term credit contracts has been released. Partner Peter Jones and Lawyer Cameron Ball explain

View

A consultation package containing draft amendments to the Consumer Credit Code and its regulations, which aim to streamline the essential financial information that must accompany a consumer credit contract, has been released by the Ministerial Council on Consumer Affairs. Partner Catherine Parr and Lawyer Cameron Ball explain

View

Read about the latest developments in the world of banking and finance

View

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

View

Partners Martin Fry and Phillip Cornwell and Lawyer Natasha Tziokas examine proposed legislation that will amend tax laws to place a ceiling on the same business text, which will have adverse consequences for many project financings

View

In a judgment handed down on 23 November, a NSW Supreme Court judge has disagreed with the ruling in the Sons of Gwalia case, saying that the central element of the Federal Court case was wrongly decided. Partner David Clifford explains

View

Senior Associate Ren Niemann and Paralegal James Nicholls report on new legislation that empowers the NSW Government to take over major infrastructure projects, and offer some clues as to how it might affect private-sector parties

View

The Consumer Credit (New South Wales) Amendment (Maximum Annual Percentage Rate) Bill 2005 (NSW), passed on 10 November 2005 and awaiting Assent, broadens the circumstances in which credit providers must disclose annual percentage rates and the circumstances in which a maximum annual percentage rate will be applicable. Partner Catherine Parr and Lawyer Cameron Ball explain

View

The interests of mortgagees of Queensland land may be significantly affected by a new Bill introduced into the Queensland Parliament. Partner John Gallimore and Lawyers Sophie Chamberlin and Nicholas Ng explain

View

The Victorian Law Reform Commission's workplace privacy final report, written in response to growing concern about the increased use of surveillance in the workplace, has been tabled in the Victorian Parliament. Lawyer Andrew Ailwood and Special Counsel Karin Clark outline the report's findings

View

Appeals have now been lodged in the Sons of Gwalia case. Partner David Clifford and Senior Associate Gareth Lewis examine the case and its implications

View

Read about the latest case developments in the world of banking and finance

View

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

View

The NSW Workplace Surveillance Act 2005 comes into effect on 7 October 2005. Partner Peter Jones outlines the Act's main features

View

In June 2003, a group of major financial institutions adopted a set of voluntary guidelines known as the 'Equator Principles' with the intention of creating an industry standard for assessing and managing environmental and social issues in the project finance sector. Partner Phillip Cornwell and Lawyer Nicholas Adkins look at the new standards.

View

All credit providers should consider complying with the Banking and Financial Services Ombudsman's new guidelines dealing with hardship variation disputes, regardless of whether they have subscribed to the new Code of Banking of Practice. Senior Associate Trudi Lodge and Partners Catherine Parr and Peter Jones discuss

View

The People's Bank of China and the China Banking Regulatory Commission recently promulgated an Administration of Pilot Projects for Securitisation of Credit Assets Procedures. This represents one of the most encouraging steps towards a domestic securitisation market in the PRC, as Partner Matthew Barnard and Lawyer Steven Cheng report

View

The House of Lords has held that the purported fixed charge over book debts contained in the typical form of all assets charge used in finance transactions only gives rise to a floating charge (at least where the chargee does not take control of the proceeds). The decision may or may not be followed in Australia, but parties should examine their security on the assumption that it is.

View

The Privacy Commissioner's report into the operation of the private sector provisions of the Privacy Act has been released. The AAR Privacy Team summarises the Report's recommendations in a number of key areas of relevance to AAR's clients

View

Partner Alan Millhouse and Lawyer Krista Bowie examine the potential role of Public Private Partnerships in Thailand and highlight some of the obstacles to attracting private sector investment for such ventures. This issue is topical following the Thai Government's announcement of plans to invest almost THB2 trillion into infrastructure over the next five years

View

Ownership restrictions on pharmacies in Queensland have been relaxed following changes to the Pharmacists Registration Act

View

The Australian Taxation Office's draft Taxation Ruling TR 2004/D16 has now been issued in final form as TR 2005/5. Senior Associate Thomas McAuliffe reports

View

Comment on the recent Federal Court Media World decision has suggested that it could prejudice the ability of Australian companies to raise debt finance and that damages claims by shareholders may rank equally with unsecured debt claims. However, the case does not alter existing law and the general principle that creditors rank ahead of shareholders in a winding up of a company remains unaffected.

View

New draft debt collection guidelines reflect the views of the ACCC and ASIC on how the relevant provisions of the Trade Practices Act and the ASIC Act apply to debt collection activities

View

National regulation of the finance broking industry moved an important step closer with the release of a detailed discussion paper by the Office of Fair Trading in December last year. Partner Peter Jones summarises the main points of proposed regulation of a national regime

View

The financial assistance prohibition obstructs the taking of security from a target company in leveraged acquisition financings. Partner Phillip Cornwell suggests that financiers who rely on forming a view that a particular transaction satisfies the 'no material prejudice' exception in s260B of the Corporations Act are likely to run an unacceptable risk of being involved in a contravention of the Act

View

The prospectus-related provisions of the Companies (Amendment) Ordinance 2004 will soon come into effect. Partner Matthew Barnard and Lawyer Steven Cheng look at what will change in the financial products regulatory environment

View

Read about the latest developments in the world of banking and finance

View

The new 'Interest' Article in the revised double tax treaties with the US and UK exempts payments of interest to some US and UK lenders from Australian interest withholding tax. However, it remains the case that where an Australian borrower undertakes a borrowing by way of an issue of debentures that satisfies the requirements of section 128F of the Tax Act, it will not be necessary to consider the treaties. Partner Diccon Loxton and Senior Associate Thomas McAuliffe report

View

The Consumer Credit (Qld) Amendment Bill and the draft Consumer Credit Amendment Regulation (No.1) 2004 (Qld) were recently released for comment. They contain changes relating to electronic transactions under the Consumer Credit Code. Lawyer Regina Kho and Partner Catherine Parr highlight the key features of the proposed amendments and some important points for lenders to consider

View

In June 2004 the Hong Kong banking authorities issued revised money laundering policies and procedures. Partner Matthew Barnard and Senior Associate Daniel Yeo look at the changes and their implementation

View

Partner Ross Stitt looks at the Australian Tax Office's attempts to clarify a range of securitisation-related GST issues with the release of GST Ruling 2004/4

View

In June 2004, Hong Kong banking authorities released guidelines for the sharing and use of commercial credit data in Hong Kong. Partner Matthew Barnard and Senior Associate Daniel Yeo look at the changes and their implementation

View

Partner Geoff Rankin and Law Graduate John Hedge review the recently proposed amendments to the Bankruptcy Act 1966 (Cth) aimed at high-income earners who use bankruptcy to avoid paying their debts. If passed, the amendments will have far-reaching effects on professional and small-business people

View

The United Kingdom Treasury recently released its revised guidance for Private Finance Initiative contracts. Senior Associate Georgia Quenby reports that the UK experience may increasingly influence future Australian deals

View

With Basel II approaching and the asset-backed commercial paper market maturing in Australia, sponsors should look beyond external liquidity support for their ABCP programs. Senior Associate Jason Lee looks at two potential alternative arrangements to 'traditional' third-party liquidity facilities: callable notes and extendable notes, which could result in big cost-savings for sponsors in Australia

View

Partner Paul Meadows and Special Counsel Anne Ferguson review the recent Water Wheel decision in Elliott v ASIC and its impact on non-executive directors

View

Senior Associate Tom Highnam examines the implications for bankers of the recent Enron Australia v TXU Electricity case

View

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

View

The case of Enron Australia v TXU Electricity [2003] NSWSC 1169 (24 December 2003) confirms that a Non-defaulting Party under an ISDA Master Agreement can use the insolvency of his counterparty as an excuse never to make payment. Senior Associate Tom Highnam reports that this is despite the fact that the parties had specified the Second Method (full two-way close-out payments) as the payment method on an Early Termination Date being specified

View

Read about the latest developments in the world of banking and finance

View

Australia and Thailand are close to signing a bilateral trade agreement. Lawyer Adam Malouf looks at the basic framework of the agreement and which industries stand to gain from this bilateral trade liberalisation

View

Can the act of granting a charge breach contractual prohibitions on assignment? Lawyer Nick Bilinsky looks at some recent considerations

View

Read about the latest developments in the world of banking and finance

View

Read about the latest developments in the world of banking and finance

View

The Hong Kong Government recently released its policy position on Private Public Partnerships. Partners, Alan Millhouse and Matthew Barnard and Lawyer Clare Lennox look at the main points of the policy

View

Read about the latest developments in the world of banking and finance

View

Banks with both retail and corporate businesses should be aware that the new Code of Banking Practice will not only affect their retail activities, but may also impinge on corporate business, such as in project and structured financing transactions where the borrower is a special purpose vehicle, as it may be regarded as a 'small business'.

View

Read about the latest developments in the world of banking and finance

View

Read about the latest developments in the world of banking and finance

View

Senior Associate Jeremy Low provides a checklist of some of the legal issues that may be encountered in securitising in the People's Republic of China, particularly the securitisation of housing loan mortgages by banks

View

The international Financial Action Task Force on Money Laundering has revised its Forty Recommendations, which now include measures to combat terrorist financing as well as money laundering. Senior Associate Sarah Lacey highlights some issues for financial institutions arising from the review

View

Read about the latest developments in the world of banking and finance

View

As consumers become more aware of their rights under the Privacy Act, it is imperative that financial institutions ensure they comply with publicised privacy policies. In April 2003, the Privacy Commission investigated two incidents involving the mishandling of financial information of customers. Senior Associate Lorien Beazley reports

View

AAR Senior Associate Jeremy Low discusses the issues facing overseas banks in China

View

ASIC has released a report that examines the mortgage and finance broker industry and foreshadows significant regulation of that industry. Partners Catherine Parr and Peter Jones highlight some important points arising from the report

View

Amending legislation to exempt most securitisation vehicles from the thin capitalisation rules was introduced into the Federal Parliament on 27 March 2003, reports Senior Associate Thomas McAuliffe

View

The International Swaps and Derivatives Association, Inc. (ISDA) has recently published the first revision in 10 years of the standard form contract for documenting over-the-counter (OTC) derivatives. Given that the notional amount of outstanding OTC derivatives in 2001 was estimated at US$100 trillion, this is no small change. Senior Associate Tom Highnam from AAR's Banking & Finance Group queries the need for some of the changes proposed

View

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

View

Read about the latest developments in the world of banking and finance