On June 26 2004 the Basel Committee on Banking Supervision introduced the New Basel Capital Accord (Basel II). The existing Basel Capital Accord (Basel I) regulated the capital requirements of banks and authorized deposit-taking institutions. Basel II revises the existing regime by creating a stronger link between risk and capital requirements.

Towards the end of 2004 the Ministerial Council on Consumer Affairs (CCA) published a discussion paper proposing a uniform national regulatory scheme for finance and mortgage brokers in Australia. This update summarizes the paper's recommendations.

This update summarizes the draft Prudential Standard in relation to ADIs operating in Australia and comments on industry feedback to the governance proposals.

The forms required to notify details of land held on trust and to nominate beneficiaries have now been released by the State Revenue Office.

The Sons of Gwalia decision should not prevent US investors from purchasing Australian debt securities or making loans to Australian corporates. At the same time, we have been involved in other restructuring and insolvency situations and the shadow of pari passu shareholder claims has loomed large in each of those situations, repeatedly frustrating swift restructuring efforts.

Communications between a solicitor or client and a third party are privileged if it can be established that they were prepared for the dominant purpose of giving or obtaining legal advice. It is not necessary that the third party be an agent of the solicitor or client.

Confidential communications between a solicitor and client are, if made for the dominant purpose of giving legal advice or for use in existing or anticipated litigation, generally subject to legal professional privilege.

Family Office Comparative Guide for the jurisdiction of Australia, check out our comparative guides section to compare across multiple countries