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
FUNDS MANAGEMENT & FINANCIAL SERVICES Alert: High Court rules against contracting out of scheme members’ statutory rights
19 December 2012
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
CORPORATE Alert: Migrating to and investing in Australia under the new Significant Investor 188 visa
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
ENVIRONMENT & PLANNING Alert: Changes to personal liability for environmental offences in NSW
12 December 2012
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
FUNDS MANAGEMENT & FINANCIAL SERVICES Alert: Raising capital for funds under the new Significant Investor visa
7 December 2012
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