A proposal to merge and list three agricultural property funds by Rural Funds Management (RFM) contravenes regulatory guidelines and is more reflective of a “takeover” scenario, according to a group of financial planners (19 November 2013)
The Federal Court has today dismissed proceedings brought by the ACCC in alleging that Australian and New Zealand Banking Group Limited (ANZ) had breached the price fixing provisions of the Trade Practices Act 1974 (the Act), now Competition and Consumer Act 2010 (CCA) (18 November 2013)
The Food and Grocery Council says a new code of conduct will help protect its members from unfair treatment by the major supermarket chains. The code prohibits the supermarkets from using suppliers’ intellectual property to develop their own products and from changing contracts retrospectively (18 November 2013)
ASIC has released a Consultation Paper 218 on employee incentive schemes for persons offering and receiving shares or other financial products under an employee incentive scheme. It seeks feedback on ASIC’s proposals to extend relief currently in Class Order [CO 03/184] and Regulatory Guide 49 Employee share schemes (RG 49). The proposals reflect changes to the Corporations Act as well as developments in market practice for structuring employee share schemes (14 November 2013)
The Corporations and Markets Advisory Committee (CAMAC) has released its Annual Report 2012-13 (undated), which includes information on recent corporations and markets issues and developments concerning CAMAC and the outlook for 2013-14.
The Corporations and Markets Advisory Committee (CAMAC) has made available an updated version of its Discussion Paper – Crowd sourced equity funding (updated October 2013) The updated paper takes into account various US, UK and European Commission regulatory updates from October 2013
The Essential Director Update is one of the most anticipated series in the company director’s calendar, an exclusive, complimentary, member-only annual seminar held nationally.
MISLEADING OR DECEPTIVE CONDUCT – financial services – s 12DA Australian Securities and Investment Commission Act 2001 (Cth) – where respondents had not read the documents provided by the appellants in relation to a complex financial product – where strong reservations on credit had been expressed – whether respondents were led into error by the appellants in relation to the capital protection feature – whether the appellants caused the respondents’ loss – where post-facto evidence relied upon – dismissed
Australian Securities and Investments Commission Act 2001 (Cth) ss 12BAA, 12 BAB, 12DA, 12DB
Corporations Act 2001 (Cth) ss 708, 761G(4), 761G(7), 944A, 946A
CORPORATIONS – share capital – shares – valuations -where orders made by Court of Appeal provide for a valuation to be undertaken by reference to the market value of the whole share capital of the company – where conflicting expert valuation evidence – where expert evidence differed on the application of differing methodologies – whether earnings-based valuation or valuation based on unadjusted balance sheet should be applied. Corporations Act 2001 (Cth) ss 95A, 296, 307
Swimming pool defects – liability of franchisor and franchisee – damages or replacement – breach of contract – breach of statutory obligations – limitation periods – ongoing structural warranty – liability of pool manufacturer – measure of damages
CORPORATIONS – unregistered managed investment scheme – no prospectus – information memorandum offering investment only to limited classes of investors – representations made by investor – funds loaned to invest in scheme – whether defendant a “professional investor” – meaning of “control” – Corporations Act 2001 (Cth), ss 9, 708(11) (as enacted in the Financial Services Reform Act 2001 (Cth)).