Phantom stock options plan dubai
Achieving compliance with the model Act may require significant changes to be made to current WHS management policies and procedures. There are a number of steps that every business should take to prepare for this new era in WHS regulation. The detail of the model provisions are now known and will now be adopted, so you can proceed with confidence in transitioning towards them.
Norton Rose Australia partner, Barry Sherriff, was a member of the government panel on whose recommendations the model Act is based. He is working with a number of organisations in preparing for the model laws. The recently enacted National Consumer Credit Protection Act National Credit Act establishes a new national licensing regime for the regulation of consumer credit in Australia. The new regime includes a licensing requirement. The National Credit Act applies to credit provided wholly or predominantly for personal, household or domestic purposes or to refinance such credit, as well as credit provided to purchase, renovate or improve residential property for investment purposes.
The second category relates to the provision of credit services and is likely to have a greatest impact, capturing many entities who previously would not have been subject to consumer credit regulation. Credit assistance relates to situations involving both credit contracts and consumer leases. Specifically, a person is considered to provide credit assistance if they: A key feature of this definition is that it only relates to instances where a particular credit contract or consumer lease is, for example, suggested.
Merely suggesting to a consumer that they apply for credit generally will fall outside that ambit of the National Credit Act. The regulation of credit assistance is likely to result in finance brokers and financial planners who recommend a particular contract or lease and retailers that offer third party in-store finance being caught by the new licensing regime.
Accordingly, persons who do not themselves have contact with a consumer will still be deemed to be intermediary if they prepare or pass on information by another intermediary, and their role is to secure credit or a consumer lease.
In practice there is likely to be some overlap between those persons who may be classed as intermediaries and providers of credit assistance. However, the definition of intermediaries is likely to have wider consequences, capturing mortgage managers who arrange credit, aggregators who act as a conduit between a broker and a credit provider, and even persons who refer a consumer to another person, where it is done for the purpose of securing credit.
Persons engaging in credit activities that would otherwise require a licence will not be required to obtain a licence if they act as an authorised representative of a licence holder.
Holders of an Australian credit licence will be subject to a broad range of general obligations including obligations to: The National Credit Act also imposes additional obligations on licensees associated with responsible lending which differ depending on whether the licensee is a credit provider, lessor or provider of credit assistance. Entities engaged in either the provision of credit or credit services should consider whether they engage in any activity caught by the National Credit Act.
Barry was a member of the government panel on whose recommendations the model Act is based; we look at the risk to franchisors of being caught by the Tax Agent Services Act Cth in relation to the services provided to franchisees; we consider the benefits of phantom share plans in the light of recent changes to the taxation of employee share and option plans in Australia; and we count down to the commencement of the National Consumer Credit Protection Act and the deadlines that must be met.
Traditional employee share and option schemes The goal of employee share and option schemes is generally to align the interests of the business with the interests of employees in order to attract, retain and motivate staff.
The new provisions mean that: Phantom Plans Phantom share plans can overcome many of the difficulties associated with traditional employee share and option plans. How do I start a phantom share plan?
A fundamental shift away from connection with the employment relationship The most significant change will be removal of the employment relationship as the primary basis for determining workplace health and safety WHS duties of care, rights and other obligations. A positive duty of care for officers to exercise due diligence Officers will owe a positive duty of care to exercise due diligence to ensure WHS compliance by the organisation.
Broadening workplace participation and protections Business operators will be required to consult the broader range of workers on safety matters. Graduated enforcement leading to increased penalties The model Act will promote graduated enforcement — through advice, directions and notices before prosecution. What businesses should do to prepare for the new laws Achieving compliance with the model Act may require significant changes to be made to current WHS management policies and procedures.
Legal risk analysis — to ascertain the extent of their duties and the ways in which the model Act will interact with other legislation, particularly the Fair Work Act Undertake a gap analysis to determine what changes will need to be made to achieve compliance.
Review, revise and supplement current policies and procedures to provide for compliance. Implement changes , undertake training and review and revise as necessary. Review contracts to include duty holder consultation arrangements and other enabling provisions to allow you to discharge your duties.
Implement interface coordination plans as a practical solution to the new duty to consult other duty holders. Develop robust consultation processes given the expanded application of the duty to consult to cover all relevant workers, including contractors and subcontractors.
Develop dispute resolution processes to minimise the need for regulatory involvement in your workplace. Develop processes to effectively manage right of entry and regulatory rights and obligations to ensure compliance with the new obligations. Review and revise current corporate governance structures and processes.
This may include developing an OHS Corporate Governance Statement for the Board and senior management, amendments to committee charters and position descriptions and responsibilities, and changes to communication requirements and processes.
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