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International Restructuring Newswire
Welcome to the Q2 2024 edition of the Norton Rose Fulbright International Restructuring Newswire.
Australia | Publication | February 2023
2022 saw the largest increase in the number of sanctions imposed by Australia, demonstrating the important role that international sanctions can play in furthering Australia’s strategic aims.
Within this context, the Australian Sanctions Office, the entity responsible for administering international sanctions within the Department of Foreign Affairs and Trade, has released Terms of Reference for a review of Australia’s autonomous sanctions framework (the Review). The purpose of the Review is to provide recommendations on possible legislative amendments to Government for its consideration.
The Review will consider whether the Autonomous Sanctions Framework “remains fit for purpose and will seek to identify administrative and regulatory efficiencies for government and the public, with a view to ensuring continued robust sanctions administration, regulation, and compliance.”
The Terms of Reference note that the Review will consider (this list is not exhaustive):
The legal framework for autonomous sanctions comprises the Autonomous Sanctions Act 2011 (Cth) (the Act), the Autonomous Sanctions Regulations 2011 (Cth) (the Regulations), and 18 legislative instruments made under the Act and Regulations. The Review will consider the legal framework for autonomous sanctions ahead of the automatic expiry on 1 April 2024 of the Regulations and associated instruments.
Having regularly advised on the scope and application of the Act and Regulations across the various sanctions regimes, we see the Review as providing an opportunity for:
For those entities who regularly engage with the Act and Regulations, we see this review as an opportunity to provide input on making the legal framework more efficient and effective, particularly in areas such as sanctions screening.
A copy of the Issues Paper is available here.
If you wish to make a submission, the closing date for submissions is 26 February 2023. The Review will be completed by 30 June 2023.
Publication
Welcome to the Q2 2024 edition of the Norton Rose Fulbright International Restructuring Newswire.
Publication
n a long-running dispute, taking in no less than three arbitrations spanning 26 years cumulatively (involving allegations of state interference in the arbitral process), the Court has provided useful guidance on the ss.67 and 68 challenges, particularly in the context of investor-state claims.
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