Monthly Archives: April 2013

The Australian Department of Broadband, Communications and the Digital Economy (‘the Department’) released the Final Report on its Review of the Interactive Gambling Act 2001 (IGA) on 12 March 2013.

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The Federal Government has announced that it will support all the proposals made by the Board of Taxation in its recent review of the Venture Capital Limited Partnership (VCLP) and Early Stage Venture Capital Limited Partnership (ESVCLP) regimes. It is hoped that the changes to be implemented will provide a significant boost to these relatively under-used investment vehicles.

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The recent Supreme Court of New South Wales case of Re Real Estate Capital Partners Managed Investments Limited as Responsible Entity of the Real Estate Capital Partners USA Property Trust [2013] NSWSC 190 highlights the potential benefits of a responsible entity (RE) obtaining judicial advice where it finds itself in the midst of competing interests of unitholders.

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As part of its roll out of policy on the Future of Financial Advice (FOFA) reforms, the Australian Securities and Investments Commission (ASIC) has recently released its guidance on how it will regulate the ban on conflicted remuneration in Regulatory Guide 246: Conflicted remuneration.

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Welcome to the April 2013 edition of Thomsons' quarterly snapshot of legal developments in the funds management and financial services sector. In this edition we look at compliance with the new FOFA regime, recommendations arising from the Trio Capital collapse, and more.

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Topics covered in this alert: Sweeping Reform in aged care; Have your say on accommodation pricing; and Concessional Residential Subsidy now indexed.

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The recent decision of Justice Applegarth in BM Alliance Coal Operations Pty Ltd v BGC Contracting Pty Ltd & Ors [2013] QSC 67 (BMA v BGC) has overthrown the previously settled position that a jurisdictional error, regardless of how small, in an adjudication decision made under the Building and Construction Industry Payments Act 2004 (Qld) (BCIP Act) renders the whole determination invalid.

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Thomsons has advised iconic Australian farmer-owned co-operative, Norco Co-operative Limited, on a major 5 year milk supply contract with Coles Supermarkets Australia Pty Ltd. Special Counsel Greg Clifton led this assignment.

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Thomsons has acted for the Motor Accident Commission (MAC) on its purchase of a half interest in Brisbane landmark tower, 400 George Street, for approximately $196 million.

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In a recent case the New South Wales Supreme Court has determined the meaning of ‘named month’ as it relates to the definition of a “reference date” in security of payment legislation. The decision in Grid Projects NSW Pty Ltd v Proyalbi Organic Set Plaster Pty Ltd has important implications for claimants who are seeking progress payments and arms respondents with another line of defence.

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