Introducing personal liability under the continuous disclosure regime : The essentials and non-essentials

Under the Federal Government's CLERP 9 legislation, expected at the time of writing to come into force in July 2004, personal liability will be introduced for the first time under the continuous disclosure regime. Individuals who are 'involved' in a failure to immediately disclose materially price sensitive information to the market will be subject to a civil penalty, in addition to the company being liable. According to the author, the introduction of personal liability per se is not contentious and indeed is a favourable change; what is questionable, however, is whether 'involvement' in a contravention is the appropriate test for imposing personal liability in relation to breaches of the continuous disclosure provisions. Based on the case law to date on the meaning of 'involved', there is particular uncertainty as to whether an individual would need to have actual knowledge that non-disclosed information is 'materially price sensitive' in order to satisfy the test of 'involved' in the context of continuous disclosure, or whether mere knowledge that the information has not been disclosed would be sufficient. This uncertainty arises due to the vague concept of 'essential matters' which the courts have developed as a test for what degree of knowledge a person needs to have in order to be 'involved'. The author argues that all the confusion as to what 'involved' means could be addressed by removing the word 'essential' from the dialogue, so that the test of 'involvement' would simply be based on whether the particular person had actual knowledge of each of the factual elements constituting the offence.

Hydrological regime and macrophyte assemblages in temporary floodplain wetlands: implications for detecting responses to environmental water allocations

This study describes the macrophyte assemblages of temporary floodplain wetlands situated on the floodplain of the Murray River, southeast Australia. Wetlands in the study are subject to flooding, the frequency, duration, and magnitude of which are dictated by the current, regulated river-flow regime. Our aim was to examine the influence of the existing flooding regime on macrophyte assemblages and to trial a monitoring program, based on a multiple before-after-control-impact (MBACI) design, to detect the impact of proposed environmental water allocations (EWAs) on the wetlands. Two categories of flooding regime were identified based on the flow magnitudes required for flooding to occur (flooding thresholds). In this scheme, wetlands with relatively low flooding thresholds are classed as ‘impact’ and those with higher thresholds are classed as ‘control.’ The wetlands were surveyed over a two-year period that incorporated at least one wetting-drying cycle at all wetlands. Results showed significant differences between survey times (season and year), but differences between flooding regime categories were significant only for some components of macrophyte assemblages. Differences between survey dates appear to reflect largely short-term responses to the most recent flood events. However, macrophyte differences observed between control and impact wetlands reflected the cumulative effect of flood events over several years. Differences between control and impact wetlands were strongest for post-flooding surveys based on full assemblages (using ANOSIM) and among specific taxa and functional groups (using ANOVA). Power to detect differences between control and impact wetlands was greatest for species richness and total abundance, but taxa with low variability among wetlands, and hence good power, were actually less sensitive to hydrologic change. We conclude that the MBACI design used in this study will be most effective in detecting wetland ecosystem responses to the implementation of EWAs if response variables are carefully chosen based on their sensitivity to hydrologic change.

The evolution of the temporary protection visa regime in Australia

While the Temporary Protection Visa (TPV) regime was formally introduced in October 1999 by the Howard Government, the concept of temporary protection was not totally alien to the Australian humanitarian landscape. Earlier examples reflected a standard use of temporary protection as a complementary or interim protection mechanism, offering short-term group-based protection where individual assessment under the 1951 Convention was both impractical and untimely. This paper focuses on the wider and more controversial changes in the use of temporary protection mechanisms that were to follow with the introduction of the TPV in 1999, which offered substitute protection for individually assessed Convention refugees who had arrived onshore without valid travel documents. It examines the history and evolution of the TPV policy regime from 1999 to the announcement of its abolition in 2008, arguing that the introduction and subsequent development of the policy may be understood as a product of a conservative, exclusionist political climate in Australia, following the unprecedented impact of the populist One Nation party in 1998, and later, the impact of September 11th. It also examines later amendments to the regime as a response to growing domestic disquiet about the impacts of the policy, and the abolition of the TPV policy under a new Australian government elected in late 2007.

Multiple regime shifts in concurring and dissenting opinions on the U.S. Supreme Court

In a previous issue of this journal, Smyth and Narayan (2004) examine structural change in the level of consensus on the High Court of Australia. In this article we adopt a similar strategy to that employed in Smyth and Narayan (2004) to estimate both the number and location of structural breaks in concurring and dissenting opinions on the U.S. Supreme Court. Although it has commonly been believed that there has been one regime shift on the U.S. Supreme Court, corresponding to the breakdown in the consensual norm in the 1930s or 1940s, we find that there have been three breaks in consensus. We find that two of the three breaks in dissenting opinions correspond closely to the beginning of the terms of Taney and Stone as Chief Justice, with the third occurring in the middle of Chase's term. We find that two of the three breaks in concurring opinions correspond closely to the beginning of the terms of Taney and Hughes and that the third break in concurring opinions occurs in the middle of the Warren Court.

What is a presentational media regime? The contemporary breakdown in systems of representation

Foundational to both the operation and legitimation of our traditional media is the idea of representation: in some sense the images of television, the sounds of radio, the narratives of film, and the various public personalities stand in or in place of ourselves. Likewise our contemporary political system function as an elaborate representational system, where regions, "seats", electorates, the nation, and the nationstate are represented by individuals, parties and symbols. Although, there are differences between and among modern nation-states as clearly different political and cultural agendas are at play, the interplay of contemporary media, culture and politics has produced what can be called a 'representational regime' that more or less operates globally, albeit fragmented into national and regional groupings.

This paper explores the initial stages in the breakdown of this system of representation that has allowed a certain organization of culture and politics to expand and develop over the last two centuries. It acknowledges that central to this regime is something Nick Couldry has identified as "the myth of the mediated centre" (Couldry, 2003). What the paper argues, and therefore differs from Couldry's conclusion, is that there are cracks in the glue that holds the system together and they are emerging in the uses of new media. Through an exploration of presentational media - that is, media that is more involved with the presentation of the self for public/private and networked consumption than traditional media's effort to embody their audience in its narratives - the paper reaches for conclusions that identify a more elaborate legitimation crisis looming in our political and cultural worlds.

Real interest rates, inflation and the open economy : a regime-switching perspective on Australia and New Zealand

We investigate the time-series properties of Australian and New Zealand real interest rates within a Markov-switching framework. This enables us to identify characteristics in real interest rate behavior hitherto unacknowledged. We find that rates switch between alternative stationary regimes characterized by differing means, speeds of mean-reversion and volatility. For New Zealand, high rates of inflation increase the probability of remaining in a regime characterized by a faster speed of adjustment. Further application of this methodology considers the real interest rate differential between Australia and New Zealand and points to differing regimes based on volatility rather than persistence.

Modelling the linkages between the Australian and G7 stock markets : common stochastic trends and regime shifts

This paper examines whether the Australian equity market is integrated with the equity markets of the G7 economies by applying both the Johansen (Statistical analysis of conintegrating vectors, Journal of Economic Dynamics and Control, 12, 231-54, 1988) and Gregory and Hansen (Residual-based tests for cointegration in models with regime shifts, Journal of Econometrics, 70, 99-126, 1996) approaches to cointegration. Some evidence of a pairwise long-run relationship between the Australian stock market and the stock markets of Canada, Italy, Japan and the United Kingdom is found, but the Australian equity market is not pairwise cointegrated with the equity markets of France, Germany or the USA.

Activating civil society : Indonesian NGOs and regime transition ; case study

This thesis found that in post-Soeharto Indonesia, a theoretical approach that used civil society as the prism through which to examine more subtle processes of power in group situations, proved more insightful (both for researchers and practioners) than relying on an examination of the strength or the development of civil society.

Australian legal regime on animal based bio-medical research

This thesis, by using evaluative criteria based on overseas law, scientific evidence, philosophy and ethics, concluded that the Australian legal regime regarding animal based bio-medical research for human benefit only partly met one of that regime's major objectives of adequately protecting research animals during the entire research process.

Water regime and salinity changes in wetland macroinvertebrate communities

The research successfully showed how biological communities change in wetlands that are affected by salinity and altered water regimes as a result of irrigation and river regulation. As an outcome of the study, recommendations have been made for the future management of wetlands in the Kerang region in northern Victoria.