Friday 8 December 2006 LAWFUEL – Law News, Law Jobs – The Companies Auditors and Liquidators Disciplinary Board (CALDB) has suspended the registration of Perth liquidator, Mr Gary John Anderson, for three months following an application by the Australian Securities and Investments Commission (ASIC). Mr Anderson practises under the name of Gary Anderson Chartered Accountant. ASIC’s application related to Mr Anderson’s administration of Flowtime Pty Ltd in 2004.

The CALDB found that Mr Anderson failed to adequately and properly carry out his duties as a liquidator in relation to the administration of Flowtime, and in particular, that Mr Anderson failed to: • properly investigate Flowtime’s affairs; • provide an adequate report to the creditors; and • properly form an opinion about what would be in the best interests of creditors. The CALDB noted that there should have been a proper inspection of Flowtime’s books and records, an independent assessment or valuation of the company’s assets obtained, proper investigations into the validity and quantum of disputed claims and voidable transactions and insolvent trading. Further, the CALDB noted that limited resources or the small size of an administration do not limit an administrator’s statutory investigation and reporting obligations in voluntary administrations.

In addition to the suspension order, the CALDB has required Mr Anderson to provide an undertaking that for each of the first six voluntary administrations to which he is appointed after the end of the suspension period, he will provide a written report prepared by a registered liquidator on the adequacy of his investigations, reports and statements prepared in relation to each administration. The registered liquidator is to be of ten years standing and to have no prior professional or personal relationship with Mr Anderson. The CALDB also ordered Mr Anderson to pay 85 per cent of ASIC’s costs. Following an application by Mr Anderson, this matter is now under appeal at the Administrative Appeals Tribunal. For further information contact: Jan Redfern Executive Director, Enforcement Telephone: 02 9911 2191 Mobile: 0411 119 210 Angela Friend ASIC Media Unit Telephone: 03 9280 3338 Mobile: 0412 058 800

Washington, D.C., Dec. 6, 2006 – LAWFUEL – Law News Network – The Securities and Exchange Commission today announced that at its open meeting on Dec. 13, 2006, the Commission will consider a staff recommendation to repropose new rules governing when a foreign private issuer may deregister its securities under the Securities Exchange Act of 1934 and cease making filings with the Commission.

The staff intends to recommend deregistration thresholds based solely on trading volume. The original proposal had used thresholds based primarily on the percentage of U.S. holders, as well as trading volume.

“We believe that the new proposal will better serve the needs of both U.S. investors and foreign issuers by providing a clear, consistent, easy-to-apply, and fair standard pursuant to which foreign registrants may withdraw from our capital markets and end their obligations to comply with our rules,” commented John White, Director of the Commission’s Division of Corporation Finance. “The Commission remains committed to investor protection as well as sensitive to the opportunities and challenges of increasing globalization and cross-border regulatory cooperation. This proposal should continue to provide appropriate protections for U.S. investors while promoting capital formation in the U.S. and making our markets more attractive to foreign companies.”

Reproposal is necessary because basing the threshold solely on trading volume was not addressed fully in the Commission’s original December 2005 proposal and request for comment. The reproposal also will reflect modifications, in response to comments, of other conditions to deregistration outlined in the original proposal. Staff will recommend a 30-day comment period for the reproposed rules and expects to recommend final rules in the first quarter of 2007.