O77 Public Order Safety and Regulatory Services

Approval ‘one of the fastest in history’

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Original article by Sean Nicholls
The Sydney Morning Herald – Page: 3 : 12-Aug-14

Micheil Brodie, CEO of the Independent Liquor & Gaming Authority (ILGA) in New South Wales, has commented on the probity check recently carried out on Crown Resorts. The listed gaming group has gained permission to operate a new luxury casino at Barangaroo in Sydney, and Brodie noted that the three months the process took was the fastest assessment yet by the ILGA. He dismissed speculation that the granting of a licence under the Casino Control Act may have been jeopardised by Crown chair James Packer’s public brawl with Nine Entertainment CEO David Gyngell

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, ECHO ENTERTAINMENT GROUP LIMITED – ASX EGP, THE STAR, NEW SOUTH WALES. INDEPENDENT LIQUOR AND GAMING AUTHORITY

ASIC: Newcrest fine a warning

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Original article by Nassim Khadem
The Australian Financial Review – Page: 24 : 7-Aug-14

The Australian Securities & Investments Commission will undertake a review of analysts’ research reports in the wake of the scandal over Newcrest Mining’s selective briefings. ASIC commissioner John Price says the gold miner’s record $A1.2m fine demonstrates the need for companies to ensure that they comply with continuous disclosure requirements and make market-sensitive information available to all financial market participants

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALASIAN INVESTOR RELATIONS ASSOCIATION LIMITED, SLATER AND GORDON LIMITED – ASX SGH

Little joy for big four in Moody’s assessment

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Original article by Michael Bennet
The Australian – Page: 19 : 5-Aug-14

Credit ratings agency Moody’s Investors Service has commented on the findings of the Australian Government’s financial system inquiry. Its chair, David Murray, had rejected claims by the four main banks that they were facing an unduly harsh regulatory burden in the local roll-out of the Basel III reforms for the sector. Banks with domestic systemic importance, or those deemed "too big to fail", must increase their tier-one capital ratios. However Moody’s notes that its data show banks of a similar size overseas are no better off, and worse in the UK and Canada

CORPORATES
MOODY’S INVESTORS SERVICE INCORPORATED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, BANK FOR INTERNATIONAL SETTLEMENTS. BASEL COMMITTEE ON BANKING SUPERVISION, UBS HOLDINGS PTY LTD

ASIC taking strong action

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Original article by Nassim Khadem
The Australian Financial Review – Page: 11 : 1-Aug-14

Greg Tanzer of the Australian Securities & Investments Commission (ASIC) has issued its report on regulation of the financial planning profession, for the six months ending 30 June 2014. A total 256 enforcement actions were taken by ASIC, with 173 of these relating to small business operators. During the half-year 28 individuals were banned from providing financial advice. The watchdog has to contend with budget cuts of $A120m as well as recent amendments to the Future of Financial Advice laws

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, VIRGIN MONEY (AUSTRALIA) PTY LTD, GE MONEY, AUSTRALIAN LABOR PARTY

Police union demands 1800 extra officers on street

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Original article by Rania Spooner
The Age – Page: 4 : 1-Aug-14

The Police Association of Victoria wants the number of police officers in the state to be increased by 1,880 by the end of 2018. The Police Association’s secretary, Detective Senior Sergeant Ron Iddles, says there is a need for more officers who can respond to emergency calls rather than working for taskforces. He notes that there has been a sharp increase in crime in parts of Melbourne that are experiencing high population growth

CORPORATES
VICTORIA POLICE, THE POLICE ASSOCIATION OF VICTORIA, PRESS COUNCIL OF AUSTRALIA

ACCC chases carbon levies

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Original article by Phillip Coorey, Joanna Heath
The Australian Financial Review – Page: 5 : 30-Jul-14

The Australian Competition & Consumer Commission (ACCC) will crack down on about 120 organisations that fail to recompense consumers following the abolition of the carbon tax. This includes companies such as airlines and waste management groups, as well as local councils. They had generally increased prices when the tax was introduced, and the ACCC is concerned that they may try to avoid passing on savings to consumers now that tax has been scrapped

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, QANTAS AIRWAYS LIMITED – ASX QAN, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, AUSTRALIAN LANDFILL OWNERS ASSOCIATION LIMITED, VEOLIA ENVIRONMENTAL SERVICES (AUSTRALIA) PTY LTD, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE ENVIRONMENT

Public safety at risk over cardiac calls: Firefighters

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Original article by Nino Bucci
The Age – Page: 9 : 28-Jul-14

The Fair Work Commission is hearing a dispute between the Metropolitan Fire Brigade and the United Firefighters Union in Victoria. The latter had during the 2013-14 summer argued that its members were not properly prepared to attend to cardiac arrest calls during a record heatwave. The MBF had wanted to roster an additional 30 staff, as 300 such emergencies were forecast. Firefighters accompany Ambulance Victoria paramedics to all incidents where patients have stopped breathing

CORPORATES
UNITED FIREFIGHTERS’ UNION OF AUSTRALIA, METROPOLITAN FIRE AND EMERGENCY SERVICES BOARD, MELBOURNE METROPOLITAN FIRE BRIGADE, AMBULANCE VICTORIA FIRST AID, AUSTRALIA. FAIR WORK COMMISSION

Majors facing $23bn ‘too big to fail’ slug

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Original article by Michael Bennet
The Australian – Page: 19 : 18-Jul-14

The interim report by the inquiry into Australia’s financial system has proposed stricter capital requirements for banks that are deemed to be "systemically important". The four major banks will have to lift their tier-one capital holdings to eight per cent from 2016. Jonathan Mott of UBS says that lifting the capital ratio above 10 per cent would require banks to increase their common equity tier one capital by around $A23bn

CORPORATES
UBS HOLDINGS PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, ARNHEM INVESTMENT MANAGEMENT PTY LTD, DEUTSCHE BANK AG

Bitcoin here to stay and ready for rules

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Original article by Ruth Liew
The Australian Financial Review – Page: 17 : 11-Jul-14

Australian Digital Currency Commerce Association chairman delegate Ronald Tucker says the nation can be at the forefront of regulation for the Bitcoin digital currency. He has held talks on the issue with the Australian Taxation Office, Australian Securities & Investments Commission, Treasury and Reserve Bank of Australia. New businesses related to the trade in Bitcoins have attracted investment of $US300m-plus ($A310m) globally between early 2013 and mid-2014, and close to $A11m in Australia. They include the backdoor-listed Digital CC

CORPORATES
DIGITAL CC LIMITED – ASX DCC, AUSTRALIAN DIGITAL CURRENCY COMMERCE ASSOCIATION LIMITED, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, MTGOX, GREAT BRITAIN. HM REVENUE AND CUSTOMS, EUROPEAN BANKING AUTHORITY

Complaints may spur sham charity clampdown

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Original article by Nassim Khadem
The Australian Financial Review – Page: 40 : 9-Jul-14

Taxation experts predict a crackdown on businesses that obtain tax-exempt status by setting up fake charities. Such abuses account for about a quarter of the 805 complaints received by the Australian Charities & Not-for-profits Commission since it began operating in May 2014. The Federal Government wants to scrap the watchdog and hand responsibility for the charities sector back to the Australian Taxation Office

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIAN CHARITIES AND NOT-FOR-PROFITS COMMISSION, WEALTH SAFE PTY LTD