DISCLOSURE OF INFORMATION – AUSTRALIA

Bank staff blind eye to terror financing

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Original article by Sam Buckingham-Jones
The Australian – Page: 5 : 13-Jul-17

AUSTRAC has concluded that Australian financial services providers such as banks should be doing more to identify and report financial transactions that may involve money laundering or terrorism financing. It contends that front-line staff in particular have a key role in identifying such activity, but they may not be doing so as they have a focus on client retention. AUSTRAC noted that 60 per cent of trading and ­settling organisations failed to report any suspicious activity in the two years to March 2016.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

Construction watchdog ‘is misleading bosses’

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Original article by Ewin Hannan
The Australian – Page: 2 : 19-Jun-17

The Construction, Forestry, Mining & Energy Union may take legal action against the Australian Building & Construction Commission over alleged misinformation on its website. Dave Noonan, the national secretary of the CFMEU’s construction division, claims that the alleged inaccuracies on the ABCC’s website cover issues such as the rights of union officials to enter worksites and the investigations of alleged breaches of workplace laws.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION

Bad bank behaviour to be revealed

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Original article by Phillip Coorey, Joanna Mather, James Eyers, Jonathan Shapiro
The Australian Financial Review – Page: 1 & 6 : 25-Nov-16

The House of Representatives standing committee on economics has released a report on banks. Treasurer Scott Morrison said on 24 November 2016 that the committee’s recommendations were "very constructive" and "very practical", thus signalling his willingness to accept them. The recommendations include the creation of a new unit to ensure the right level of competition in the banking sector and easier access to customer data collected by banks. Committee chair David Coleman has described Australia’s banking sector as an oligopoly.

CORPORATES
AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, RATESETTER AUSTRALIA PTY LTD, AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Timing of bank inquiry will limit scrutiny: ALP

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Original article by Primrose Riordan
The Australian Financial Review – Page: 7 : 19-Sep-16

The Opposition has questioned the timing of a scheduled appearance by the "big four" bank CEOs before a parliamentary committee. They will front the inquiry in early October 2016, which coincides with both school holidays and a non-sitting week for Parliament. The Australian Labor Party also notes that it also covers the so-called "blackout period" for some of the banks, which will restrict the amount of information the CEOs can publicly disclose prior to the release of their financial results.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, FINANCE AND PUBLIC ADMINISTRATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Westpac refunds $20m over credit card transaction fees

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Original article by Clancy Yeates
The Age – Page: 21 : 9-Sep-16

Some 820,000 credit card customers of Westpac will be reimbursed after being charged foreign transaction fees on purchases via offshore merchants that were made in Australian dollars. The banking major has issued about $A20m worth of refunds after the Australian Securities & Investments Commission found that it had neglected to inform customers that such transactions would attract a so-called "foreign transaction fee". Westpac has also updated its terms and conditions.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

SurfStitch class action looms over briefings

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Original article by Sue Mitchell
The Australian Financial Review – Page: 28 : 14-Jun-16

The disclosure practices of online retailer SurfStitch are under scrutiny in the wake of a large share price fall that reduced its market capitalisation by $A500m. The stock fell by 53 per cent to $A0.48 in early May 2016, in response to a profit downgrade. There had also been heavy selling in the previous week, after the group held private briefings for some shareholders. Glenn McGowan, a partner at law firm Gadens, may launch a class-action on behalf of SurfStitch shareholders.

CORPORATES
SURFSTITCH GROUP LIMITED – ASX SRF, GADENS LAWYERS, MORGAN STANLEY AUSTRALIA LIMITED, STAB, MAGICSEAWEED, GARAGE ENTERTAINMENT, SURF HARDWARE INTERNATIONAL PTY LTD

Guvera committed to stockmarket listing

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Original article by David Swan
The Australian – Page: 19 : 14-Jun-16

Guvera CEO Darren Herft says the streaming music provider intends to proceed with its proposed IPO. The Australian Securities & Investments Commission has subjected the group’s prospectus to increased scrutiny, but Herft says Guvera is co-operating with ASIC to address its concerns. However, Guvera’s former commercial officer Michael Wallis-Brown disputes the number of active users that is claimed in the prospectus, and says the IPO should not proceed.

CORPORATES
GUVERA LIMITED – ASX GUV, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Coroner takes aim over privacy

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Original article by Chris Merritt
The Australian – Page: 26 & 28 : 13-Jun-16

The Seven Network’s Bruce McWilliam has expressed concern about the broader implications of a proposal for the inquest into the death of cricketer Phillip Hughes to scrutinise media coverage of the tragedy. He warns that this would give coroners greater power to regulate the reporting of incidents in which people died. The Ten Network’s senior litigation counsel, Tasha Smithies, says it is not appropriate for issues such as breaches of privacy to be handled by a coronial inquest.

CORPORATES
SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, TEN NETWORK HOLDINGS LIMITED – ASX TEN, NEW SOUTH WALES. CROWN SOLICITOR’S OFFICE, HIGH COURT OF AUSTRALIA, AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN LABOR PARTY, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY, AUSTRALIAN PRESS COUNCIL

Super funds push for more ESG disclosure

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Original article by Ruth Liew
The Australian Financial Review – Page: 22 : 3-Mar-16

Australian-listed companies are under pressure to report more thoroughly their environmental, social and governance (ESG) practices. On 2 March 2016, the Australian Council of Superannuation Investors (ACSI) and the Financial Services Council launched a new guide on corporate disclosure of ESG information to shareholders. Research by ACSI suggests that the ESG disclosure practices of ASX 200 companies are inadequate.

CORPORATES
FINANCIAL SERVICES COUNCIL, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Retail funds not exempt from disclosure rules: O’Dwyer

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Original article by Sally Rose
The Age – Page: 23 : 29-Jan-16

There will be no exemptions from the product disclosure "dashboard" rules that are designed to allow investors to compare the performance and fees of superannuation funds. Industry Super Australia stated on 28 January 2016 that exemptions from the disclosure rules would apply to about 72 per cent of choice of fund products. However, Assistant Treasurer Kelly O’Dwyer says all funds will have to comply with the new rules.

CORPORATES
INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, FINANCIAL SERVICES COUNCIL, SUPERRATINGS PTY LTD, AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES