ASIC Update – CP 173 Trustee Companies: Transfer Determinations by ASIC
On 24 January 2012, the Australian Securities and Investments Commission (ASIC) released Consultation Paper 173 “Trustee companies: Transfer determinations by ASIC” (CP 173), seeking public comment about the Commission’s power to administer the transfer determination provisions of Chapter 5D of the Corporations Act 2001 for trustee companies providing traditional trustee company services. According to the ...more
Burden of regulation: report recommends superannuation, insolvency and investment changes
A final report has been released by the Productivity Commission – Annual Review of Regulatory Burdens on Business: Business and Consumer Services Sector – which identifies ways to reduce the regulatory burdens on businesses in the finance and insurance, accommodation and food services, professional, scientific and technical services, and arts and recreational services sectors. Productivity ...more
CGT scrip-for-scrip rollover – law to be amended with effect from 6 Jan 2010
On 6 January 2010, the Assistant Treasurer announced that the Government will introduce legislative changes relating to the requirements for the scrip-for-scrip CGT roll-over in respect of takeovers and mergers approved under the Corporations Act 2001. Senator Sherry said that, as the law stands, the scrip-for-scrip roll-over may not be available to shareholders even though ...more
Executive termination payments – law to be amended
The Treasurer and the Minister for Superannuation and Corporate Law have announced reforms aimed at ‘curbing excessive golden handshakes’ (or termination payments) paid to company executives. The Government proposes to amend the Corporations Act 2001 to lower the threshold at which termination payments must be approved by shareholders from the current seven year’s average base salary down to one year.
Directors Beware
The Federal Court recently ordered the Commissioner to refund payments made by a company when it was insolvent.
It also held that the directors of the company at the payment time must indemnify the Commissioner a percentage of the refund in respect of any loss resulting from the order. Directors must know their obligations under the Corporations Act 2001.
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