09 February 2004
Welcome to the first edition of Clayton Utz Banking & Financial Services Insights for 2004. We hope you enjoyed the festive season and are ready for what promises to be a challenging year.
In this edition, we'll examine new conflict of interest rules, proposed money laundering laws and better banking for the bush.
We'll also find out what the ATO says about GST and securitisation, and what ASIC can do when you offer enforceable undertakings.
By Randal Dennings and Graeme Howatson.
Randal Dennings and Graeme Howatson advise it may be wise for licensees to start planning for any necessary changes to their compliance system sooner rather than later.
By Mark Sneddon and Soruban Rajakulendran.
A recently released Government report details measure designed to improve financial services to the bush, as Mark Sneddon and Soruban Rajakulendran explain.
By Brian Salter .
As part of the fight against organised crime and terrorism, money laundering laws will be overhauled. Brian Salter looks at the new requirements which extend beyond banking to all financial products.
By Andrew Sommer.
Andrew Sommer looks at a draft ruling from the ATO which specifically addresses the GST consequences of the assignment of income streams in the securitisation context.
By Randal Dennings and Graeme Howatson.
Randal Dennings and Graeme Howatson review a recent decision which holds that a banker's duty of confidentiality also applies to non-bank financial institutions.
Clayton Utz acted for the Australian Railroad Group in refinancing the facilities it put in place for the acquisition of the Western Australian Government freight rail business in 2000.
By Nicholas Mavrakis and Felicity Slater.
A recent decision has implications for the strategy a financial services provider may formulate in responding to ASIC enforcement action, as Nicholas Mavrakis and Felicity Slater show.
Our new roundup section. This month: we open an Adelaide office, and look at the Spam Act.
