December

2011 wrap: New South Wales submits to the Feds for infrastructure funding - New South Wales has identified its infrastructure priorities, and as Stuart Cosgriff explains, there's a strong focus on transport infrastructure.
Airlines, climate change and carbon pricing - Given aviation's absence from Kyoto, and ICAO's failure to successfully address the aviation emissions problem, some states - and coalitions of states - are taking action to include aviation, but not without difficulty. David Hodgkinson sets out some of those responses and what they mean for aviation.
APRA address on prudential issues in securitisation - A recent speech from APRA's Charles Littrell has given some valuable insights into the regulator's approach to securitisation and current concerns.
APRA emphasises importance of written self-assessments for securitisations - A recent letter from APRA not only underscores the importance of getting self-assessment for securitisations right, but, as Louise McCoach and Alex Chernishev discover, contains some useful clarifications.
Arbitration and abuse of process: High Court clarifies their interaction - The High Court has brought some much-needed clarity to general principles of international arbitration law, abuse of process and inconsistent determinations, say Sid Wang and James Robinson.
ASIC drops proposed ban on "underlying profits" - ASIC is not totally opposed to the use of non-IFRS financials, but there's no room for them in financial statements, as David Landy explains.
Basel issues final rules for global systemically important banks - The Basel Committee has finalised its framework for global systemically important banks, say Louise McCoach and Alex Chernishev.
Bespoke is better: boilerplate provisions in agreements for overlapping tenements - The complex interplay of law and commercial imperatives means one size doesn't always fit all when it comes to making agreements for overlapping tenements, as Mark Geritz and James Minchinton explain.
Capitalisation of bank exposures to central counterparties - The Basel Committee on Banking Supervision continues its push to encourage the use of central counterparties with the release of a second consultative paper. Louise McCoach and Vittorio Casamento examine the latest proposals.
Carbon capture and storage: a done deal at Durban - The inclusion of carbon capture and storage in the Clean Development Mechanism at COP17 is a milestone decision, says Claire Smith.
Carbon Farming Initiative takes off - Now that the legislative architecture is in place, says Nick Thomas, stakeholders should consider how the Carbon Farming Initiative will affect their projects.
Clayton Utz advises on Centro Group restructure - Clayton Utz and co-legal adviser Maddocks have advised Centro Retail Limited and Centro Retail Trust (CER) in relation to the complex restructure of Centro Group, which was approved by the Supreme Court of New South Wales on 1 December 2011.
Clayton Utz advising Extract on potential downstream acquisition - Clayton Utz is advising ASX/TSX/NSX listed Extract Resources Limited in connection with the £632 million recommended conditional cash offer made overnight by Taurus Mineral Limited, an entity owned by CGNPC Uranium Resources Co and the China-Africa Development Fund, for AIM listed Kalahari Minerals plc.
Clayton Utz advising Macquarie Capital and Euroz on $148M equity raising by Independence Group NL - Clayton Utz is acting as counsel to Macquarie Capital (Australia) Limited and Euroz Securities Limited, joint lead managers in respect of the successfully completed $118 million institutional placement by ASX-listed nickel miner and gold explorer, Idependence Group NL.
Clayton Utz advising Wah Nam International on takeover bid for Brockman Resources - Clayton Utz is acting as Australian counsel to ASX/HKEx listed Wah Nam International Holdings Limited in respect of its off-market takeover bid, through its subsidiary, Wah Nam International Australia Pty Ltd, for the remaining ordinary shares in ASX listed Brockman Resources Limited that it does not already own.
Clayton Utz honoured with CCIA Benefactors Award - Clayton Utz has been awarded a Children's Cancer Institute Australia (CCIA) Benefactor Award in recognition of the firm's support for the charity over 20 years.
Clayton Utz named a 2011 Myer Supplier of the Year finalist - Clayton Utz is honoured to have been named a finalist in the 2011 Myer Supplier of the Year awards.
Clayton Utz partner appointed Chair of Large Law Firm Group - Clayton Utz Managing Partner - International and Chief Operating Officer Stuart Clark has been appointed Chair of the Large Law Firm Group (LLFG).
Clayton Utz partner joins Women in Banking & Finance leadership team - Clayton Utz Sydney Banking partner Louise McCoach has been elected to the Women in Banking & Finance (WiBF) Executive Committee, effective 2012.
Clayton Utz partner wins Best Lawyer award at inaugural Asia Women in Business Law Awards - Clayton Utz partner and national Restructuring and Insolvency practice head Karen O'Flynn was last night named Best Lawyer in Insolvency and Restructuring at the inaugural Euromoney Legal Media Group Asia Women in Business Law Awards 2011 held in Hong Kong.
Climate change test case struck out - no implied limit on CO2 emissions - Climate change action group Rising Tide has failed in its attempt to curtail Macquarie Generation's emission of CO2 from the Bayswater power station using NSW pollution laws (Clayton Utz acted for Macquarie Generation in the proceedings).
Consultation begins: Modernizing the taxation of trust income - Trustees and beneficiaries now have an opportunity to be contribute to the Government's impending rewrite and modernization of the income tax laws applying to trusts, as Simon Bowden explains.
COP 17 and beyond - the challenges posed by the Durban Platform - What does the Durban Platform give us that the Kyoto Protocol couldn't, ask Brendan Bateman and Alison Packham.
Crystal balls and implications of the Metcash case on future ACCC merger decisions - The widely reported decision of the Full Court of the Federal Court to dismiss the ACCC's appeal in the Metcash case represents a comprehensive rejection of the ACCC's analysis of the competition issues raised by Metcash's acquisition of Franklins.
Disclosure and liability requirements for retail corporate bonds could be streamlined - Disclosure and liability requirements under the Corporations Act for the Australian retail corporate bond market could be streamlined, if proposals in a new discussion paper are adopted.
Durban Platform the future path for reducing global carbon emissions - The Kyoto Protocol has received a last minute reprieve but is likely to be mostly superseded by the Durban Platform, the key outcome of COP17, and the work of the Ad Hoc Working Group on the Durban Platform for Enhanced Action.
Final report on interactive and online gambling released - The three reviews of interactive and online gambling diverge markedly on amending the Interactive Gambling Act. Tony Rein and Zoe Taylor look at what's been recommended.
Financial market infrastructure regulation: Proposals for reform in Australia - Louise McCoach and Vittorio Casamento put the Australian Council of Financial Regulators' latest reform proposals under the microscope.
India: a widening scope to avoid enforcement of foreign awards - A recent Indian court decision has serious implications for anyone contracting with Indian companies, say Rob Cutler & Tim Webb
Integrated legal risk management - Opportunities for the transport and logistics industry part 2 - What are the legal risks for transport and logistics? And what are the practical steps you could take to manage them, ask Randal Dennings and Wei-Loong Chen.
ISDA publishes draft Appendix to the 2011 ISDA Equity Derivatives Definitions - ISDA's latest draft definitions are very detailed and differ markedly from the equivalent provisions in the 2002 ISDA Equity Definitions, so parties need to familiarise themselves with their contents now, say Louise McCoach and Vittorio Casamento.
No emissions deal in Durban - On Monday the UK's Met Office Hadley Centre published the results of a major new scientific assessment of climate change.
Picking up the dividend pieces - The Government is considering both changing the rules and making it clear that dividends can be used for share capital reductions, says David Landy.
Privilege and in-house counsel - Tips to ensure privilege applies - Karen Ingram and Danielle Briers set out the practical steps you can take to ensure privilege attaches - and stays attached.
Privilege and in-house counsel: Tips to avoid waiver of privilege part 2 - There are some simple steps in-house counsel can take to ensure privilege isn't waived, say Karen Ingram and Danielle Briers.
Proposed changes to enhance loss utilisation for particular infrastructure projects – update - More details of how the Government's proposed tax incentive for private investment in infrastructure projects would work have been released, as Robyn Schofield explains.
Proposed reforms to the handling and use of client money in OTC derivatives transactions - Do the laws on the holding of client moneys in connection with OTC derivatives need reform? That's the question posed by a new discussion paper. Louise McCoach and Vittorio Casamento consider its main proposals.
RBA sets annual fee for committed liquidity facility - The RBA's released more details of its committed liquidity facility for ADIs, as Louise McCoach and Alex Chernishev explain.
Release of draft EPBC Act environmental offsets policy - The Draft Environmental Offsets Policy appears to be a step in the right direction, away from the current inconsistent application of offset "ratios", say Brad Wylynko and Lara Wilmot.
Shipping dangerous goods by air - checking procedures - Everyone in the supply chain is required to be familiar with the legislation governing the transport of dangerous goods by air, as Michael Underdown explains.
The Investment Manager Regime – calling all foreign funds! - Kirsten Fish looks at the latest in implementing an Investment Manager Regime, and what these tax changes will mean for foreign fund managers.
The two strikes rule: how has it played out? - Karen Evans-Cullen and Jasmine Sprange examine the first few months of the operation of the two-strikes rule. Is it being used as a general protest vote?
VCCC Project PPP financial close a milestone for Clayton Utz Projects and Finance teams - Clayton Utz continues to be at the forefront of social infrastructure project activity in Australia, with the announcement of financial close of the $1 billion plus Victorian Comprehensive Cancer Centre (VCCC) Project marking a significant milestone for the firm's client Plenary Group, and Clayton Utz as its legal advisers.
When can a party restrict the use of an unconditional performance guarantee? - When a party to a contract can restrict another party from calling upon the benefit of a performance guarantee has again been before the courts, as Michelle Larin reports.

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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.