Monthly Archives: September 2012

Welcome to the September 2012 edition of Thomsons’ quarterly review of legal developments in the funds management and financial services sector.

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On 14 September 2012, the Queensland Planning and Environment Court handed down its Judgment in the matter of Arora Constructions Pty Ltd & Jans Constructions Pty Ltd -v- Gold Coast City Council. The decision represents a landmark decision in the development of flood prone land.

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Australia’s complex financial services laws are constantly evolving and we appreciate how challenging it can be for financial service providers to operate in our highly regulated industry. We work hard to ensure that our clients structure their products and provide their services so they meet their commercial objectives, whilst dealing with the complex regulatory and compliance issues.

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The Franchising Code of Conduct applies to all franchise agreements. Whether an agreement is in fact a franchise agreement is therefore a matter of significant legal and commercial consequence. In its recent decision in Rafferty v Madgwicks the Federal Court considered the factors to be taken into account in deciding this question. It is a decision that could have serious implications for anyone involved in distribution or licensing arrangements and for those who have recorded their arrangements informally in, say, a heads of agreement in anticipation that the Code will not apply.

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Welcome to the September 2012 edition of Thomsons’ quarterly review of legal developments in the funds management and financial services sector. Legislative reform has continued apace over the quarter, with two substantive Future of Financial Advice (FOFA) bills being passed by the Senate in June. In addition, the Corporations and Markets Advisory Committee (CAMAC) released its much-anticipated report into the operation of managed investment schemes in Australia following a number of high-profile collapses in the agribusiness sector.

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It is critical in the current economic environment that each and every entity using GITC Customer Contracts v5.02 knows how to identify and quickly respond to ICT suppliers facing financial hardship. If you know what protections you already have in your GITC Contracts, you can use these mechanisms if the need arises.

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Some balance was restored to the complex area of ‘adverse action’ under the Fair Work Act 2009 (FW Act) with the release of a unanimous decision of the High Court of Australia on Friday, 7 September 2012.

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Obtaining your own Australian financial services (AFS) licence can be a complex process. This guide is intended to assist you to understand the application process, some of the costs involved and timing.

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The personal liability of directors for unpaid company taxes under the Tax Administration Act, has been widened to include unpaid superannuation guarantee charges.

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The Queensland Government has now confirmed that the imposition of duty on the direct and indirect transfer of Queensland exploration tenements will become law. From 13 January 2012, Queensland transfer duty will be payable on all agreements for transfer and transfers of Queensland exploration tenements.

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