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The Department of Home Affairs has issued its draft guidance “Modern Slavery Act 2018: Draft Guidance for Reporting Entities” (Draft Guidance) for the new Modern Slavery Act 2018 (Cth) (the Act).
Welcome to the latest update from Gilbert + Tobin's Corporate Advisory team. The update provides a summary of key recent legal developments, particularly relevant to in-house counsel.
In this issue, you will find:
A round up of key relevant legislation, enacted or proposed, over the last month including:
Following extensive stakeholder consultation, the following 3 new Acts implement a new industry funding model to recover the regulatory costs of the ASIC through annual levies and fees-for-service payable by entities regulated by ASIC, effective from 1 July 2017:
For further details, see:
Final Regulations will be released shortly.
The new Corporations Amendment (Crowd-sourced Funding) Regulations 2017 make changes to the Corporations Regulations 2001 (Cth) to give effect to the new crowd-sourced funding (CSF) regime which is set to commence on 29 September 2017.
In summary, the Regulations prescribe:
See also the explanatory statement.
ASIC has also released the following 2 consultation papers which propose guidance for public companies and intermediaries (i.e. crowd funding platform operators) to assist them in using the CSF regime:
Submission on the Consultation Papers are due by 3 August 2017.
See also ASIC’s media release dated 22 June 2017.
For further details on the CSF regime, see:
This Corporations Amendment (Modernisation of Members Registration) Bill 2017, a Private Members Bill which was introduced into the Senate by Senator Xenophon on 15 June 2017, proposes to amend section 169(1)(a) the Corporations Act 2001 (Cth) to include an email address in the information that must be contained in a register of members.
According to the explanatory memorandum, the inclusion of a member’s email address takes into account that most communication between companies and members is via email, and brings the provision into line with modern communication methods.
The Bill has been referred to the Senate Economics Legislation Committee and is due for report on 11 September 2017.
Following the Government’s announcement in October last year that it would strengthen financial regulation to better protect Australians from the possible abuse and manipulation of financial benchmarks, Treasury has released the following exposure draft legislation:
together with explanatory materials.
The proposed Bills establish the overarching framework for the regulatory regime which is proposed to commence from 1 January 2018 and will require administrators of 'significant' benchmarks (which are to be determined by ASIC subject to a number of specified criteria) to obtain a 'benchmark administrator' license and comply with a number of new regulatory requirements.
The Government and ASIC will continue to consult on the regulatory regime, with this detail to be included in subsequent draft ASIC rules.
Submissions are due by Monday 24 July 2017.
See ASIC media release dated 26 June 2017.
The Treasury Laws Amendment (2017 Enterprise Incentives No 2) Bill 2017 was passed by the House of Representatives on 22 June 2017 and has had a second reading moved in the Senate.
The State Revenue and Other Legislation Amendment (Budget Measures) Bill 2017 (NSW) (Bill) passed through NSW Parliament on 22 June 2017 and is received Assent on 27 June 2017. According to the explanatory note, the Bill aims to amend state revenue and other legislation in connection with the State Budget for the 2017/18 financial year.
Specifically, the Billamends the Duties Act 1997 (NSW) to, among other things: