March

"At the margin" - draft new requirements for non-centrally cleared OTC derivatives - Draft Prudential Standard CPS 226 is designed to stem risk and contagion in non-centrally cleared derivatives through risk management and margining, but, ask Sonia Goumenis and Maria Ratner, will it affect a large proportion of entities who deal in OTC derivatives?
#PoliticalCorrectnessGoneMad? #auspol employees on social media - It is an election year and if one thing is certain, it is that employees will be keen to share their views by blogging, posting, hashtagging, regramming and sharing. What rights do Government employees have to express their political opinions on social media? Jennifer Wyborn and Nathan Moy tease out the issues and lay down some general guidance.
A holiday cruise, a cyclone and an unfair contract term: Ferme v Kimberley Discovery Cruises Pty Ltd - In 2016, there is likely to be an increased interest in the unfair contract term provisions of the Australian Consumer Law (ACL) due to the extension of the protection they provide to small businesses.
A statutory cause of action for serious invasions of privacy on the way for New South Wales? - Could NSW be the first place in Australia to have a statutory cause of action for serious invasions of privacy? Narelle Smythe and Morgan Clarke set out the model proposed by a Parliamentary Committee, and why much will depend upon the drafting of any legislation.
ACCC wins air cargo appeal on broader view of the international reach of Australian competition law - It won't affect new cartel cases, but Michael Corrigan, Doug Thompson and Anchal Kapur say the air cargo cartel case is important for understanding what is a market in Australia.
Aim of the new Strata Defects Regime: quick and efficient repairs of defects! - Around 85% of new strata schemes reportedly have at least one building defect, so the NSW Government is creating a new strata defects regime for high-rise strata buildings. Lina Fischer, Eugene Tan, Natalie Martins, Amna Qureshi and Anique Mawa set out how this will work, and what it means for developers, owners corporations, and certification professionals.
ASIC issues cyber resilience assessment report - A new ASIC report places the overall responsibility for cyber resilience firmly on the board of directors, says David Gerber.
Australia's new false accounting laws boost foreign bribery regime, so review accounting safeguards - On 1 March 2016 important legislative reforms relating to false accounting practices came into force in Australia. The introduction of these new offences will see a tougher regulatory regime coming into effect for the Commonwealth to pursue false accounting offenders, further strengthening Australia's foreign bribery regulation and enforcement regime and more closely aligning it with those of other jurisdictions such as the United States.
Changes to Employee Share Scheme Reporting in 2016 - Companies that provide Employee Share Schemes to their employees will need to take urgent action to make sure their ESS reporting is compatible with the new methods of lodgement with the Australian Taxation Office, as Mark Friezer and Natalie Hickman explain.
Changes to the laws affecting NSW incorporated associations - David Landy and Simon Truskett set out the recent changes affecting NSW incorporated associations.
Clayton Utz advises Joint Lead Managers on Western Areas Limited's A$60m equity raising - Clayton Utz has advised Macquarie Capital (Australia) Limited and Morgan Stanley Australia Securities Limited, as joint lead managers, bookrunners and underwriters in connection with the A$60 million placement by ASX-listed Perth based Western Areas Limited, announced to the market on 31 March 2016.
Clayton Utz advises Tox Free Solutions on its $70 million acquisition of Worth and $20 million placement - Clayton Utz has advised ASX-listed environment, waste management and industrial service provider Tox Free Solutions Ltd (ASX: TOX) on its successfully completed fully underwritten placement to institutional investors to raise gross proceeds of $20 million, announced yesterday.
Clayton Utz advises Tox Free Solutions on successful completion of $70 million acquisition - Clayton Utz has advised ASX-listed environment, waste management and industrial service provider Tox Free Solutions Ltd (ASX: TOX) in respect of its successful acquisition of 100% of the shares in Worth Corporation Pty Ltd, the owner of Worth Recycling Pty Ltd. The acquisition, which was announced on 21 March, completed today.
Clayton Utz named Firm of the Year at 2016 IFLR Asia Awards - Clayton Utz was last night named National Firm of the Year for Australia at the 2016 IFLR Asia Awards held in Hong Kong. The awards celebrate the region's most innovative firms and deals.
Clayton Utz partners are finalists at Lawyers Weekly Partner of the Year Awards - Six Clayton Utz partners are among a prominent shortlist of finalists in the running for an inaugural Lawyers Weekly Partner of the Year Award. The Awards celebrate outstanding law firm partners and their achievements in the last year.
Clayton Utz' Rod Halstead reappointed to the Takeovers Panel - Rod Halstead has been reappointed to the Federal Government's Takeovers Panel for a three-year term, effective today. Rod was first appointed to the Panel in 2010.
Clayton Utz Stays True to future talent with new graduate program - Clayton Utz has launched a new national graduate program and recruitment campaign to attract and retain talented individuals who are drawn to the firm's unique and independent culture.
Clients choose Clayton Utz as the best firm in the ACT - Clayton Utz was named Best ACT Firm at the 2016 Financial Review Client Choice Awards gala dinner in Sydney this week. This is the third time Clayton Utz's Canberra office has received the award.
Critical asset sales now subject to FIRB review - From 31 March 2016, FIRB will assess the sale of critical state-owned infrastructure assets to private foreign investors, as Graham Taylor, Samy Mansour and Mary Konstantopoulos explain.
Double dissolution: what it means for agencies - What is a double dissolution, and how will it affect the ordinary day-to-day life of the public service? Cain Sibley and Arthur Marusevich set out the basics for agencies.
Extended legal responsibility for environmental harm on the way in Queensland - More persons and entities, such as related persons or companies, could be required to clean up or pay for compliance or rehabilitation of land under proposed amendments included in the Environmental Protection (Chain of Responsibility) Bill 2016.
Extension of responsible lending obligations recommended by Senate Committee - A Senate committee report into agribusiness managed investment schemes has recommended discussions on extending the application of existing responsible lending obligations to credit provided for investment purposes, as Narelle Smythe and Morgan Clarke explain.
FoFA Bill takes effect tomorrow, so it's time to take advantage of the benefits - The Corporations Amendment (Financial Advice Measures) Bill (as amended by the Senate) today received Royal Assent, nearly two years after being introduced to Parliament on 19 March 2014. The Bill makes changes to the FoFA provisions of the Corporations Act that will take effect tomorrow.
Foreign investment in Australia: Trends and insights from the Treasury - Foreign investment is crucial to Australia's prosperity, but (perhaps surprisingly) there is no single authoritative source of data on it. A new Treasury working paper brings some clarity and, say Graham Taylor, Samy Mansour and Mary Konstantopoulos, a benchmark for assessing future developments.
Foreign investors face new tax hurdle to get FIRB approval - Significant changes to Australia's foreign investment review system are designed to ensure that foreign investors comply with Australian tax laws, but as Simon Truskett and Mark Friezer explain, they create, in effect, a parallel, but more draconian, tax compliance system for foreign investors.
Government announces media ownership law changes - Now that the media ownership changes have been announced, what should industry participants now be considering? Adam Foreman, Kate Jordan and Linda Evans set out the key changes and their implications.
Insurers must come to the liquidator's party - What happens if you have a real interest in insurance proceeds, the insurer is sitting on the fence or denying liability, and the insured either can't or won't pursue a claim? There could be a way out of that impasse, as Mark Waller and Chris Erfurt explain.
New attribution MIT rules - practicalities of amending existing trust deeds - Just about every Trust Deed will require amendment so that the fund can operate effectively under the AMIT rules, say Mark Friezer and Matt Daley.
New draft environmental regulations for NT's onshore oil and gas industry released - Nicole Besgrove and Margaret Michaels set out the detail of the Northern Territory Government's new draft environmental regulations for the NT oil and gas industry.
Northern Australia Infrastructure Facility: draft Investment Mandate released for comment - Comment is being sought by 29 March 2016 on a major part of the Commonwealth Government's strategy to tap the potential of Northern Australia: the Northern Australian Infrastructure Facility's Investment Mandate.
NSW Government revising Community Consultative Committee Guidelines for State Significant Projects - The NSW Government is proposing changes to the Community Consultative Committee Guidelines so that they will apply to all State significant projects. Claire Smith and Nicole Besgrove see what could be in store.
Rangelands land tenure reform coming soon in Western Australia - The WA Government is proposing to reform Crown land tenure to enable more diverse land use and increase security of tenure over the rangelands which cover most of the State, as Scott Girdler explains.
Reinstatement a real risk if you treat employees’ safety breaches differently - A recent case shows why employers should take careful note of their responses to employee safety breaches, and be aware that breaches are treated consistently, as Anna Casellas and Maddy Clohessy explain.
Resisting a subpoena as a non-party: When can oppression be put as a basis to set aside? - Receiving a subpoena, as a non-party or third party to proceedings, can be a daunting and burdensome experience, but it may be possible to narrow the range of the documents or even have the subpoena set aside. Lana Kelly explains one of the commonly argued grounds: that the subpoena is oppressive.
Special effects or smoke and mirrors? The possible impact of an effects test for misuse of market power cases - Businesses with large market positions must critically investigate their conduct and proactively address issues relating to market power before the ACCC does.
The ACCC announces appeal in egg cartel case: the plot chickens! - Doug Thompson and Elizabeth Richmond look at the latest twist in the ACCC's case against an alleged egg cartel, and explain why the result could have been very different overseas.
Think you're not "regularly engaged in the business of leasing"? Think again, says new PPSA decision - Dan Fitts warns companies that have leasing as a small and irregular part of their overall business that they still must comply with the PPSA if their interests in leased goods are to be protected.
Third party notices: what costs can be claimed by receiving parties? - Even if your organization is not involved in litigation itself as a party, you might still find you are embroiled in someone else's fight if they decide you have documents that are relevant to their court battle, but happily there is a way to recover those costs, as Matthew Edwards demonstrates.
Zero tolerance drug policy sets strong ground rules on gas rig - Amy Granger says that dismissal of an employee who tests positive for drugs may, at least in the context of safety-critical work, be lawful and reasonable.

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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.