The New South Wales Budget, released this week, included a stamp duty exemption for ‘top-hatting’. This removes another barrier to stapled groups restructuring under a single entity.

This month we discuss, among other things, the expansion of RBA repo-eligibility criteria, the ASIC debenture advertising guidelines, the proposed changes to rating agencies’ code of conduct and rating agencies’ response, and the Financial Stability Forum.

As expected, this year’s Federal Budget has significant infrastructure related aspects, including an allocation of $40 billion from the 07/08 and (projected) 08/09 budget surpluses to be invested in three newly-established nation building funds.

The Australian Securitisation Forum (ASF) released a discussion paper on 9 April 2008 proposing that the Federal Government consider establishing what would essentially be a government guaranteed, mortgage-backed securities market.

Following public consultation on the exposure draft of the Duties Bill 2007 (WA), a revised version of the Bill was introduced into the Western Australian Parliament on 28 November 2007.

On 30 November 2007 APRA released the final version of its revised rules for securitisation by authorised deposit-taking institutions which has an effective commencement date of 1 January 2008, subject to some transitional provisions.

An exposure draft of the Duties Bill 2007 (WA) was released on 9 August 2007. Comments on the exposure draft must be provided by 21 September 2007.

On 11 July 2007, APRA released a final draft of its proposed rules for securitisation by authorised deposit-taking institutions (ADIs), which is to have an effective commencement date of 1 January 2008.  This final draft of APS 120 (Final Draft) was released together with an APRA paper detailing the key issues raised in submissions made to APRA in response to its first re-draft of APS 120 (Initial Draft), the nature of the submissions and APRA’s response to those submissions. Freehills’ securitisation team has been actively involved in this. Responses on the Final Draft are due by 10 August 2007.

In this article, we explore the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, and its amendments, which aim to fulfil Australia’s international obligations to deter money laundering and terrorism financing.

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Act) takes effect today. The legislation passed through the Senate on 7 December 2006 and received royal assent on 12 December 2006.

The government has released its responses to the Privacy Commissioner’s report, Getting in on the Act: The Review of the Private Sector Provisions of the Privacy Act 1988 and the Senate Legal and Constitutional Committee report, The Real Big Brother: Inquiry into the Privacy Act 1988. 

On 28 November 2006, the Senate’s Standing Committee on Legal and Constitutional Affairs released its report on the Anti-Money Laundering and Counter-Terrorism Financing Bill, making 14 recommendations.

On 13 November 2006, the Australian Prudential Regulatory Authority released a discussion paper and accompanying draft prudential practice standard on securitisation in the form of a new draft of the existing Prudential Standard APS 120 ‘Funds Management and Securitisation’.

In this update we outline the impact of the second phase of anti-money laundering and counter-terrorism financing reforms that will come into operation from 1 July 2007.

This month we disuss, among other things, implications of the AML/CTF Bill on securitisation, APRA’s proposed new securitisation rules, a way forward for covered bonds in Australia and some lessons for home equity release products.

On 13 November, the Australian Prudential Regulation Authority released its proposed new rules relating to both traditional and synthetic securitisation by authorised deposit-taking institutions.

In this update we discuss the introduction of the AML and CTF Bill into parliament, credit provider determinations issued, the introduction of the Payment Systems (Regulation) Regulations by the Reserve Bank and other developments around Australia.

The anti-money laundering and counter-terrorism financing reforms aim to bring Australia into line with international best practice to deter money laundering and terrorism financing. The framework for the reforms consist of principles-based legislation which provides for the development of operational rules by AUSTRAC.

The anti-money laundering and counter-terrorism financing reforms were introduced into parliament today, the first of many legislative reforms to Australia’s AML/CTF regulatory regime.

On 28 September 2006, the Victorian Minister for Consumer Affairs, Marsha Thomson MP, released the Government Response to the Report of the Consumer Credit Review.