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:

• Legislation and proposed legislation
  • New foreign resident withholding tax regime now applies
     
• ASIC
  • ASIC does its due diligence on IPOs
  • ASIC simplifies company auditor registration
  • ASIC releases results of its review of 31 December 2015 financial reports and focus areas for 30 June 2016 financial reports
     
• ASX
  • Continuous disclosure and naming parties to transactions
     
• Other G+T publications
  • Update on voting by responsible entities and their associates
  • Blockchain:  the importance of creating new governance
  • @Work – New rates and thresholds from 1 July 2016

     

• Cases
  • Full Court of the Federal Court re-affirms limits on the powers of shareholders in general meeting:  Australasian Centre for Corporate Responsibility v Commonwealth Bank of Australia [2016] FCAFC 80
  • Directors’ conflicts of interest – when is more than disclosure of the conflict and abstention from deliberations required?:  Duncan v Independent Commission Against Corruption [2016] NSWCA 143
  • The High Court backs the ANZ on bank fees:  Paciocco v Australian and New Zealand Banking Group Limited [2016] HCA 28
  • A promise to “be looked after at renewal time” held to be too uncertain to be enforceable:  Crown Melbourne Limited v Cosmopolitan Hotel (Vic) Pty Ltd [2016] HCA 26