BSBCNV504: Business Law Assignment on Australian Financial Services

This business law assignment delves into the intricacies of the Australian financial services industry, emphasizing the importance of staying updated on regulations. It explores how professional organizations contribute to compliance and how businesses adapt to industry changes. The assignment analyzes key legal documents such as disclosure statements and caveat claims, providing insights into property law and contracts of sale. It also examines the validity of contracts formed through electronic communication and the application of relevant laws in cross-border transactions. Furthermore, the report discusses the use of commercial software packages for compliance and includes a nomination form, offering a comprehensive overview of the legal aspects within the financial sector and property transactions. The assignment addresses specific scenarios related to property purchases, contracts, and legal obligations, providing a practical understanding of the subject matter.

Business law assignment

TABLE OF CONTENTS
Importance of the current knowledge about the Australian financial service industry...............3
Significance of the professional bodies for the compliance requirement....................................3
Compliance with the changing requirement of the industry........................................................3
Disclosure statement....................................................................................................................4
Caveat claim................................................................................................................................4
Contract for sale of the land.........................................................................................................5
Registration of the property under the transfer of land act by the estate of the promisor...........5
Applicability of the law...............................................................................................................6
Commercial software packages...................................................................................................6
Respond to Beyoncet...................................................................................................................6
Nomination form.........................................................................................................................7
References........................................................................................................................................8

Importance of the current knowledge about the Australian financial service industry
It is very important to possess the knowledge regarding the current rules and regulations which
are applicable to the financial industry of Australia. The government of Australia through the
Australian Securities and investment commission and the Australian Prudential Regulatory
Authority conducts the financial service industry in the country. For the benefit and the growth
of the people, the government makes the changes in the legislation (Walters, and Bolger, 2018).
Therefore it is very important to have the current information about the laws, rules and regulation
so that the compliance requirement can be fulfilled in a better manner. The three sources by
which financial industry can maintain the current information is that the reports published by the
government, industrial report or by the online articles on the social media. Since, as any changes
in the law published by the government in its report, by which the organization can understand
the changes made in the law (IBIS world, ). Further, various experts give their view on the
changes in law and their applicability with the industry, which also assist in compliance with the
latest rules by the organization. Moreover various companies are also engaged in providing the
latest information regarding the current changes in the conveyancing industries, by the
organization can also maintain the up to date knowledge.
The significance of the professional bodies for the compliance requirement
The professional organization association maintains the high knowledge regarding the rules and
the requirement of the existing law with their high professional skills. Further, they also assist for
enhancing the knowledge of the workers of the company, so that every member of the company
can follow the better compliance of the law (Nerland, and Karseth, 2015). By the professional
organization association, the manager can ensure about compliance with rules and regulations
which are applicable to the company. Apart from this through the professional organization
company can also manage the risk, enhance the reputation and avoid legal liability (Nagarajan,
and Edwards, 2015). Professional association has the proper knowledge about the laws
regulating the conveyancing industries such as property law act, sale of land act and so on.
Therefore by engaging the professional association in the organization responsibilities, legal and
tangible rights, liabilities of the organization can be determined.
By the comparison with the report of the government or the report of the industry, a comparison
can be done in against of the compliance of the latest changes in the law. Along with this

organization, by evaluating the professional standards and the practices followed by the
professional association, can also get to know about whether the professional bodies are
following the current guidelines which are applicable to the organization.
Compliance with the changing requirement of the industry
As per the changes in the requirement of the industry, in which the business operates, it is also
necessary to changes in the company also. The senior managers of the company are responsible
for making the effective changes in the organization as per the market requirement. The manager
of the company properly describes to the workers of the company about the compliance
requirement according to the rules and regulations prescribed under the act. Along with this,
company by giving the proper training and the education to the employee, also comply with the
changing requirement of the industry (Walters, and Bolger, 2018). After implementing the
changing requirement, manager of the company oversees the involvement of the employee,
whether they are following the entire requirement as the company wants, further if the manager
did not satisfy, then communicate with the employee and can get to know about their problems.
Therefore through the above-described process, the organization complies with the changing
requirement of the industry.
Disclosure statement
According to section 32 of the sale of the land act, a disclosure statement is a legal document
which is provided by the vendor to the purchaser at the time of sale of the property. This
document is essential to be provided to the buyer of the property before the contract is signed
(Heinelt, and Lamping, 2018). The foremost objective of this document is to provide the full and
clear information regarding the property transaction, which can influence the decision of the
buyer. In this document, various information such as property title, permission, use, and proposal
information are stated (Henstra, and Thistlethwaite, 2018).
In the present case, Harry purchased land in Victoria and in the disclosure statement various
contractual obligation is stated. However, they are not defined in the contract note. Harry should
before signing the disclosure note give proper attention regarding the obligations stated in the
disclosure statement since it is the legal document and it is given by a vendor to the purchaser for
defining the information regarding the property. Therefore the Harry is bound by the contractual
obligation under section 32.

Caveat claim
For the protection of the interest which affects ownership, caveat claims are filed. No further
action can be taken by the other party before the permission of the person who filed the caveat
claim (MacLeod, 2014).
In the present case, Gloria after signing the contract of sale as a purchaser, file the caveat on the
title. After filing the caveat on the title, any other person cannot take the permission of the title
unless the Gloria gives the consent for the title. In other words, by the caveat registration, any
person can get to know about the interest of the Gloria in the property.
For the caveat claim, it is necessary that Gloria has the sufficient interest in the land, since in this
case after signing the contract of sale; Gloria registered the caveat, which leads that Gloria has
the interest in the land. Further, the reason of filing the caveat may be if the seller wants to
cancel the agreement or the purchaser of the property thinks that it might be possible to take the
interest by some other party which will deteriorate the interest of the purchaser (Di Stefano, and
Feary, 2015). In this case, Gloria filed the caveat claim so that the property cannot be transferred
to any other person. Therefore until the property transfer to the Gloria as per the rules and
regulations of the sale of the land act, Gloria should not lodge the withdrawal of the caveat.
Since as the property is transferred the Gloria get the absolute title on the property and then
caveat will automatically cease.
The contract for the sale of the land
In the present case contract of the sale of land between the Sam and his friend come to an end on
the basis of the electronic mail. For the valid contract, the four elements such as the offer,
acceptance, intention for entering into the legal relationship and the consideration is the essential
aspect. Moreover, communication through the electronic medium for the purpose of the offer and
acceptance is considered as the valid contract and enforceable by the law (Mohammadi, 2015).
Therefore the legal and valid contract for the sale of land has been created by the Sam and his
friend.
Moreover, the Sam transferred the amount through the telegraphically. In the legislation, it is
stated that the consideration is the essential element for a valid contract. It does not prescribe the

mode of the consideration. Therefore the payment by the Sam to his friend is regarded as the
valid consideration for the contract.
Registration of the property under the transfer of land act by the estate of the promisor
In the present case, Sam made the promise to the other party for gifting the land. As per the
contract act, promisor must keep the promise maintain. In this case, Sam fulfilled the promise by
completion of the procedure of gifting the land as per the transfer of the property act and also
sign the document in the presence of the two adults. Therefore the other party is regarded as the
legal owner of the property and can get the registration of the property in her own name.
Applicability of the law
In the present case, Harry who belongs to the Australian country entered with a contract of the
purchase of the apartment in which is situated in New Zealand. By making use of the internet
and the electronic mail both the parties entered into the valid contract. In this case, since the
Harry investing in the New Zealand, therefore the sale of the land act of New Zealand also
applicable along with the sale of the land act of the Victorian Law. Since the nationality of the
Harry is based on Australia, therefore all the rules of the Victorian law will be applicable to the
Harry simultaneously. Therefore if the contract stated that the applicable law was New Zealand
law, Harry could not argue that the Victorian Law is applicable, because the New Zealand law
along with the Victorian will be applicable to the Harry.
Commercial software packages
For observing the compliance within the organization, there are several commercial software
packages available. Due to the expansion of the organization, it is very difficult to identify the
compliance within the organization without the help of the software. There are various
commercial software are available in the market, which assist for the proper compliance in the
organization. The names of the some commercial software are Logic gate, Zen GRC, BP Logix
Process Director, Complinity, and so on.
With regards to this, Complicity is the one of the best compliance commercial software suitable
for the organization. This software assists the actual update regarding the changes in the law
(Complinity, 2018). The organization through this software can track the compliance of all the
branches, factories and department. Moreover, it is very easy to utilise in the organization.

Moreover by implementing the software at the work place, company also manage the risk of the
non-compliance with the norms of the industry.
Respond to Beyoncet
In the present condition, the purchase price of the property was $720000. However, the property
is already under the mortgage of $ 480000. Therefore the total price of the property should be $
1200000 or after clearing the earlier charge which was created over the property; the property
can be purchased at $ 720000.

Nomination form
Property
NEW PROPERTY
PURCHASE PRICE $480,000
LAND VICTORIA THROUGH THE NOMINATION PROCESS
VOLUME AND FOLIO NUMBER
TRANSFERORS
The Eastpac Bank
TRANSFEREE
Beyoncet and
James’
ADDRESS

REFERENCES
Complinity, 2018. Available through <https://www.complinity.com:8443/requestademo?
&gclid=EAIaIQobChMInOCF75Ll3QIVhQ4rCh0XIgALEAAYAyAAEgKCIfD_BwE>.
[Accessed on 1st October 2018].
Di Stefano, G. and Feary, G., 2015. Conveyancing and caveats. Bulletin (Law Society of South
Australia), 37(5), p.16.
Heinelt, H. and Lamping, W., 2018. Disclosure statement. In Policy Choice in Local Responses
to Climate Change (pp. 33-34). Routledge.
Henstra, D. and Thistlethwaite, J., 2018. Buyer Beware: Evaluating Property Disclosure as a
Tool to Support Flood Risk Management.
IBIS world, 2018. Available through < https://www.ibisworld.com.au/about/>. [Accessed on 1st
October 2018].
MacLeod, A.J., 2014. Bridging the Gaps in Property Theory. The Modern Law Review, 77(6),
pp.1009-1029.
Mohammadi, S.F., 2015. The Formation of a Contract by the Electronic Inteligent Divices:(A
Comparative Study). Journal of Law, 12(02), pp.322-386.
Nagarajan, S. and Edwards, J., 2015. The Role of Universities, Employers, Graduates and
Professional Associations in the Development of Professional Skills of New Graduates. Journal
of Perspectives in Applied Academic Practice, 3(2).
Nerland, M. and Karseth, B., 2015. The knowledge work of professional associations:
Approaches to standardisation and forms of legitimisation. Journal of Education and
Work, 28(1), pp.1-23.
Walters, G.D. and Bolger, P.C., 2018. Procedural justice perceptions, legitimacy beliefs, and
compliance with the law: a meta-analysis. Journal of Experimental Criminology, pp.1-32.