In this article, we briefly outline the proposed design and distribution obligations and ASIC’s product intervention powers and offer some reflections on the issues arising particularly for product issuers.
Reflections on the proposed Design and Distribution Obligations and ASIC Product Intervention Powers
Draft law designed to adopt electronic employment record books has been prepared by the Russian Ministry of labor (“Draft law”). As of the date of this legal update publication the Draft law undergoes public discussions stage1.
Supreme Court finds that the State Revenue Office made a payroll tax mistake
In Nationwide Towing & Transport Pty Ltd v Cmr of State Revenue (No 2)  VSC 609, the Victorian Supreme Court determined that the taxpayer’s payroll tax assessments should be set aside, as an error of statutory interpretation had been made by the State Revenue Office, and the Commissioner of State Revenue (Commissioner) should reconsider whether the exemption for contractors who ordinarily perform services of that kind to the public generally had in fact been satisfied.
Victorian Minister for Health Jill Hennessy recently announced a new ‘automatic assessment’ system which will determine whether a patient is suitable for organ donation. While Victoria has the highest number of deceased organ donations in Australia, many people are still waiting up to four years for an organ transplant. The automatic assessment has been trialled at the Royal Melbourne Hospital over the past four years and resulted in an increase in the donation rates.
A crowdfunding platform for the agriculture and energy sectors, a social enterprise connecting busy parents with ‘moncierges’, an online bank, sugar-free ice-cream, a digital finance assistant, rocket engines, cutting-edge contraceptive technology and an online wine retailer that donates half its profit to charities are some of the innovative start-up projects that have won a spot in Frank Lab, Hall & Wilcox’s accelerator program for emerging businesses.
Most cryptocurrency transactions will involve the exchange of one cryptocurrency for another cryptocurrency (‘crypto-to-crypto’). Put another way, the majority of transactions that are undertaken will not involve a conversion to a fiat currency, such as US or Australian dollars.
Funds and financial products
Australian Financial Complaints Authority (AFCA) opens for business
On 1 November, AFCA opened for business and started accepting new complaints as a one-stop external dispute resolution (EDR) scheme.
Appointment of Alison Choy Flannigan
Leading independent business law firm Hall & Wilcox has bolstered its health, aged care, life sciences and community practices by appointing a respected leader in the field Alison Choy Flannigan as a new partner and leader of the firm’s national industry team.
ATO extends data matching program to eliminate incorrect reporting for share owners
On 30 October 2018, the ATO announced it is extending its data matching program, focussing on share data. The latest data matching protocol will see the ATO continue to receive data from ASIC, including details of the price, quantity and time of individual trades dating back to 2014. The ATO will use sophisticated technology to match the data against information reported in tax returns and other ATO records.
Flip back through articles, columns, tweets and other prognostications from marketing pundits over the past decade plus, and you’ll see a common theme: it’s going to be a big year for virtual reality (VR) and augmented reality (AR).