Australia: Corporate Law News

Last Updated: 19 July 2007

REGULATORY AUTHORITIES

ASIC

Renaming of existing ASIC documents

From the 5 July 2007 onwards, regulatory guides will replace policy statements, practice notes, FAQs and other previously released ASIC guidance. The remaining regulatory documents – consultation papers, reports and information sheets – as well as class orders, instruments and forms, will continue in their current form, while new and updated documents will be published using a revised template, including document overviews and section summaries.

ASIC will also be releasing a 'regulatory road map', indexing links to regulatory documents and class orders, to assist people in locating documents on the ASIC website.

ASIC – A guide to our regulatory documents can be accessed via the following link:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/ASIC_Guide_to_regulatory_docs.pdf/$file/ASIC_Guide_to_regulatory_docs.pdf

Investor directed portfolio services – consultation paper and Class Order

ASIC has released a consultation paper reviewing its approach to the regulation of investor directed portfolio services (IDPS).

Review of ASIC policy on investor directed portfolio services – ASIC consultation paper proposes a number of amendments to Policy Statement PS 148 Investor directed portfolio services, including the implementation of a 'principles based approach' to IDPS regulation, the adoption of a consistent approach to IDPS and IDPS-like schemes, and the removal of certain IDPS obligations to simplify the current regulatory framework.

The consultation paper also considers whether an Australian financial services licensee should be permitted to receive product disclosure statements issued under section 1012IA of the Corporations Act 2001 No. 50 (Cth) as an agent.

In addition to the consultation paper, ASIC has released Class Order CO 07/480 Investor directed portfolio services, investor directed portfolio-like services and managed discretionary accounts – amendments, which amends CO 02/294 Investor directed portfolio services and CO 02/293 Investor directed portfolio-like services provided through a registered managed investment scheme, to clarify auditor report requirements for IDPS, IDPS-like schemes and managed discretionary accounts.

Review of ASIC policy on investor directed portfolio services – ASIC consultation paper can be accessed via the following link:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/CP_IDPS.pdf/$file/CP_IDPS.pdf

Policy Statement PS 148: Investor directed portfolio services can be accessed via the following link:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/ps148.pdf/$file/ps148.pdf

CO 07/480 Investor directed portfolio services, investor directed portfolio-like services and managed discretionary accounts – amendments can be accessed via the following link:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/co07-480.pdf/$file/co07-480.pdf

Consent to quote – Practice note and Class Order relief

ASIC has published a revised practice note, PN 55 Disclosure documents and PDS: consent to quote, and has granted Class Order relief to entities from obligations under the Corporations Act 2001 No. 50 (Cth) (Act) requiring them to gain the consent of a person they wish to quote in a prospectus, PDS or takeover document.

The Class Orders, CO 07/428 Consent to quote: Citing credit ratings, trading data and geological reports in disclosure documents and PDS and CO 07/429 Consent to quote: Citing credit ratings agencies, trading data and geological reports in takeovers, exempt entities from the consent provisions of the Act when quoting credit ratings, trading data and historical geological reports.

PN 55 Disclosure documents and PDS: consent to quote can be accessed via the following link:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/pn55.pdf/$file/pn55.pdf

CO 07/428 Consent to quote: Citing credit ratings, trading data and geological reports in disclosure documents and PDS can be accessed via the following link:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/co07-428.pdf/$file/co07-428.pdf

CO 07/429 Consent to quote: Citing credit ratings agencies, trading data and geological reports in takeovers can be accessed via the following link:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/co07-429.pdf/$file/co07-429.pdf

MIS withdrawal rights and scheme liquidity

ASIC has published a consultation paper on withdrawal rights disclosure and liquidity risks in relation to pooled mortgage schemes.

Managed investment schemes: Withdrawal rights and scheme liquidity proposes a number of minimum standards for responsible entities of pooled mortgage schemes in relation to risk management, risk monitoring and disclosure of withdrawal rights to members.

Submissions on the consultation paper are invited and must be received by 21 August 2007.

Managed investment schemes: Withdrawal rights and scheme liquidity can be accessed via the following link:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp_managed_investments_liquidity.pdf/$file/cp_managed_investments_liquidity.pdf

Tracing beneficial ownership – Policy Statement update

ASIC has reviewed its policy on beneficial ownership tracing to incorporate previous guidance contained in Information Release IR 05/50 ASIC revises practice in relation to beneficial tracing notices, and its current approach to tracing requests received from non members.

The updated Policy Statement, PS 86 Tracing beneficial ownership, also takes into account recent court judgements involving the operation of the beneficial ownership tracing sections in the Corporations Act 2001 No. 50 (Cth).

Policy statement PS 86 Tracing beneficial ownership can be accessed via the following link:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/ps86.pdf/$file/ps86.pdf

Information Release IR 05/50 ASIC revises practice in relation to beneficial tracing notices can be accessed via the following link:

http://www.asic.gov.au/asic/asic.nsf/byheadline/IR+05-50+ASIC+revises+practice+in+relation+to+beneficial+tracing+notices?openDocument

Updated AFS licensing requirements

ASIC has published a revised Policy Statement and Pro Forma licence conditions, and withdrawn three guides in relation to Australian financial services (AFS) licensing requirements.

The updated Policy Statement PS 166 Licensing: Financial requirements contains a revised approach to calculating 'surplus liquid funds', while Pro Forma 209 Australian financial services licence conditions has been amended to incorporate the updated Policy Statement 166 and recent changes to PS 160 Time-sharing schemes, in addition to recent guidance contained in CO 04/1526 Securitisation special purpose vehicles and CO 05/26 Constitutional provisions about the consideration to acquire interests.

The guides Meeting the financial requirements for your AFS licence: Compliance with Policy Statement PS 166 – An ASIC guide, Responsible officers: Demonstrating compliance with organisation competency obligations – An ASIC guide and Small business and your AFS licence: Compliance with Policy Statements 164 and 181 – An ASIC guide have been withdrawn, as the guidance they contain has been, or is the process of being, incorporated into other ASIC documents.

PS 166 Licensing: Financial requirements can be accessed via the following link:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/ps166.pdf/$file/ps166.pdf

Pro Forma 209 Australian financial services licence conditions can be accessed via the following link:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/PF209.pdf/$file/PF209.pdf

Superannuation investment strategy product disclosure – revised policy

Following extensive industry consultation, ASIC has reissued its policy statement outlining how superannuation entities may comply with the product disclosure provisions of section 1012IA of the Corporations Act 2001 No. 50 (Cth).

In addition to clarifying the disclosure obligations for superannuation trustees contained in section 1012IA, Policy Statement PS184 Superannuation: Delivery of product disclosure for investment strategies introduces the 'integrated PDS' as a new disclosure relief option. An integrated PDS not only includes information about a superannuation product, but also information on investment strategies involving accessible financial products.

The transition period rules for compliance with section 1012IA apply from 1 July 2007 for new superannuation trustees, and to all new PDSs issued by current trustees from that date onwards.

PS184 Superannuation: Delivery of product disclosure for investment strategies can be accessed via the following link:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/ps184.pdf/$file/ps184.pdf

A table comparing the original PS184 to the reissued PS184 can be accessed via the following link:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/ps184concordance.pdf/$file/ps184concordance.pdf

Class Order CO 07/386 Superannuation: Delivery of product disclosure for investment strategies – amendment can be accessed via the following link:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/co07-386.pdf/$file/co07-386.pdf

Extended disclosure relief for general insurers: Class Order

ASIC has granted interim Class Order relief to general insurers from the disclosure requirements in sections 7.9.15D-7.9.15F of the Corporations Regulations 2001 No. 193 (Cth) (Regulations).

Class Order CO 07/409 General Insurance Disclosure: Extension of Transitional Period extends the compliance transition period contained in the Regulations to 31 August 2007, to allow general insurers to incorporate recent amendments to the Insurance Contacts Act 1984 No. 80 (Cth), and the proposed Corporations Amendment Regulations (Cth), into their disclosure documents.

CO 07/409 General Insurance Disclosure: Extension of Transitional Period can be accessed via the following link:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/co07-409.pdf/$file/co07-409.pdf

Actuaries receive AFSL relief extension: Class Order

ASIC has released Class Order CO 07/410 Actuaries: Further Extended Transitional Relief, which exempts actuaries from having to hold an Australian Financial Services Licence (AFSL) until 31 August 2007.

This extension should be sufficient to provide actuaries relief until Corporations Regulation 7.1.29 comes into effect later this year, which permanently exempts actuaries from having to hold an AFSL if providing the regular services of an actuary.

CO 07/410 Actuaries: Further Extended Transitional Relief can be accessed via the following link:

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/co07-410.pdf/$file/co07-410.pdf

Enforceable undertaking templates

ASIC has published four enforceable undertaking templates:

  • sample terms for a standard enforceable undertaking, with an example of acceptable background;
  • sample terms for compliance program assessment (including the form of the expert evidence note);
  • sample terms for compensation (including letter to be sent and procedure for contacting persons); and
  • sample terms for corrective advertising on the Internet (including example of possible advertisement).

The templates can be accessed via the following link:

http://www.asic.gov.au/asic/asic.nsf/byheadline/Enforceable+undertakings+templates?openDocumentAPRA

Basel II advanced approaches – response paper and final draft standards released

APRA has published a response paper, final draft prudential standards and accompanying prudential practice guides for authorised deposit-taking institutions (ADIs) on advanced approaches under the Basel II Capital Framework, in relation to credit risk, operational risk and interest rate risk in the banking book.

The paper responds to issues raised during the public consultation on draft prudential standards APS 113 Capital Adequacy: Internal Ratings-based Approach to Credit Risk, APS 115 Capital Adequacy: Advanced Measurement Approaches to Operational Risk and APS 117 Capital Adequacy: Interest Rate Risk in the Banking Book. The final draft standards and practice guides incorporate changes recommended in public submissions made to APRA.

Submissions on the final draft prudential standards are invited and must be received by 27 July 2007.

Response to Submissions – Implementation of the Basel II Capital Framework: 2. Advanced approaches to credit risk, operational risk and interest rate risk in the banking book can be accessed via the following link:

target=_new

http://www.apra.gov.au/ADI/upload/Response-paper_June-2007.pdf

Final draft prudential standards:

APS 113 Capital Adequacy: Internal Ratings-based Approach to Credit Risk can be accessed via the following link:

http://www.apra.gov.au/ADI/upload/Draft-APS-113-June-2007.pdf

APS 115 Capital Adequacy: Advanced Measurement Approaches to Operational Risk can be accessed via the following link:

http://www.apra.gov.au/ADI/upload/Draft-APS-115-June-2007.pdf

APS 117 Capital Adequacy: Interest Rate Risk in the Banking Book can be accessed via the following link:

http://www.apra.gov.au/ADI/upload/Draft-APS-117-June-2007.pdf

Final draft prudential practice guides:

APG 113 – Internal Ratings-based Approach to Credit Risk can be accessed via the following link:

http://www.apra.gov.au/ADI/upload/Draft-APG-113-13-June-2007.pdf

APG 115 – Advanced Measurement Approaches to Operational Risk can be accessed via the following link:

http://www.apra.gov.au/ADI/upload/Draft-APG-115.pdf

APG 117 – Interest Rate Risk in the Banking Book can be accessed via the following link:

http://www.apra.gov.au/ADI/upload/Draft-APG-117.pdf

Capital adequacy – discussion paper and draft prudential standards

APRA has published a discussion paper and draft prudential standards on capital adequacy requirements for authorised deposit taking institutions (ADIs) and general insurers.

The discussion paper, Capital adequacy for authorised deposit-taking institutions and general insurers, proposes a number of amendments to ADI and general insurer capital requirements, and are incorporated into the draft prudential standards APS 110 Capital Adequacy and APS 111 Capital Adequacy: Measurement of Capital. The majority of amendments to the ADI prudential standards will be mirrored in the general insurer prudential standard, GPS 110 Capital Adequacy.

The proposed changes aim to harmonise Australian capital adequacy requirements with the international Basel II Framework, and implement APRA's final approach to conglomerate groups involving one or more domestically incorporated ADI.

The discussion paper can be accessed via the following link:

http://www.apra.gov.au/Policy/upload/Discussion-paper-capital-July-07.pdf

The draft APS 110 Capital Adequacy can be accessed via the following link:

http://www.apra.gov.au/Policy/upload/Draft-Prudential-Standard-APS-110-July-07.pdf

The draft APS 111 Capital Adequacy: Measurement of Capital can be accessed via the following link:

http://www.apra.gov.au/Policy/upload/Draft-Prudential-Standard-APS-111-July-07.pdf

Modification declaration – sub-custodian arrangements

APRA has released Modification Declaration No. 1 of 2007 (MD107), which provides relief to registrable superannuation entity (RSE) licensees and custodians from subregulation 4.16(6) of the Superannuation Industry (Supervision) Regulations 1994 No. 57 (Cth), in relation to 'downstream' arrangements between the custodian and subcustodians. The relief is only available if the custodian, in its arrangement with the RSE licensee, assumes full liability if the sub-custodian does not exercise reasonable custody of an RSE's assets.

Modification Declaration No. 1 of 2007 can be accessed via the following link:

http://www.comlaw.gov.au/comlaw/legislation/legislativeinstrument1.nsf/0/6520818C6F7313A7CA2573090027FA67/$file/SISmodificationdeclarationNo1of2007.pdf

The explanatory statement can be accessed via the following link:

http://www.comlaw.gov.au/comlaw/legislation/legislativeinstrument1.nsf/0/5ED8C35E82CC555ECA2573090027F9DC/$file/ESMD1of2007ExplanatoryStatement1.pdf

Revised classification of Employer ETPs

Following consultation with the ATO, APRA has revised its classification of Employer Eligible Termination Payments (Employer ETPs).

APRA now considers that Employer ETPs should be classified as 'member contributions made by the member', as opposed to 'non-mandated employer contributions'.

APRA's classification update can be accessed via the following link:

http://www.apra.gov.au/Superannuation/upload/Update-in-Employer-ETPS-Circular-IA-1-18-June-07-Final.pdf

Superannuation audit report

APRA has released the approved form audit report for reporting entities under the Superannuation Industry (Supervision) Act 1993 No. 78 (Cth) (SIS Act). The audit report is applicable for reporting periods beginning on or after 1 July 2006, for the audit of APRA-regulated superannuation entities.

The approved form audit report (with notes) can be accessed via the following link:

http://www.apra.gov.au/Superannuation/upload/Final_AuditForm.pdfACCC

Telstra denied injunction against Optus's comparative ads

On 15 May 2007, the Federal Court dismissed an interlocutory injunction sought by Telstra to restrain Optus from publishing advertisements comparing the Optus $49 cap plan and Telstra's $40 phone plan. Telstra submitted the comparison was misleading because it did not compare like products. Evidence submitted showed that Optus has an Optus $39 ‘yes’ plan which is similar to the Telstra $40 phone plan, and Telstra has $49 cap plan, which has a number of features similar to the Optus $49 cap plan.

However, the court relied on the Full Court's judgement in Gillette Australia Pty Ltd v Energizer Australia Pty Ltd (2002) 193 ALR 629, in which the Full Court concluded that it was open to the advertiser to choose with which product it compared, and to choose the feature on which it made a comparison (ie, that it was not bound to compare like with like). The court held that there was no serious question to be tried and that the balance of convenience was against Telstra.

Telstra Corporation Limited v SingTel Optus Pty Ltd [2007] FCA 824 can be accessed via the following link:

http://www.austlii.edu.au/au/cases/cth/federal_ct/2007/824.html

Jefferson Ford loses counterclaim in Ford counterfeit parts case

On 6 June 2007, the Federal Court issued an interlocutory decision in proceedings brought by Ford Australia against Jefferson Ford alleging that it had sold counterfeit or non-genuine parts, constituting an infringement of various trade marks, a breach of sections 52 and 53 of the Trade Practices Act 1974 No. 51 (Cth) (TPA), and a breach of the dealer agreement. In interlocutory proceedings, the Federal Court has struck out certain provisions of the defence lodged by Jefferson Ford but also gave summary judgement in favour of Ford Australia in respect of a counter claim brought by Jefferson Ford against Ford Australia for contravention of sections 51AC and 51AD of the TPA.

Ford Motor Company of Australia Ltd v Jefferson Ford Pty Ltd [2007] FCA 870 can be accessed via the following link:

http://www.austlii.edu.au/au/cases/cth/federal_ct/2007/870.html

Petrol price-fixing decision won't be appealed

The ACCC announced that it would not appeal the recent decision of Australian Competition & Consumer Commission v Leahy Petroleum Pty Ltd [2007] FCA 794, where the Federal Court rejected its claims that there had been price-fixing in the Geelong petrol market in 1999 and 2000.

Although the ACCC had contemplated appealing in relation to the parties which admitted to having an 'understanding' with other petrol retailers about petrol pricing, the fact that there was no arrangement or agreement where 'all the parties had admitted their involvement' caused the ACCC to consider the success of any appeal unlikely.

ACCC's media release can be accessed via the following link:

http://www.accc.gov.au/content/index.phtml/itemId/790103/fromItemId/2332

Australian Competition & Consumer Commission v Leahy Petroleum Pty Ltd [2007] FCA 794 can be accessed via the following link:

http://www.austlii.edu.au/au/cases/cth/federal_ct/2007/794.htmlCAMAC

CAMAC to advise on insolvency law reform

The Treasury has requested that CAMAC address a number of issues raised by stakeholders during the consultation process for the Corporations Amendment (Insolvency) Bill 2007 (Cth).

The broad range of issues CAMAC has been asked to consider are contained in the terms of reference.

The terms of reference can be accessed via the following link:

http://www.camac.gov.au/camac/camac.nsf/byHeadline/PDFReference/$file/Insolvency_Law_Reform.pdf

TAKEOVERS PANEL

Becker Group Limited – Unacceptable circumstances and final orders

The Takeovers Panel (Panel) has made a declaration of unacceptable circumstances and final orders in relation to the activities of Becker Group Limited (Becker).

Becker was the target of an off-market takeover bid by Prime Media Broadcasting Services Pty Limited (Prime). Becker simultaneously entered into an Implementation Agreement in relation to Prime's offer, and an agreement with Becker Film Group Pty Limited (BFG) to sell it's film, production, exhibition and distribution businesses to BFG (the Asset Sale Proposal). The Asset Sale Proposal was conditional upon Prime obtaining 50% voting power in Becker, and Prime's offer was conditional on Prime obtaining 80% voting power in Becker.

At this time, Richard and Russell Becker were directors of Becker, and indirectly held 42.6% of Becker's shares, while Prime controlled 24.11%. Prime had indicated that it intended to support the Asset Sale Proposal, and Richard and Russell Becker had indicated that if the Asset Sale Proposal was successful, they would accept Prime's offer.

The Panel held that these circumstances were unacceptable, as Prime's voting for the Asset Sale Proposal and its subsequent approval, would:

  • confer a benefit upon Richard and Russell Becker that no other shareholder had the opportunity to take part in; and
  • be likely to affect to affect the control or potential control of Becker, and the efficient and competitive operation of the market for the shares in Becker.

It was also held that there were information deficiencies in a number of documents issued by Becker in relation to Prime's offer and the Proposed Asset Sale.

Consequently, the Panel made final orders prohibiting Prime from exercising any voting rights in Becker in relation to the Proposed Asset Sale during its takeover bid, and ordered the rectification of the information deficiencies in Becker's documents.

The Panel's decision in Becker Group Limited can be accessed via the following link:

http://www.takeovers.gov.au/content/1233/download/MR07-39.pdf

Finalised Guidance Note on insider participation in control transactions

The Panel has published a finalised Guidance Note, accompanied by a public consultation response paper, on when the Panel may make a declaration of unacceptable circumstances in relation to insider participation in control transactions.

Guidance Note 19 details the Panel’s approach to takeover bids where there is involvement, or possible involvement, with the bidder by an insider or participating insider (which may include management, directors and external advisors of the target company). It also sets out when the Panel can make a declaration of unacceptable circumstances in relation to such situations, in accordance with Chapter 6 of the Corporations Act 2001 No. 50 (Cth).

The consultation response paper includes material comments received by the Panel on the draft Guidance note, and reasons why the Panel incorporated or did not incorporate specific comments into the final Guidance Note.

Guidance Note 19: Insider participation in control transactions can be accessed via the following link:

http://www.takeovers.gov.au/content/1225/download/GN19_Insider_Participation.pdf

The public consultation response paper can be accessed via the following link:

http://www.takeovers.gov.au/content/1227/download/Insider_Participation.pdf

Queensland Cotton Holdings Limited - Panel PublishesReasons

The Panel has now published its reasons for declining to commence proceedings in relation to the activities of Queensland Cotton Holdings Limited.

The Panel’s reasons can be accessed via the following link:

http://www.takeovers.gov.au/content/1234/download/Queensland_Cotton_Holdings.pdf

Qantas Airways Limited 02R – reasons published

The Panel has now published its reasons for declining to commence proceedings in relation to an application to review its decision in Qantas Airways Limited 02.

The Panel’s reasons can be accessed via the following link:

http://www.takeovers.gov.au/content/1228/download/Qantas_Airways_Limited_02R.pdf

Magna Pacific (Holdings) Limited 03 & 04 - Panel Publishes Reasons

The Panel has now published its reasons for consenting to the withdrawal of Lionsgate Pty Limited's application in Magna Pacific (Holdings) Limited 03, and declining to commence proceedings in Magna Pacific (Holdings) Limited 04.

The Panel's reasons for its decision in Magna Pacific (Holdings) Limited 03 can be accessed via the following link:

http://www.takeovers.gov.au/content/1241/download/magna_pacific_limited_03.pdf

The Panel's reasons for its decision in Magna Pacific (Holdings) Limited 04 can be accessed via the following link:

http://www.takeovers.gov.au/content/1242/download/magna_pacific_limited_04.pdf

PROPOSED LEGISLATION

Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Bill 2007 (Cth)

The Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Bill 2007 (Cth) (Bill) proposes to amend the Corporations Act 2001 No. 50 (Cth) and Financial Sector (Collection of Data) Act 2001 No. 104 (Cth).

The Bill proposes that direct offshore foreign insurers be prudentially regulated by the Insurance Act 1973 No. 76 (Cth), and requires discretionary mutual funds to provide information to APRA so that the nature and scope of their operations can be accurately determined.

Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Bill 2007 (Cth) can be accessed via the following link:

http://parlinfoweb.aph.gov.au/piweb/Repository/Legis/Bills/Linked/21060712.pdf

The explanatory memorandum can be accessed via the following link:

http://parlinfoweb.aph.gov.au/piweb/Repository/Legis/ems/Linked/21060711.pdf

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Video
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration
Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:
  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.
  • Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.
    If you do not want us to provide your name and email address you may opt out by clicking here
    If you do not wish to receive any future announcements of products and services offered by Mondaq you may opt out by clicking here

    Terms & Conditions and Privacy Statement

    Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

    Use of www.mondaq.com

    You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

    Disclaimer

    Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

    The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

    Registration

    Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

    • To allow you to personalize the Mondaq websites you are visiting.
    • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
    • To produce demographic feedback for our information providers who provide information free for your use.

    Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

    Information Collection and Use

    We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

    We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

    Mondaq News Alerts

    In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

    Cookies

    A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

    Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

    Log Files

    We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

    Links

    This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

    Surveys & Contests

    From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

    Mail-A-Friend

    If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

    Emails

    From time to time Mondaq may send you emails promoting Mondaq services including new services. You may opt out of receiving such emails by clicking below.

    *** If you do not wish to receive any future announcements of services offered by Mondaq you may opt out by clicking here .

    Security

    This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

    Correcting/Updating Personal Information

    If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

    Notification of Changes

    If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

    How to contact Mondaq

    You can contact us with comments or queries at enquiries@mondaq.com.

    If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.

    By clicking Register you state you have read and agree to our Terms and Conditions