Monthly Archives: December 2012

Welcome to the December 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. While the laws commenced on 1 July 2012, there is an opt-in period of 12 months with compliance required by all entities from 1 July 2013.

View PDF

In Westfield Management Limited v AMP Capital Property Nominees Limited [2012] HCA 54 the High Court has said agreements which seek to deprive members of registered managed investment schemes of certain statutory protections will be unenforceable.

View PDF

The new Significant Investor visa introduces a simplified pathway to permanent residence for migrant investors who invest $5 million into “complying investments” in Australia for a minimum period of four years.

View PDF

The new Commonwealth regulator of charities in Australia commenced operation on 3 December 2012 with the commencement of the Australian Charities and Not-for-profits Commission Act 2012 (Cth) (ACNC Act).

View PDF

Important changes assented to on 26 November 2012 are set to reduce the overall liability of directors and managers for offences in NSW. These changes will be well received by directors and managers, who should become familiar with the new personal liability provisions and ensure that good corporate governance remains in place.

View PDF

At the end of November, Prime Minister Julia Gillard introduced into Parliament the National Disability Insurance Scheme Bill 2012 (Cth) (the Bill).

View PDF

The Building and Construction Industry Payments Act 2004 (BCIP Act) restricts the service of payment claims at certain points throughout the Christmas period. However, claimants are known to take advantage of the holiday season by serving payment claims at a time when offices are typically empty and staff are more likely to be absent.

View PDF

Thomsons welcomes new banking and finance partner, Peter West to the firm. Peter joins Thomsons' Sydney office from an in-house legal role at Westpac Banking Corporation.

Read More

The new Significant Investor visa provides a great opportunity for Australian fund managers to promote their managed investment products to high net worth individuals who wish to migrate to Australia. The new visa rules introduce a simplified pathway to permanent residence for migrant investors who invest $5 million into “complying investments” in Australia for a minimum period of four years.

View PDF

Thomsons Lawyers has acted for John Nitschke Drilling Pty Ltd on the sale of the company to Foraco International SA (TSX: FAR) for approximately AU$60 million.

Read More