Australian information

2011

ASIC

• ASIC issues regulatory guide on disclosing non-IFRS financial information
• ASIC finalises guidance on prospectuses for retail investors
• ASIC sets out best execution requirements in light of Chi-X entry
• How will Chi-X's commencement of operations affect listed entities, trading processes and market supervision?
• ASIC releases information sheet on information-gathering powers
• ASIC provides guidance on how the chairman can vote undirected proxies on the remuneration report 
• ASIC asks for greater detail in remuneration reports
• ASIC highlights areas of attention for financial year reporting
• Greg Medcraft apponted as Chairman of ASIC
• ASIC releases update to guidance on related party transactions

ASX

• ASX initiative to improve the capture and delivery of listed entity information
• New processes for off-market transfers may have implications for company constitutions
• ASX amends Listing Rule on off-market transfers and releases consultation paper about accelerated rights issues

Other regulators

• Model OHS bill introduced to Federal Parliament 
• Rod Sims nominated as next Chairman of ACCC

Consultation papers

• Government asks CAMAC to consult on future of AGM
• Treasury consultation on test of payment for dividends
• New definition of charity — consultation under way
• National business names registration — update on consultation process
• Not-for-profit sector may finally get the reforms it has been calling for — let's get it right!

Important cases

• Federal Court hands down penalties in Centro Case
• Centro case — asking the dumb question
• James Hardie penalties — honesty is not a defence against liability
• ASIC wins appeal in continuous disclosure case with Fortescue Metals 
• Company secretaries' roles — James Hardie case developments and implications

Executive remuneration

• Impact of two strikes against the remuneration report on share price  
• Government introduces Corporations Act amendment to clarify voting at public company AGMs
• AASB releases amendments to accounting standards on executive remuneration
• Executive remuneration amendments passed by Senate and apply from 1 July 2011 
• CAMAC report released on executive remuneration reporting   
• Executive remuneration — progress of legislation 
• Bill covering two strikes test and 'no vacancy' rule introduced into Parliament
• Clarity on voting in bill on remuneration reform
• Clawback of executive remuneration

Governance guidelines

• Governance guidelines released for the private equity market
• ACSI ESG reporting guide
• ACSI governance guidelines 

2010

• Proper purpose test now in effect for access to share registers
• ASX Listing Rules amendments on trading policies in effect from 1 January 2011
• Draft legislation on executive remuneration imminent
• Federal Parliament passes Sons of Gwalia bill
• CSA encourages small business participation in online survey of regulatory system 
• ASIC consults on regulation of equity market structures 
• Changes to business name registration in Australia
• ACSI releases board effectiveness and performance research
• ASIC issues proposals for treatment of related party transactions and independent expert reports 
• ASX and Singapore Exchange announce merger proposal
• Government to explore a national 'one-stop-shop' regulator for the NFP sector 
• Why entrenching gender parity in senior management is the first step in increasing gender diversity on boards
• Legislation reintroduced for proper purpose test and Sons of Gwalia amendments   
• ASIC meeting documents for approval 
• Remuneration expected to be under the spotlight in the 2010 AGM season
• CSA guidance on how to meet the new ASX Listing Rule requiring a trading policy
• New entities and brands for ASX
• AASB establishes two-tiered reporting framework
• ISS Governance Services concerns about capital raisings in Australia
• Transfer of market supervision functions between ASX and ASIC now in effect 
• ASIC markets disciplinary panel established 
• ASIC provides class order relief for parent entity financial statements 
• CAMAC releases information paper on executive remuneration 
• Corporations Act amended — three-tiered test now applies for dividend payments
• Draft new Australian Privacy Principles released
• Legislation introduced to require proper purpose test for access to share registers and boost enforcement powers
• ATO releases guidance for reporting of employee share schemes
• Government introduces legislation into Parliament to reverse effect of Sons of Gwalia decision
• ASX report on directors' blackout trading, Q1 2010
• ASIC increases fees as of 1 July
• Government introduces into Parliament amendments to reform corporate reporting requirements 
• Handling confidential information — ASIC consultation 
• Government releases exposure draft legislation to introduce proper purpose test for access to share registers
• CAMAC report on guidance to directors
• Government response to the report of the Government 2.0 Taskforce
• COAG outlines reforms to reporting requirements for NFP sector
• Government announces response to Henry Review of Australia’s tax laws
• ASIC confirms proxy documents can be lodged electronically 
• Government releases draft legislation to effect reversal of Sons of Gwalia decision
• ASX issues exposure draft on proposed amendments to Listing Rules on remuneration committees 
• ASX informally lodges proposed Listing Rules amendments on company trading policies with ASIC 
• Government responds to Productivity Commission report on executive remuneration
• Forums on the National Business Names project
• Governance implications of review of Australian Public Service administration 
• Second stage of superannuation review released — recommendations to improve efficiency
• Employee equity schemes — ATO issues guidance on ‘real risk of forfeiture’
• J.P Morgan and CSA Australian Registry Service Provider Survey 2010
• ASIC amends class order relief for share purchase plans
• Government proposes to extend APRA’s supervisory powers for crisis periods
• ASIC issues consultation paper on proposed market integrity rules
• Tax Agent Services legislation in effect — many in-house advisers affected
• Productivity Commission report on not-for-profit sector recommends administration through ASIC
• CAMAC recommends to the government removal of the ‘headcount’ test on schemes of arrangement
• ASIC to appeal against decision in Fortescue Metals case 
• Proper purpose test to be introduced for access to share registers 
• ASX releases information paper on capital raisings during financial crisis
• Proposed amendments to strengthen ASIC’s investigative powers and increase penalties
• Government to introduce legislation to reverse effect of Sons of Gwalia decision 
• Call for board review consultants for NSW state-owned corporations
• Productivity Commission final report on executive remuneration released

2009

• New rules for ASIC to take over market supervision from ASX
• ASIC issues proposals for handling confidential information and market soundings
• First stage of Cooper Review of superannuation system released
• Government releases exposure draft of bill to alleviate regulatory burden and streamline corporate reporting
• ASX Listing Rules — exposure draft amendments regarding company policies on trading windows and 'blackout periods'
• APRA issues revised remuneration standards for finance and insurance sector
• Executive terminations payments legislation is now in force
• NSW parliamentary inquiry finds whistleblowers need greater protection
• Government appoints panel on franchising and unconscionable conduct
• ASIC releases consultation paper setting out proposed guidance to directors on avoiding insolvent trading
• New international standard on risk management issued
• Executive remuneration bill passes through Parliament 
• Inspector-General of Taxation to review ATO large business audits 
• ASX report on disclosure of directors' interest notices — third quarter, 2009
• Agreement on principles for harmonisation of directors’ liability provisions 
• Goldman Sachs JBWere study finds strong correlation between governance and shareholder returns 
• Options paper released on protection for corporate whistleblowers
• Government introduces legislation to amend arrangements for taxation of employee share schemes
• Draft short selling regulations released
• NSW Prequalification Scheme: Audit and Risk Committee Independent Chairs and Members
• Productivity Commission releases draft report on executive remuneration
• OH&S laws to be harmonised — model legislation released
• ASIC relaxes ban on naked short selling
• ASIC issues consultation paper on handling market rumours
• Government releases regulations to define ‘termination payments’ for which shareholder approval will be required
• Referral to CAMAC — guidance for directors
• Penalties handed down in James Hardie case
• CAMAC report on board diversity released by government
• ASIC to supervise brokers
• Details released on Cooper superannuation review
• Changes to form-lodging arrangements for financial reporting class order relief
• Board of Taxation invites submissions to review of taxation of employee share schemes
• Standard business reporting — new tools and information released
• CAMAC report on market integrity
• AUSTRAC revises supervision strategy
• Consumer rights — government to review implied conditions
• Bill introduced by government to limit termination payments
• ASIC issues guidance on continuous disclosure for unlisted entities  
• Access to the register of members
• ASIC announces class order relief for share purchase plans
• Final policy statement released on taxation of employee share schemes
• ASIC guidance to entities preparing financial reports for period ending 30 June 2009 
• Fair Work Act now in effect, Regulations released
• ASX report on directors' share trading during backout period — first quarter, 2009
• Women Getting into Boards survey
• AUSTRAC accepts two enforceable undertakings
• Climate Institute and Australian Institute of Superannuation Trustees collaborate to manage climate-related risks for superannuation funds
• Trade Practices Act amendments — cartel conduct, national consumer law, unit pricing 
• Agreement on a framework for uniform OH&S laws
• Government releases options for reform of access to share registers and regulation of off-market offers
• APRA consults on remuneration
• Employee share schemes — government consultation process
• Government releases greenhouse reporting compliance and enforcement policy
• ASIC removes ban on short selling of financial securities
• Exposure draft bill released to limit executive termination payments
• James Hardie decision
• Directors' share trading — ASX report for Q1, 2009
• ASIC seeking feedback on changes to its technology  
• St James Ethics centre finds link between employers’ ethics and employees’ loyalty and productivity
• Exposure draft — Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009
• Creeping acquisitions — discussion paper
• Finsia report on climate change, ESG and the finance sector
• Prime Minister announces delay to start of emissions trading regime until 2011
• Corporations Regulations amended — clearing and settlement facilities, compensation rules
• Consolidations — exposure draft tax bill released
• Commonwealth Government to audit effect of laws on directors’ liability
• Australian Shareholders' Association releases new policy on executive remuneration 
• Executive remuneration inquiry begins
• Government releases draft carbon trading bill
• Treasury consultation on disclosure of covered short selling 
• Treasury paper linking governance to financial performance
• Panel releases further details of proposed national OH&S laws
• ASIC extends ban on covered short selling of financial securities
• ASIC issues consultation paper on equity capital raising
• Panel reviewing OH&S legislation releases recommendations
• CAMAC issues paper on market integrity
• COAG agreement to examine harmonised officer liability laws
• APRA to review guidance to superannuation funds to take account of ESG issues
• No recommendation to reverse Sons of Gwalia: CAMAC 
• ASX issues reminder on profit warnings for listed entities
• ASIC ban on covered short selling extended again
• Treasury to review ‘understandings’ under the Trade Practices Act
• Naked short selling — some exceptions to continue
• ASIC consultation paper on share purchase plan disclosure relief