February APRA flexes muscle in relation to securitisation - the new draft APS 120 and APG 120 reviewed - Reminiscent of the last release of a new draft of APS 120 in November 2007, APRA released a consultation draft of a revised APS 120 and APG 120 in late December last year. The drafts were part of a package of revised prudential standards and practice guides that implement the enhancements to Basel II finalised by the Basel Committee on Banking Supervision in July 2009. Clayton Utz advises on CSG's institutional placement - Clayton Utz has advised Macquarie Capital Advisers as underwriter of CSG Limited's fully underwritten A$65 million institutional placement, which completed in January. Clayton Utz announces partner resignations - Clayton Utz confirms that 14 partners have today tendered their resignations and will join UK firm Allen & Overy, which has announced plans to enter the Australian market. Clayton Utz forging ahead in a new era of competition - Clayton Utz Chief Executive Partner David Fagan has reaffirmed the firm's commitment to being Australia's most client focused and commercial law firm following the announcement that Clayton Utz is a finalist in the Best Law Firm category at the 2010 BRW Client Choice Awards to be announced in March. Copyright position with books to remain unchanged - The Australian Government announced that it would not change the regulatory regime with respect to books, contrary to the recommendation of the Productivity Commission that it remove parallel importation restrictions on books in the Copyright Act. Doing Business in Australia made easier with Clayton Utz guide - Clayton Utz is playing an active part in helping make Australia a more attractive destination for foreign investment with the launch of the latest edition of its well-known Doing Business in Australia guide. Enforcing patents likely to get easier in Australia - Nicholas Tyacke and Lauren Kapp look at the key recommendations in the Advisory Council on Intellectual Property's final report, "Post Grant Patent Enforcement Strategies. Goodbye to copyright for databases? Federal Court finds no copyright in phone directories - The Australian Federal Court has held that Telstra's phone directories are not literary works protected by the Copyright Act because there is no clear authorship and no originality, throwing into doubt the copyright protection for any database. Government seeks comment on National Broadband Network Company draft laws - The Federal Government has released exposure drafts of legislation for the ownership and governance of the National Broadband Network Company (NBN Co) and access to the wholesale services it will provide. GST and mergers and acquisitions: the Australian Taxation Office takes aim - The Australian Taxation Office will be scrutinising arrangements used to increase the recovery of GST incurred in mergers and acquisitions, according to its Taxpayer Alert TA 2010/1 issued on 18 February 2010. Managed investment trusts' eligibility for capital treatment significantly broadened by new Bill - The new Tax Laws Amendment (2010 Measures No. 1) Bill 2010 would allow managed investment trusts to elect for capital treatment of gains derived from the disposal of certain eligible assets, including shares. Men at Work go down (under) in Kookaburra copyright claim - The Federal Court of Australia has ruled that Men at Work's famous song "Down Under" infringes the copyright in the 1934 children's round "Kookaburra Sits in the Old Gum Tree" (Larrikin Music Publishing Pty Ltd v EMI Songs Australia Pty Ltd). Non-resident investors and divestments of Australian assets: ATO seeks industry comment post-TPG - By publicly pursuing TPG in relation to the Myer float, the ATO has indicated that future divestments of Australian assets by non-residents may come under scrutiny. Peninsula Link financial close another milestone for Clayton Utz - Clayton Utz' Major Projects has been providing strategic legal and commercial advice to the Linking Melbourne Authority on all aspects of the $759 million toll-free Peninsula Link project in Victoria. Trade mark specialist joins Clayton Utz - Clayton Utz is pleased to announce the appointment of trade mark specialist Brett Doyle as a Special Counsel in its Intellectual Property group, one of the largest and most experienced in Australia. US Bankruptcy Court flips English decision on flip clauses in Lehman Brothers case - On 25 January 2010, the United States Bankruptcy Court handed down its much-anticipated decision in relation to an action brought in that court by two Lehman Brothers entities against BNY Corporate Trustee Services Limited. Users, not ISPs, liable for copyright infringement after iiNet decision - The landmark copyright decision in Roadshow Films Pty Ltd v iiNet Ltd (No. 3)  FCA 24 means that an ISP will not be liable for copyright infringement merely for providing access to the internet. Disclaimer Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.