Forrest v ASIC : a ‘perfect storm’

The policy objectives of the continuous disclosure regime augmented by the misleading or deceptive conduct provisions in the Corporations Act are to enhance the integrity and efficiency of Australian capital markets by ensuring equality of opportunity for all investors through public access to accurate and material company information to enable them to make well-informed investment decisions. This article argues that there were failures by the regulators in the performance of their roles to protect the interests of investors in Forrest v ASIC; FMG v ASIC (2012) 247 CLR 486: ASX failed to enforce timely compliance with the continuous disclosure regime and ensure that the market was properly informed by seeking immediate clarification from FMG as to the agreed fixed price and/or seeking production of a copy of the CREC agreement; and ASIC failed to succeed in the High Court because of the way it pleaded its case. The article also examines the reasoning of the High Court in Forrest v ASIC and whether it might have changed previous understandings of the Campomar test for determining whether representations directed to the public generally are misleading.

Improving PLDA speaker verification with limited development data

This paper analyses the probabilistic linear discriminant analysis (PLDA) speaker verification approach with limited development data. This paper investigates the use of the median as the central tendency of a speaker’s i-vector representation, and the effectiveness of weighted discriminative techniques on the performance of state-of-the-art length-normalised Gaussian PLDA (GPLDA) speaker verification systems. The analysis within shows that the median (using a median fisher discriminator (MFD)) provides a better representation of a speaker when the number of representative i-vectors available during development is reduced, and that further, usage of the pair-wise weighting approach in weighted LDA and weighted MFD provides further improvement in limited development conditions. Best performance is obtained using a weighted MFD approach, which shows over 10% improvement in EER over the baseline GPLDA system on mismatched and interview-interview conditions.

Contemporary comments: The limited benefit of prison in controlling crime

A number of recent developments in the United State (US), United Kingdom (UK) and Australia suggest that conditions may be ripe for a political shift in the reliance on escalating rates of imprisonment as a default criminal justice strategy for responding to crime. The default position is illustrated by the Yabsleyite response of former New South Wales (NSW) Premier Nathan Rees’s to questioning over the cost of prison building and NSW’s high recidivism rate: ‘[t]he advice to me is we have still got 500 cells empty, I don't mind if we fill them up, and if we fill them up and have to build another jail, we'll build another jail’ (Knox and Tadros 2008)...

Principles of Taxation Law 2014 [7th Edition]

"Taxation law can be an incredibly complex subject to absorb, particularly when time is limited. Written specifically for students, Principles of Taxation Law 2014 brings much needed clarity to this area of law. Utilising many methods to make this often daunting subject achievable, particular features of the 2014 edition include: seven parts: overview and structure, principles of income, deductions and offsets, timing issues, investment and business entities, tax avoidance and administration, and indirect taxes; clearly structured chapters within those parts grouped under helpful headings;flowcharts, diagrams and tables, end of chapter practice questions, and case summaries; an appendix containing all of the up to date and relevant rates; and the online self-testing component mentor, which provides questions for students of both business and law. Every major aspect of the Australian tax system is covered, with chapters on topics such as goods and services tax, superannuation, offsets, partnerships, capital gains tax, trusts, company tax and tax administration.All chapters have been thoroughly revised"-- Publishers website

Limited dengue virus replication in field-collected Aedes aegypti mosquitoes infected with Wolbachia

Introduction Dengue is one of the most widespread mosquito-borne diseases in the world. The causative agent, dengue virus (DENV), is primarily transmitted by the mosquito Aedes aegypti, a species that has proved difficult to control using conventional methods. The discovery that A. aegypti transinfected with the wMel strain of Wolbachia showed limited DENV replication led to trial field releases of these mosquitoes in Cairns, Australia as a biocontrol strategy for the virus. Methodology/Principal Findings Field collected wMel mosquitoes that were challenged with three DENV serotypes displayed limited rates of body infection, viral replication and dissemination to the head compared to uninfected controls. Rates of dengue infection, replication and dissemination in field wMel mosquitoes were similar to those observed in the original transinfected wMel line that had been maintained in the laboratory. We found that wMel was distributed in similar body tissues in field mosquitoes as in laboratory ones, but, at seven days following blood-feeding, wMel densities increased to a greater extent in field mosquitoes. Conclusions/Significance Our results indicate that virus-blocking is likely to persist in Wolbachia-infected mosquitoes after their release and establishment in wild populations, suggesting that Wolbachia biocontrol may be a successful strategy for reducing dengue transmission in the field.

The Limited Benefit of Prison in Controlling Crime : On the Threshold of a Political Shift

In 2012 the New Zealand government spent $3.4 billion, or nearly $800 per person, on responses to crime via the justice system. Research shows that much of this spending does little to reduce the changes of re-offending. Relatively little money is spent on victims, the rehabilitation of offenders or to support the families of offenders. This book is based on papers presented at the Costs of Crime forum held by the Institute of Policy Studies in February 2011. It presents lessons from what is happening in Australia, Britain and the United States and focuses on how best to manage crime, respond to victims, and reduce offending in a cost-effective manner in a New Zealand context. It is clear that strategies are needed that are based on better research and a more informed approach to policy development. Such strategies must assist victims constructively while also reducing offending. Using public resources to lock as many people in our prisons as possible cannot be justified by the evidence and is fiscally unsustainable; nor does such an approach make society safer. To reduce the costs of crime we need to reinvest resources in effective strategies to build positive futures for those at risk and the communities needed to sustain them.

Prediction with limited advice and multiarmed bandits with paid observations

We study two problems of online learning under restricted information access. In the first problem, prediction with limited advice, we consider a game of prediction with expert advice, where on each round of the game we query the advice of a subset of M out of N experts. We present an algorithm that achieves O(√(N/M)TlnN ) regret on T rounds of this game. The second problem, the multiarmed bandit with paid observations, is a variant of the adversarial N-armed bandit game, where on round t of the game we can observe the reward of any number of arms, but each observation has a cost c. We present an algorithm that achieves O((cNlnN) 1/3 T2/3+√TlnN ) regret on T rounds of this game in the worst case. Furthermore, we present a number of refinements that treat arm- and time-dependent observation costs and achieve lower regret under benign conditions. We present lower bounds that show that, apart from the logarithmic factors, the worst-case regret bounds cannot be improved.

Open problem : adversarial multiarmed bandits with limited advice

Adversarial multiarmed bandits with expert advice is one of the fundamental problems in studying the exploration-exploitation trade-o. It is known that if we observe the advice of all experts on every round we can achieve O(√KTlnN) regret, where K is the number of arms, T is the number of game rounds, and N is the number of experts. It is also known that if we observe the advice of just one expert on every round, we can achieve regret of order O(√NT). Our open problem is what can be achieved by asking M experts on every round, where 1 < M < N.

Raising levels of awareness of rights and obligations in the provision of financial product advice to retail clients

In September-December 2012, 548 financial planning retail clients and 77 financial advisers responded to online surveys addressing consumer satisfaction with financial planning services and the provision of information concerning regulatory and rights issues. Retail clients commented on areas related to the best interests duty in s 961B of the Corporations Act 2001 (Cth), in particular the extent to which advisers considered their clients’ financial objectives and lifestyle situations, and the client-centredness of the financial advice they received. Retail clients also indicated their level of awareness of their substantive rights in relation to receiving advice, the legal obligations imposed on advisers, and whether they would access internal and external complaints processes if warranted. Advisers reported on the extent to which they provide clients with information relating to their substantive rights, and complaints processes available to them. Responses were analysed in relation to client demographics (e.g., age, gender, education), and experience of financial advice. This article reports on the findings of the surveys and their implications for financial planners.

Systematic differences in membrane acyl composition associated with varying body mass in mammals occur in all phospholipid classes : an analysis of kidney and brain

The acyl composition of membrane phospholipids in kidney and brain of mammals of different body mass was examined. It was hypothesized that reduction in unsaturation index (number of double bonds per 100 acyl chains) of membrane phospholipids with increasing body mass in mammals would be made-up of similar changes in acyl composition across all phospholipid classes and that phospholipid class distribution would be regulated and similar in the same tissues of the different-sized mammals. The results of this study supported both hypotheses. Differences in membrane phospholipid acyl composition (i. e. decreased omega-3 fats, increased monounsaturated fats and decreased unsaturation index with increasing body size) were not restricted to any specific phospholipid molecule or to any specific phospholipid class but were observed in all phospholipid classes. With increase in body mass of mammals both monounsaturates and use of less unsaturated polyunsaturates increases at the expense of the long-chain highly unsaturated omega-3 and omega-6 polyunsaturates, producing decreases in membrane unsaturation. The distribution of membrane phospholipid classes was essentially the same in the different-sized mammals with phosphatidylcholine (PC) and phosphatidylethanolamine (PE) together constituting similar to 91% and similar to 88% of all phospholipids in kidney and brain, respectively. The lack of sphingomyelin in the mouse tissues and higher levels in larger mammals suggests an increased presence of membrane lipid rafts in larger mammals. The results of this study support the proposal that the physical properties of membranes are likely to be involved in changing metabolic rate.

Practice and procedure - Disclosure of documents - application of UCPR r222 to documents referred to in exhibit to affidavit

In Century Drilling Limited v Gerling Australia Insurance Company Pty Limited [2004] QSC 120 Holmes J considered the application of a number of significant rules impacting on the obligation to disclose under the Uniform Civil Procedure Rules 1999

Caveats - Limited extensions effectively unlimited

The decision of Young J in McCosker v Lovitt (1995) 12 BCL 146 paces an interpretation upon s 74J of the Real Property Act 1900 (NSW) likely to surprise the unwary respondent to proceedings in New South Wales involving an application for an order to extend a caveat. Further, the similarity in critical respects between s74J and the legislation relating to lapse and extension of caveats in some jurisdictions when contrasted with other lapse provisions suggests that a court order extending a caveat for a specified period only may have very different consequences in different jurisdictions.

Twitter data analytics – or : the pleasures and perils of studying Twitter

It might still sound strange to dedicate an entire journal issue exclusively to a single internet platform. But it is not the company Twitter Inc. that draws our attention; this issue is not about a platform and its features and services. It is about its users and the ways in which they interact with one another via the platform, about the situations that motivate people to share their thoughts publicly, using Twitter as a means to reach out to one another. And it is about the digital traces people leave behind when interacting with Twitter, and most of all about the ways in which these traces – as a new type of research data – can also enable new types of research questions and insights.