This is a compulsory unit for all postgraduate students who do not hold a law degree or equivalent from a common law jurisdiction entering the: Master of Administrative Law and Policy; Master of Business Law; Master of Environmental Law; Master of Environmental Science and Law; Master of Health Law; Master of Labour Law and Relations as well as Graduate Diplomas offered in these programs. The unit has been designed to equip students with the necessary legal skills and legal knowledge to competently apply themselves in their chosen area of law. Instruction will cover the legislative process; the judiciary and specialist tribunals; precedent; court hierarchies; legal reasoning; constitutional law; administrative law; contracts; and torts. Some elements of the unit will be tailored in accordance with the requirements of the particular specialist programs.

This unit will provide students with an overall picture of the modern Chinese legal system. It will develop a perception of its unique character by tracing its role through major social epochs and the role of law in a socialist market economy. It will examine the concept of law as a political function and the implementation of law, not so much through courts, as through administrative fiats and authority, making law essentially a function of politics and administration. The unit will illustrate these perceptions through the study of various legal regimes. Lecture topics may include: Chinese legal history; Chinese legal system; criminal law and procedure; constitutional law; civil law and procedure; legal profession; environmental law; contract law; property law; company law; intellectual property law; foreign joint ventures; arbitration and mediation; foreign trade law and taxation law. The coursework component of the unit is residential and is conducted on the campus of the East China University of Politics and Law in Shanghai, People's Republic of China. Lectures will be given in English in Shanghai by professors from the East China University of Politics and Law. There will also be a visit to a Chinese law firm.

This advanced unit covers the tax policy and detailed rules for companies and shareholders designed to ensure that corporate profits are not subject to double taxation in Australia. Topics to be covered include: the policy and problems of taxing companies and shareholders; taxation of company distributions and dealings with interests in companies; imputation; debt equity classification; special anti-avoidance rules dealing with taxation of companies and shareholders; bonus issues, rights issues, share buybacks and liquidations.

This unit is a comparative study of international import/export laws. It does not look in detail at Australian law. The material covered in the unit is based on the WTO multilateral agreements which the 159 WTO member countries have adopted and which bind them on the topics covered.
The unit commences with an introduction to the relevant WTO agreements underpinning international import and export laws affecting WTO members. It then provides an introduction to international import dispute mechanisms through the WTO Dispute Settlement Understanding. The Kyoto Convention is then examined to determine the key elements of a modern customs statute.
The unit also examines: Free Trade Agreements; anti-dumping duty; discriminatory taxes/laws on imports; markings and intellectual property rights on imported goods; importers' remedies against customs decisions; customs valuation and tariffs; and, customs "post entry" audits.

The objective of this unit is to provide students with an introduction to a number of areas of international business law and to provide an opportunity to study some of those areas in more detail. It begins with an examination of the concept of free trade, the international structures and organizations that have been created to foster the liberalization of international trade, and the scope of the law relating to international business transactions. The unit highlights the importance of ethics in international business and introduces students to the OECD Convention on Combating Bribery of Foreign Public Officials, the Foreign Corrupt Practices Act 1977 (US) and the Bribery Act 2010 (UK). It then focuses on the United Nations Convention on Contracts for the International Sale Goods (CISG), followed by a consideration of International Commercial Terms (Incoterms 2000 and Incoterms 2010) and carriage of goods, especially carriage of goods by sea. The course then deals with the Uniform Customs and Practice for Documentary Credits (UCP600), financing of exports and methods of doing business in foreign markets, including through agents and distributors and international licensing transactions. Other topics may vary from year to year and may include an introduction to international tax, the World Trade Organization (WTO), including anti-dumping and countervailing duties law and international dispute settlement, especially international commercial arbitration.

This unit introduces students to the preferred method of resolving international commercial disputes. It aims primarily to: (a) outline key principles in the law of international commercial arbitration, and (b) discuss a range of cutting-edge legal issues raised in international commercial arbitration, to nurture a sophisticated understanding of the historical development and likely future path of international commercial arbitration. In doing so the unit also briefly compares the burgeoning field of treaty-based investor-state arbitration (examined in more detail in LAWS6916 International Investment Law). This unit considers how international commercial arbitration relates to litigation and ADR, surveys some of the most important transnational and Australian 'legislative' instruments, and introduces major trends. It goes on to consider in detail specific issues including the arbitration agreement; the constitution of the arbitral tribunal; applicable law issues, including consideration of the law governing the arbitration, the role of the seat, and the role of national courts; procedure in international arbitration; the jurisdiction of the arbitral tribunal; the role of arbitral institutions; the arbitral award and challenges to the award; and recognition and enforcement of the award.

This unit is a comprehensive introduction to the law of the World Trade Organization (WTO) and to the context of economics and politics within which the law operates. It also offers some comparisons with regulation under bilateral and regional trade agreements. It can be taken as either a stand-alone introduction to WTO law or to acquire a solid basis for further study of WTO law. (Students may wish to continue on to take LAWS6249 World Trade Organization Law II which builds upon the knowledge gained in this unit and considers some additional topics of WTO law.) The introductory topic considers the functions of the WTO through the consideration of some basic economics of trade and of public choice. We review the history of the General Agreement on Tariffs and Trade (GATT) and the creation of the Agreement Establishing the WTO ending with a review of the institutions of the WTO and of the framework of rules applying under the GATT (and comparing with some bilateral and regional trade agreements). There follows a detailed study of the WTO dispute settlement system, under the WTO Understanding on Dispute Settlement, its concepts, procedures and enforcement. We study the framework of rules under the General Agreement on Trade in Services (GATS) and compare it with the negative list approach used under some bilateral and regional trade agreements; and the rules of the Agreement on Trade-Related Aspects of Intellectual Property (TRIPS), emphasizing patents, copyright and trademarks, and noting some TRIPS plus aspects of some bilateral and regional trade agreements. The unit analyses in more detail some of the fundamental rules of the GATT: rules on tariff bindings and customs duties, national treatment, non-tariff barriers, the MFN rule on non-discrimination and an introduction to the rules on subsidies. We conclude with a synopsis of WTO developments to the present day. This unit is assessed in two ways: an essay on the object and function of the WTO system and its dispute settlement system; and an exam requiring students to apply the basic rules of the GATT, GATS and TRIPS to fact situations.

The object of this unit is to provide an overview of the income tax system of China and a detailed analysis of the most important legislative and treaty rules of China in the area of international income tax, especially in dealings with Australia. Upon successful completion of the unit, students will have an advanced understanding of the policies underlying the Chinese rules for taxing international transactions as well as a detailed knowledge of the principles of income tax law applicable to inbound and outbound transactions. This unit includes a study of: overview of the Chinese income tax system; taxation of inbound investment into China; taxation of outbound investment from China; transfer pricing issues, and China's tax treaties.

Efficient capital markets are essential for a modern western economy. But investment in those markets carries risk, with many historical examples of financial catastrophes for reasons ranging from fraud and deception, to the irrational exuberance of investors. Our community looks to laws and regulation for the protection of investors. This unit is about the system of investor protection. We study the legal and regulatory requirements for capital raising, particularly by issuing securities or units in a trust or other managed investment scheme. In Australia, investor protection is still based on the disclosure philosophy, the idea that the primary purpose of regulation is to make sure investors have the information to make their own decisions. However, we consider recent regulatory changes that have tended to break down that approach to regulation. Questions of liability for defective disclosure, and the due diligence defence, will be examined.
A special feature of this unit is the extensive experience in corporate fundraising that our team of lecturers will bring to the classroom, overseen by Dr Austin, a barrister and retired judge who is Challis Lecturer in Corporate Law.

Thousands of tax disputes arise each year in Australia. This unit aims to equip students with the skills to assist in resolving those disputes, both disputes which go before a court or tribunal and those which are resolved earlier. The unit covers information gathering processes open to the Commissioner of Taxation and taxpayers, the assessment and objection process, review by the Administrative Appeals Tribunal, tax 'appeals' directly to the Federal Court, appeals to the Federal Court, Full Court and High Court, state tax litigation in the NSW Supreme Court and NSW Civil and Administrative Tribunal, other non Part IVC proceedings (such as administrative and Constitutional challenges, tax debt recovery, promoter penalties, garnishee notices, hardship release and preference proceedings) and alternative dispute resolution. The general topics of legal professional privilege, the rules of evidence, preparing expert evidence and the difference between questions of law and questions of fact or mixed questions are explored as they relate to tax litigation. A guest lecture is usually given by a Federal Court Judge, an Administrative Appeals Tribunal member or both, and there is a skills lecture on written advocacy in tax disputes.

This unit covers the domestic provisions of UK direct tax law dealing with international transactions, as well as UK treaties and the impact of EU law on the UK tax system. The UK remains one of Australia's major trading partners. UK taxation thus has significant effects for inbound and outbound investment between Australia and the UK. This unit will be of interest to tax professionals who have dealings with the UK. The objective of the unit is to provide an overview of the UK tax system focusing on cross-border investment and expatriate employment issues and a detailed analysis of the most important legislative and treaty rules of the UK in the international direct tax area, especially in dealings with Australia. Upon successful completion of the unit, participants will have an advanced understanding of the policies of the UK rules for taxing international transactions as well as a detailed knowledge of the principles of company and personal taxation applicable to inbound and outbound transactions in the UK. The unit includes a study of: 1. Overview of the UK tax system; 2. Taxation of inbound investment in the UK; 3. Taxation of outbound investment in the UK; 4. Transfer pricing in the UK; 5. UK tax treaties including the Australia UK Tax Treaty; 6. EU tax law as it affects the UK.

Tax Administration is a study of the theoretical and practical issues that arise in the administration of the Australian tax system, concentrating primarily on the income tax. The unit of study is structured around the key design features of any system of tax administration, namely ascertainment of liability (particularly self assessment), dispute resolution, and collection and recovery of tax. Particular emphasis will be given to the reforms implemented as a result of the Government's Review of Self Assessment. Wherever relevant, the interaction of administration issues with the substantive provisions of the tax law will be considered. Students should gain an understanding of the foundational rules underlying the administration of the income tax laws and a detailed knowledge of the application of those laws to a variety of common dealings between taxpayers and the tax administration.

This advanced unit examines the policy and practical issues that arise in Australia for the taxation of income derived through partnerships and trusts which are generally transparent for tax purposes, with a twofold focus: first for private business and investment; secondly for collective investment. The unit covers: problems and policies for taxing entities (partnerships and trusts contrasted with companies); classification of entities for tax purposes; taxation of partners and trust beneficiaries in a private business/high wealth context; taxation of collective investment vehicles mainly in the form of trusts and partnerships, including Attribution Managed Investment Trusts, Corporate Collective Investment Vehicles, Managed Investment Trusts, listed investment companies, public trading trusts, limited partnerships, venture capital, foreign hybrids, and investment manager regime.

The unit examines transfer pricing law and practice in Australia and globally. Transfer pricing continues to be rated by tax directors as the number one international tax issue they face. The release of the revised OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations in 2010 and the ongoing projects, the rewrite of the Australian transfer pricing legislation, and the substantial transfer pricing rulings program of the Australian Taxation Office, have together significantly increased the international and Australian materials available on the law and practice in transfer pricing. Students will gain an understanding of the policy, and detailed application of transfer pricing rules within Australia and an understanding of the international framework.

Comparative International Taxation is a detailed study of the basic principles of international taxation (residence, source, relief from international double taxation, anti-deferral rules, withholding tax, transfer pricing, thin capitalisation, and tax treaties). The unit is taught from a global perspective with the emphasis being on comparative analysis (focusing particularly on Anglo, US and continental European approaches, and also developed and developing country approaches). The unit examines the core issues in developing international tax rules and identifies different approaches countries have taken in dealing with these issues. As part of this study, recent trends in international tax rule development will be identified (particularly in the context of globalisation) and critiqued. Students should gain an understanding of the different approaches that countries have taken in the development of their international tax rules.

International finance is front page news: from litigation against mis-selling banks, to the fall-out of the sovereign debt crises (bail-in), the contentious role of activist hedge funds and the (over)reliance on rating agencies, there is no escape. Banks are perhaps still on the back foot, having to prove their value to the community by mains of delivering sustainable finance. This unit introduces and digs deep into the suite of international financial transactions, with a profoundly practical perspective, whilst also showcasing sustainable and development finance in practice.
Key pillars of the unit include lending, capital markets instruments, derivative markets and project finance. Within each pillar specific financial products are analysed, both from a legal and structuring perspective. We look at lending and negotiate a term sheet. We uncover the drivers and documentation of structured finance products such as securitisation and covered bonds. We will also look at the international regulatory reform of for instance the derivatives market and its impact on documentation. Insight is given into credit derivatives. Investor litigation is also a prominent feature of the unit. The lecturer shares his own transactional experience in development finance, from Asia to Africa and Latin America. Guest lecturers from top tier law firms and major banks explain transactions and risks, giving a broader perspective. Case studies and a negotiation session are also included, making this a both challenging and exciting unit. Bottom line: this unit will enhance your skills for application in legal practice. No prior experience in the financial markets is required. To assist students in getting up to speed, some materials will be shared on-line before classes commence.
The lecturer is Jan Job de Vries Robbé, who is Manager of Legal Affairs and Compliance at the Dutch Development Bank FMO and has extensive experience in international finance.

Globalisation is driving corporate tax systems closer together and often into conflict. For many tax practitioners, it is now not enough to know their own corporate tax system - they must grapple with and question the operation of other corporate tax systems. This unit seeks to develop an ability to understand and analyze any corporate tax system and assess its impact on corporate decision making. With a dedicated textbook (written by the presenter), it does this by comparing a number of influential and archetypal corporate tax systems (both common law and civil law) and assessing their behaviour in the context of a number of practical problems. For tax professionals, the unit develops an ability to ask direct and informed questions about a foreign corporate tax system and discuss that system at a high level with foreign tax professionals. Topics include: corporate entities and hybrids, groups, interface with accounting, service companies, debt vs. equity, dividend relief, cross-border issues, incorporation, takeovers, trading in loss companies, share buy-backs, liquidation, bonus issues, convertible notes, mergers and demergers. This unit considers and contrasts (to the extent relevant) the US tax reforms implemented at the start of 2018.

The unit provides an introduction to the mainly statutory law regulating bankrupt individuals and insolvent companies to be found in the Bankruptcy Act 1966 and Corporations Act 2001. It explores the objectives and key principles of insolvency law, the pari passu principle, the various forms of insolvent administration including informal workouts, bankruptcy, liquidation, receivership, voluntary administration, schemes of arrangement and associated procedures together with the avoidance of transactions in insolvency. The unit also considers the impact of insolvency on existing contractual and proprietary rights from the perspective of employees, unsecured creditors, shareholders, trustees of trusts and third parties generally. The unit also considers cross border insolvency and the Cross Border Insolvency Act 2008. The impact of the PPSA on insolvency is also analysed. The unit involves a significant component of statutory interpretation.

Most matters handled by legal and accounting professionals have Capital Gains Tax ("CGT") implications - ranging from a simple conveyance or will, to a real estate development or litigation settlement. CGT is a major issue for all taxpayers and their advisors because the pervasive reach of the CGT provisions means that even straightforward commercial and domestic transactions often give rise to complex CGT issues. This unit examines the basic structure and core concepts of the CGT, and the specialist provisions that apply in a range of commercial and non-commercial contexts, such as the formation and sale of a business, conveyancing and property development, commercial and family litigation, and the settlement and administration of trusts.

The object of this unit is to provide an overview of the income tax system of the US with a focus on the most important legislative and treaty rules of the US in the international income tax area, especially in dealings with Australia. The unit will examine both the policies behind the US taxation of international transactions as well as the rules and principles of income tax law applicable to inbound and outbound transactions in the US.

This unit is designed to study the policy, detailed rules and practical application of Australia's international tax treaties against the background of the OECD Model Tax Convention on Income and on Capital. Upon successful completion of this unit a student should have an advanced understanding of the policies underlying the Australian tax treaty position in relation to the taxation of various kinds of income, as well as a detailed knowledge of the law applicable to interpretation of Australia's treaties. The unit includes a study of: principles of tax treaties; interpretation of tax treaties; and selected articles of the OECD Model and Australian tax treaties.

Australian International Taxation is a detailed study of the fundamental principles of Australia's international taxation regime as it applies to cross-border business and investment transactions. The unit focuses on corporate residence, source, non-resident withholding tax, relief from international double taxation, CFCs, transferor trusts and transfer pricing. This advanced unit will examine both the issues of international tax rule design and policy, and the relevant provisions in the legislation, cases and rulings. The unit focuses on the international tax rules in Australia's domestic law. Although the role of double tax treaties is introduced, double tax treaties are covered in the companion unit Tax Treaties. Students should gain an understanding of the policies underlying Australia's rules for taxing international transactions, as well as a detailed knowledge of the foundation principles of law applicable to the taxation of inbound and outbound transactions.

This unit introduces the key concepts that underpin the Australian GST, the policies underlying the tax, and the way those policies are (or are not) reflected in the design of the GST law. The aim is to give participants a working knowledge of the operation of the GST law and an awareness of the practical problems encountered in practice, informed by an understanding of the way in which the law is intended to operate.
The unit will commence with an examination of the basic design features of value added taxes in general and of Australia's GST in particular. It will then examine the core elements of the GST law, including: the taxpayer (entities, enterprise, and the obligation to register for GST), the liability for tax on supplies made for consideration; the value of taxable supplies and the amount of GST payable on supplies; the entitlement to input tax credits and the range of subsequent adjustments that may be required; attributing GST and input tax credits to tax periods; adjustments for adjustment events; basic principles of GST-free and input taxed supplies (including an introduction to real property transactions and intermediation services, primarily focussing on financial supplies); basic cross-border issues, including the treatment of imports and exports.

This unit will explore a range of recent trends and issues in corporate governance including:- the link between corporate scandals and corporate law reform; the board and independent directors; principles-based versus rules-based regulation; shareholder empowerment and institutional investor activism; takeovers and the regulation of executive pay. The unit will examine these issues from a comparative law perspective, analysing fundamental differences in corporate governance structure and techniques in a range of jurisdictions, including the US, UK, Germany, China and Australia.

This unit provides an introduction to public international law. Its purpose is to ensure that students have a thorough understanding of the core principles and problems of, and contemporary issues in, international law. The unit covers the following topics: nature and scope of public international law, sources of public international law, international legal personality, the law of treaties, how title to territory is acquired, state jurisdiction in international law, immunity from jurisdiction, state responsibility for international wrongs, dispute settlement, and the legality of the use of force.

This advanced unit examines the policy and practical issues that arise in the tax consolidation regime in Australia. The unit covers: policy and history of grouping and consolidation; entry into consolidation; effects of consolidation; exit from consolidation; losses, imputation and tax payments in consolidation; international rules in consolidation including MEC groups; restructures of consolidated groups and application of anti-avoidance rules to consolidate groups.

The aim of the unit is to provide an understanding of the role of government policy within the analytical framework of welfare economics. Questions of central interest include: What are the conditions that justify government intervention? How can policies be designed to support basic principles of social justice? What kinds of reforms promote economic efficiency? Applications will range from taxation and social security to environmental regulation and protection, and will cover the following specific topics: The structure of the Australian tax-benefit system; Uncertainty and social insurance; Unemployment, health and retirement income insurance; Externalities, environmental taxes and tradeable permits; Monopoly and environmental regulation; Utility pricing and access problems; Cost benefit analysis, intergenerational equity and growth. The unit will provide an overview of the main empirical methodologies used in evaluating policy reforms in these areas. Students may select to specialise in one or more of the policy areas.

The unit will examine in detail the legal and regulatory requirements relevant to the financial services industry, and how the risk of breaching those requirements can be managed by compliance systems. It will focus not only on legal theory but also on the practical day to day business issues involved with compliance.
The unit is divided into two parts: (a) Core compliance issues: licensing of financial service providers; compliance systems; insider trading and Chinese walls; market conduct rules; shareholding restrictions; trade practices; anti-money laundering, counter-terrorism financing and other measures to combat crime; retail customer obligations; marketing financial products; client money rules; privacy; fiduciary duties and conflicts of interest; confidentiality; phone taping; and investigating compliance breaches (including reporting obligations and HR issues); and (b) Specialist compliance issues relevant to: managed investments; deposit products, non cash payment facilities; credit facilities, stockbroking; derivatives; warrants; foreign exchange; futures broking; financial planning; margin lending; insurance and insurance broking; superannuation and retirement savings accounts.
The lecturer is Adjunct Professor Kevin Lewis, who is Chief Compliance Officer of the Australian Securities Exchange (ASX).

The expert evidence component of the unit will examine the role of expert witnesses, their reports and their testimony in civil and criminal cases. This will include an examination of the law governing the admissibility of expert evidence and the procedural means by which such evidence is adduced. Part of the unit will be devoted to current controversies surrounding the role of experts in particular civil and criminal cases.
The class actions component of the unit examines the substantive law, legal theories and procedural devices for the litigation and resolution of large scale, complex civil litigation. This encompasses representative actions, class actions and the use of other mechanisms for the aggregation and resolution of mass claims, including under bankruptcy law.
There will be a particular focus on Part IVA of the Federal Court Act (Cth) and representative action procedures available in Australia under the rules of court and statutory provisions in various areas (including discrimination, human rights, insurance law, privacy, corporations law and shareholder rights).
The unit will also cover comparative material on group litigation procedures and class actions under the laws of other countries, including England and Wales, Canada and the United States.

The unit will be taught by Justice Ashley Black (Supreme Court of New South Wales), Mr Imtiaz Ahmed (Barrister) and Mr Alexander Morris (King and Wood Mallesons). The unit will involve both a conceptual analysis of fiduciary duties and associated remedies and a focus on the treatment of conflicts of interest in key areas of commercial activity and professional practice including partnerships and joint ventures, directors' duties, legal and auditing practice and the financial services industry. Main topics include: The scope of fiduciary duties in Australian and UK law; Fiduciary duties and conflicts of interest in partnerships, joint ventures and other commercial relationships; Conflicts of interest affecting lawyers and auditors; Management of conflicts of interest in the financial services industry; and Remedies for breach of fiduciary duty.

This unit builds on the foundational unit LAWS6991 Fundamentals of Contract Law. It provides students with a detailed treatment of aspects of contract construction; the nature and effect of particular types of contractual terms; equitable and common law remedies; statutory measures having an impact on contracts and contract law (eg statutory unconscionability; misleading or deceptive conduct). Content and learning in this unit is scaffolded onto that of LAWS6991 Fundamentals of Contract Law which is a pre-requisite for this unit.

This unit examines regulatory theory and practice within the context of the regulatory state. Growing privatization and corporatization has heightened demand for public regulation of private activities, but also for regulation of the state itself. At the same time, consumers, governments, and civil society place pressure on the private sector to address the social and environmental consequences of its actions through various forms of self-regulation. These trends have produced increasingly complex regulatory systems, and regulation is now a dominant aspect of the legal landscape, at both national and international levels. This unit acts as an introduction to key theories, concepts, and debates within the field of regulatory studies, as well as to the main tools and instruments of regulation. Focusing on social regulation, it uses practical examples to analyze the implementation and enforcement of regulatory regimes in various areas, including public health, workplace health and safety, and environmental protection. It explores corporate responses to regulation, as well as the roles, practices, and accountability of regulatory agencies, and of other actors involved in the administration, monitoring, and enforcement of regulation. The unit will be of interest to lawyers and other professionals engaged in regulatory compliance and enforcement, as well as to students with an interest in regulatory theory and practice more broadly. This unit will provide a gateway for further study in more specialized areas of regulation.

This unit will exam they key aspects of the application of taxes to real property transactions. The unit will commence with an introduction to the tax policy considerations relevant to the taxation of real property. The application of taxes to real property transactions will then be considered. In addition to focussing on the acquisition, development, sale, and leasing of real property, the unit will consider tax issues for the development of commercial, residential, hotel/serviced apartment complexes, and retirement villages. Practical case studies will be used to draw out the impact of income tax, GST, stamp duty (primarily NSW), and land tax on real property transactions.

Environmental degradation is often caused by various forms of market failure. At the same time, it is recognised that market-based instruments (MBIs) can function as legitimate and effective legal tools for environmental protection. MBIs are instruments or regulations that encourage behaviour through market signals, rather than through direct regulation alone, and are applied broadly at both the international and national level to improve environmental quality and resource conservation. Markets are not, however, a panacea for the environmental issues we face, and MBIs can undermine environmental objectives if those instruments are not well designed and implemented. This unit will study the role of markets and financial incentives in addressing environmental and natural resource issues, and analyse the conceptual foundation for their use. It will then survey a range of MBIs, including marketable permits, offset programs and load-based licensing, across a diverse range of environmental issue areas, including climate change, renewable energy, fisheries, water and biodiversity. The Unit will examine the key contributions MBIs can make to environmental regulation, as well as the relevant 'watchpoints' as these instruments develop in terms of environmental protection. Students will also examine how 'impact investors' are harnessing private capital in order to drive market-based solutions to environmental problems.

The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets. This prompted a fundamental reconsideration of the design of financial regulation, which governs a financial system that has become ever-more complex and interconnected, and which evolves at an ever-accelerating pace. This course presents a holistic overview of the key principles underpinning financial regulation. It draws on economic theory to explain the way in which the financial system functions, and then to analyse the goals of financial regulation. This analytic framework is then applied to a series of substantive topics in financial regulation, spanning the traditionally-separate fields of banking, markets, and consumer finance. The unit also considers the operation of the new tools of 'macro-prudential policy' and the international coordination of financial regulation in the global financial system. While the substantive topics are considered in terms of EU and US rules, the analytic tools developed are of more general application. Topics covered in this unit: The financial system; Goals and challenges of financial regulation; Consumer finance; Market regulation; Bank capital and liquidity regulation; Bank governance and resolution; Shadow banking and Macro-prudential and international coordination. Students who complete this unit successfully will have an overview of the economic principles underpinning financial regulation, to be able to understand and critically evaluate the principal substantive aspects of financial regulation in the US and EU, as well as their international coordination.
The lecturer is one of our 2018 international visiting faculty, Luca Enriques, who is the Allen and Overy Professor of Corporate Law, University of Oxford Faculty of Law.

The unit will begin with an evaluation of the business rationale for Mergers and Acquisitions (MA) and a discussion of the various types of transactions and related terminology. After a brief discussion of the evolution of the regulation of MA in the Western context, it will delve into various forms of MA in leading Asian jurisdictions, and the manner in which they are regulated. The unit will involve a strong comparative element that compares MA in Asia with that in other jurisdictions, as well as specific factors among various Asian jurisdictions. While it will engage an analysis of the legal systems in several Asian jurisdictions, greater emphasis will be placed on policy as well as practice. Transaction structures analyzed include business and asset sales and amalgamations, with a significant focus on the regulation of takeovers. While corporate and securities law issues form the thrust, incidental reference will be made to accounting, tax and competition law considerations. Finally, the transactional perspective will consider various structuring matters, planning aspects, transaction costs and impact on various stakeholders.
The is one of our 2018 international visiting faculty, Umakanth Varottil, who is Associate Professor at the National University of Singapore.

This unit presents the major aspects of the law of negligence from the perspective of statute. While there is detailed coverage of the Civil Liability Act, the larger goal is to demonstrate that for at least a century, much of the law of negligence is a product of, or a reaction to statute. That is most obvious in areas such as contributory negligence, tortfeasor contribution and personal injury damages, although the true extent of the role of statute is greater than is often perceived. But statute is at the forefront of basic areas such as duty of care and causation, in important aspects of breach (notably, for professional negligence), in the availability of damages for psychiatric injury, as well as having been central to the immunities of highway authorities and other public authorities for many centuries. The unit will also facilitate a greater appreciation of the range of statutes and the different ways in which they interact with judge-made law.

Every breach of contract gives rise to a right to claim damages, but not every breach confers a right of termination. The first part of this unit analyses the concept of breach of contract - the concept of standard of duty and the law's requirements for proof of breach. The balance of the unit is concerned with the circumstances in which breach of contract does confer a right of termination. From a remedial perspective this means that the unit is primarily about self-help - enforcement of a right (termination) rather than a remedy (damages).The unit includes a detailed consideration of express provisions for termination ("termination clauses"), their drafting, exercise and consequences.

This unit is designed for those wishing to pursue postgraduate study involving aspects of corporate law, but who lack the required previous exposure to the subject. As our postgraduate units in corporate law (other than this unit and LAWS6319 Fundamentals of the Board and Directors' Duties) are generally specialised and taught at an advanced level, those wishing to enrol in such units but who have not studied corporate law in a law school environment should undertake this unit. The unit focuses on the fundamental principles of law applying to public and proprietary companies. It starts with a brief history of the development of the corporate form and the evolution of Australian corporate law, before examining a range of core topics, such as the nature of corporate personality, the incorporation process, corporate constitution and governance rules, and shareholder rights and remedies. The unit will also include a brief introduction to directors duties, however, students who lack previous exposure to corporate law and wish to examine this topic in greater detail are advised also to enrol in the unit, LAWS6319 Fundamentals of the Board and Directors' Duties. It is recommended that students wishing to undertake further study in the area of shareholder rights enrol in LAWS6957 Shareholders Remedies.

This unit introduces the basic elements of Australia's income tax (including fringe benefits tax and capital gains tax), with an emphasis on their impact on businesses, whether conducted directly or via a partnership, trust or company.
The unit covers the following topics: the main structural features of the tax system; assessability of business revenue; treatment of business expenses; timing rules for revenue and expense recognition; trading forms (companies, partnerships, trusts), capital raising and costs of servicing invested capital; cross-border issues; anti-avoidance rules.
The unit is intended for participants who have not undertaken a recent and thorough undergraduate unit (or postgraduate equivalent) in Australian income tax. Participants are primarily from two groups: (a) foreign students who have studied their own domestic tax system and now wish to acquire a detailed knowledge of the operation of the Australian tax system; and (b) Australian graduates in law, commerce, accounting, or other disciplines, who have not previously studied income tax. This unit is suitable as both an entry-level precursor to the more specialised units offered in the Tax Program and as a unit for practitioners and others who do not seek to be tax specialists but want to improve their general understanding of the tax ramifications of commercial operations.

The content of this unit of study will be the following topics: Economic Theory of Competition Law; the Concepts of competition, market definition, market power, substantial lessening of competition and public benefit; Section 4D Exclusionary Provisions; Part IV: Cartels - Civil and Criminal Prohibitions; Section 45 Contracts, Arrangements and Understandings; Section 46 Misuse of Market Power; Section 47 Exclusive Dealing; Section 48 Resale Price Maintenance; Section 50 Mergers; Part IIIA Access to Services; Part VI Remedies and Enforcement; Part VII Authorisations and Notifications. The intended outcomes for students who successfully complete this unit are that they will have a firm grasp of the operation of the competition law provisions of the Competition and Consumer Act 2010.

This unit, along with LAWS6841 Taxation of Business and Investment Income B, is designed to provide an advanced study of the tax treatment of various important business transactions. It provides a detailed examination of the income tax and capital gains treatment of selected complex commercial transactions and their impact on the tax base. The goal of the unit is to develop an understanding of the policies, detailed rules and current practical problems involved in this area of taxation, through the analysis of a number of specific problems discussed in each seminar. Because of continual change to the taxation system, recent legislative amendments and judicial decisions will be examined in detail where applicable. The unit will cover the following topics: core income and expense rules and operational concepts underlying the income tax system; treatment of realised business income and the differentiation of capital gains; treatment of business expenses and the differentiation of expenses recoverable under depreciation, CGT or not at all; issues in the treatment of trading stock; issues in the tax treatment of the costs (and revenues) associated with business equipment and intangibles. This unit can be taken alone or in conjunction with LAWS6841 Taxation of Business and Investment Income B.

This unit, along with LAWS6840 Tax of Business and Investment Income A, is designed to provide an advanced study of the income and capital gains tax treatment of various complex commercial transactions. The goal of this unit is to develop an understanding of the policies, detailed rules and current practical problems involved in this area of taxation, through the analysis of a number of specific problems that will be discussed in the seminars. Because of continual change to the taxation system, recent legislative amendments and judicial decisions will be examined in detail where applicable.
This unit will cover the following topics: issues in business financing, including asset leasing; tax issues related to the use and development of land and buildings; the treatment of 'black hole' expenses; tax accounting for income, expenses and profits; and specific and general anti-avoidance rules. This unit can be taken alone or in conjunction with LAWS6840 Tax of Business and Investment Income A.

The objectives of this unit are: understand the history, structure and operation of US corporate law and corporate governance; to examine the common law, statutory provisions; and to explore the tension between state and federal law, including recent regulatory developments under the Sarbanes-Oxley Act 2002 and the Dodd-Frank Act 2010. Specific issues discussed in the unit include the "race to the bottom" vs "race to the top" hypotheses; the US approach to veil-piercing; the governance role of shareholders under US law; directors' duties, including the duty of care and the duty of loyalty; the operation of the business judgment rule; derivative litigation; the law relating to closely held corporations; judicial review of tender offer defences.

This unit aims to introduce you to the diverse range of anti-terrorism laws and policies which have developed at the international, regional and domestic levels, and which proliferated after the terrorist attacks of 11 September 2001. Laws will be evaluated in the light of their profound and complex political, ideological and ethical implications for political order, legal systems, human rights, and international relations. In essence, the study of terrorism (and the law's response to it) is the study of the timeless philosophical question of when political violence is justified, against whom, and for what purposes - whether it is 'freedom fighters', or 'State terrorism', that is at issue.

This introductory unit is designed for students who have not previously undertaken any formal study of Intellectual Property. The unit will cover the fundamentals of law and theory in the main areas of contemporary intellectual Property: copyright, patents and trademarks.

This unit provides an introduction to Japanese law in global context, focusing on its interaction with civil justice, criminal justice, business, politics, consumers, gender, the legal professions and pop culture. It is taught intensively at Ritsumeikan University campuses in Kyoto and Tokyo (http://www.ritsumei.ac.jp/japanese-law/kyoto-seminar/). Students are encouraged to take all classes taught in Kyoto (24 hours), but can also substitute up to 12 hours of classes taught in Tokyo (with more of a business law focus) subject to pre-approval by the Coordinator. Lecturers include academics from Ritsumeikan and other leading Japanese universities, as well as from Australia (especially from The University of Sydney, Queensland University of Technology and Western Australia), with guest lectures by prominent practitioners and a field study to a local bar association and/or the courts. Students will also interact with participants from Japanese, Australian and other universities or institutions taking this unit, supported by the Australian Network for Japanese Law (sydney.edu.au/law/anjel).

The unit will focus on the tax issues arising on the takeover or re-organisation of a corporation. Unique and complex tax issues arise for the corporation, its existing shareholders and, in the case of a takeover, its acquirer. These issues will influence the method of effecting the transaction, the method of financing it and indirectly the price paid. For takeovers, the unit will examine the impact of a takeover on the various tax attributes of the target company, the computation of its income in the year of change, the recovery of its losses and the limits on losses available to shareholders because of the anti-duplication rules. We also consider how the tax system might influence the method of financing the takeover. The unit will also examine the impact for shareholders and the corporation of undertaking the merger of two or more corporations. The unit will also examine the impact for shareholders, intermediaries and the corporation of the de-merger of a corporation from a group of corporations. For reconstructions, the unit will examine the impact for shareholders and the corporation of selected transactions: conversion into corporate form, change of corporate form and the re-capitalisation of a corporation.

This unit introduces students to the international regulation of foreign investment. It examines core principles of international investment law, regional and bilateral investment treaties, the settlement of investment disputes, and the international economic and political context in which the law has developed. The unit considers the origins and evolution of international investment law through to the recent formation of the current international legal framework for foreign investment through bilateral and regional investment treaties. It examines the substantive standards of protection contained within investment treaties (such as the fair and equitable treatment standard, and the prohibition on expropriation without compensation), recent arbitral awards, and considers controversial issues surrounding investor-state arbitration. It examines the procedural framework for investment treaty arbitration under the auspices of the International Centre for Settlement of Investment Disputes (ICSID) and the UNCITRAL Rules. This unit also considers the increased focus on investor responsibility in relation to environmental protection, human rights, development issues, and labour standards. It also examines recent developments including the negotiation of mega-regional trade and investment agreements, such as the Trans-Pacific Partnership Agreement and the negotiations towards the Transatlantic Trade and Investment Partnership.

This unit provides a critical overview to law and justice reform in international development. It analyses the global reform experience over the past half-century. It interrogates the nature and justification(s) of reform 'theory', studies the empirical evidence of various approaches, and examines the conceptual/practical challenges of evaluating development endeavour, using case studies from the Asia/Pacific region. Students enrolling in this unit will develop an evidence-based understanding of the use of law and justice reform in broader development strategies.

The aim of this unit is to provide students with a broad overview, on a comparative basis, of the key legal issues commonly faced when investing and doing business in Asia. This unit looks at the regulation of investment across chosen jurisdictions across Asia, including Japan, China and Southeast Asia (particularly Indonesia, but it may also look at jurisdictions such as Malaysia, Thailand, Myanmar and India) and compares them with each other and with the Australian regulatory system. It also looks at international treaties which increasingly impact on foreign trade and investment regulation in the region; aspects of corporate governance, contract and/or competition law; corporate social responsibility and anti-corruption law; dispute resolution (especially international commercial and investor-state arbitration); and key issues in modern comparative law which may assist students in their study of 'foreign' legal systems. The unit also involves case studies and occasional guest lecturers.

This unit aims to introduce students to key concepts at the heart of capital market regulation focusing on practices that threaten the integrity of global securities markets. The unit focuses on recent developments (including high profile prosecutions for market abuse) in Australia and the United States while selecting other jurisdictions (most notably China, India, South Africa, Brazil, Europe and Hong Kong) that are relevant to the different subjects considered. The topics addressed will include: market manipulation, insider trading, non-disclosure and fraud-on-the-market, penalties, regulation of hedge funds and developments in emerging markets.
The lecturer is a barrister at New Chambers, Sydney. He is a former Rhodes Scholar and holds a D.Phil. from Oxford University.

This advanced unit considers specialised topics in the area of tax treaties, largely reflecting the work of the OECD and United Nations on tax treaties currently and in the last decade, particularly the OECD/G20 project on Base Erosion and Profit Shifting (BEPS). Topics covered include OECD and UN policy development processes, high value services and the digital economy, transfer pricing, harmful tax practices, treaty abuse, non-discrimination, entities and tax treaties (especially partnerships and collective investment vehicles), transparency and assistance in collection, dispute resolution, and the BEPS multilateral instrument. Upon completion of this unit, students will have a detailed understanding of the current driving forces and issues in the development of tax treaties and other international tax standards.

This unit will explore a number of contentious issues arising in the law of civil obligations and remedies. It will revise and build on the fundamentals in the areas of torts, contracts and equity and place particular emphasis on the interaction of these three fields of the law. Particular topics and problems will involve issues of: causation and scope of liability; controlling liability by contract; tort duties to third parties to contracts; assessing loss; duties of good faith; fiduciary duties and conflicts. The unit will also include a number of guest lectures, to be announced.

Asset protection is concerned with the preservation and transmission of property of individuals, families or corporations. It has the broad purpose of minimising legal, business and political risks, by safeguarding assets from seizure, loss and diminution in value. It is concerned with the protection of assets from potential creditors, government expropriation, excessive taxation and catastrophic loss. It is a vital component of tax advice, wealth management and financial planning.
This unit examines the legal aspects of asset protection, from both Australian and international perspectives. It provides a sound understanding of the legal techniques and principles of asset protection. The complex interaction between company law, the law of trusts and property, tax and estate planning laws, bankruptcy and insolvency laws is analysed. The unit focuses on the laws of a select number of offshore jurisdictions, as well as international trust law. It examines the legal impediments and ethics of asset protection. Anti-money laundering rules and the civil and criminal liabilities of trustees and professional advisers are also covered.

This unit analyses the Personal Property Securities legislation, drawing attention to how it has changed the pre-existing law regulating the rights of secured creditors. The unit focuses on the concepts of security, attachment and perfection. It examines the nature of security interests regulated by the legislation, together with the registration, priority and enforcement regimes. In discussing the Australian position, the unit compares similar legislation in Canada and New Zealand.

There are fundamental principles of contract law governing international commerce. These principles constitute international contract law - an autonomous body of the law governing obligations, rather than national contract law on an international scale. This unit examines the resurgence of the concept of a new lex mercatoria as it is used in international commerce. Using the Unidroit Principles of International Commercial Contracts, now in its third edition, as a fundamental statement of the principles of international contract law, we examine the structures and principles of international contract law as they apply in international contract practice and how they differ from national contract laws. Other statements of general contract or sales principles are considered and compared with the Unidroit Principles. These statements include the UN Convention on Contracts for the International Sale of Goods (CISG), the European Principles of Contract Law (PECL), the EC Draft Common Frame of Reference (DCFR), the US Restatement of Law (Second) Contracts, the US Uniform Commercial Code (UCC) and the Trans-Lex Principles of Transnational Law. Unity and harmony of transnational contract law proceeds within an institutional framework. That institutional framework includes the rules of private international law. We also examine the legal institutions relevant to sources of private international law as applied to international commercial contracts. We consider the recognition internationally of a principle of party autonomy and the boundaries to the ability of parties to choose private systems of law to govern contractual relationships.

This unit provides a framework for understanding the role of law in: the discovery, financing, development and utilisation of energy and resources projects; energy trading on wholesale markets; mining and resources projects, including competition issues and access to essential infrastructure; addressing potential sources of conflict in the energy and resources sector including in dealing with international trade, native title and other indigenous issues, environmental and corporate social responsibility issues; and current national and international energy and resources controversies. Previous topics have included the role of renewable energy in energy security, challenges posed by energy and resources projects in Africa, conflict between Europe and Russia over gas supplies, energy storage, coal seam gas development, international maritime disputes in Asia over offshore oil and gas fields, corruption and transparency, and the Resource Curse in developing countries.

This unit examines the pervasive phenomenon of tax avoidance, and the design (and effectiveness) of common judicial and legislative responses to it. The unit starts by deconstructing typical examples of avoidance to elicit the common design features of avoidance practices. We will also examine the inter-relationship between the process of statutory interpretation and the opportunities for avoidance. A particular focus of the unit will be on the scope and operation of Australia's general anti-avoidance rule (Part IVA), but the unit will also consider the various judicial anti-avoidance doctrines and some of the specific anti-avoidance rules found in Australia's tax legislation. The unit will also consider the kinds of approaches to tax avoidance and the anti-avoidance regimes employed in other countries. Finally, the unit will examine some of the procedural regimes used to curb the offering of tax avoidance products to taxpayers.

The objective of the unit is to provide an understanding of the modern economics approach to the analysis of tax policy. The unit defines the role of taxation within the framework of welfare economics and examines the social and economic effects of reforms drawing on available empirical evidence. Particular attention is given to the evaluation of current policies and proposed reforms in terms of distributional outcomes and efficiency costs due to disincentive effects on labour supply, saving and investment. Topics covered include: taxation of labour income, consumption and capital income, family income taxation, alternative approaches to the taxation of emission, and the taxation of resource rents.

This introductory unit provides an overview of commercial law, focusing on the broad but fundamental concept of commercial dealings. Areas for analysis include sources and function of commercial law; the legal basis of dealings in contract and property law; dealings by principals and agents; dealings in tangible goods through leasing and sale; dealings in intangibles such as receivables through assignment; sources and methods of financing dealings; protecting dealings through insurance; regulating dealings through statute and common law restraints; and discharging dealings through a range of common payment methods and instruments.

Principles of Oil and Gas Law explores the distinctive legal issues presented by oil and gas exploration and production and examines the legal and regulatory responses of oil producing states. This unit also explains the international legal principles that apply within the sector and sets the Australian experience against a broad comparative background. For the first time in 2016, this course will be offered in the home of the North Sea oil and gas industry, Stavanger, Norway. This unit will draw on the expertise of international experts in oil and gas law, as well as take advantage of our location with excursions to the Petroleum Museum, oil companies and government. On completion of the unit, participants should be able: to explain the specific legal problems posed by the physical characteristics of oil and gas; to identify different approaches to the resolution of those problems, their strengths and weaknesses; to identify and analyse the special issues presented by offshore oil and gas resources on the one hand, and onshore resources on the other; to compare the approaches of different states to the exploitation of their oil and gas resources, and the different legal vehicles used to support and control the involvement of private capital is involved in this task; to identify the problems that may arise at each stage of the exploration, production and disposition of oil and gas, and to analyse their legal solutions; to outline the legal approach to any special environmental and occupational safety problems posed by oil and gas operations; and to consider how legal regimes for oil and gas exploration and production may be evaluated in terms of political and legal risk.

Learn how contracts operate as risk management tools by examining the legal principles arising in the formation, construction and discharge of contracts. This unit will provide students with an understanding of remedies available for breach of contract and factors that may vitiate a contract. The unit prepares students for a range of units** across postgraduate programs in commercial law, corporate, securities and finance law and international business law where a basic understanding of contractual law principles is valuable. Unit content includes: contract as a risk management device; formation of contracts: agreement, consideration, intention to create legal relations, certainty, privity, formalities; construction principles: contractual parties, contractual terms (express and implied), classifying terms, principles of interpretation; estoppel; vitiating factors: misrepresentation, misleading and deceptive conduct, unconscionable conduct, mistake, duress; discharge: performance, breach, termination and frustration; remedies: key statutory and common law remedies.
** excluding the following advanced contract law units available to law graduates only: LAWS6809 Breach of Contract, LAWS6872 Contract Negotiation, LAWS6851 Construction Law, LAWS6915 Current Issues in Defamation Law, LAWS6954 Financial Risk Allocation in Equity, LAWS6903 Interpreting Commercial Contracts, LAWS6969 Principles of Patent Law, LAWS6919 Problems in Contract Formation and units as listed in the Faculty Handbook.

This unit is for law graduates who have, or intend to have, a practice that exposes them to cross-border financings and acquisitions. The unit highlights the distinctive concepts and practices relating to overseas securities and corporate laws in cross-border transactions (focusing to a significant extent on US laws and practices). It concentrates on resolving the challenges non-Australian issues can pose to transactions even if Australian law applies to many aspects of the deal. The US segment will begin with a brief examination the US Federal system in which corporate and securities law responsibility is allocated between the states and Federal government, proceed to a detailed discussion of the process of offering securities in the US and how it can affect non-US offerings in practice, and finally will conclude with an exploration of the regulation of takeovers under US law. Significant US M and A concepts and practices, including mergers, break-up fees, poison pills, and proxy fights will be discussed. The remainder of the unit will focus on deal regulation of selected other overseas jurisdictions in which there have been recent activity. We will also examine practical consequences of the regulatory requirements of these jurisdictions, particularly in so far as they relate to M and A, as well as certain subjects that have worldwide applicability. The unit will be taught by a series of seminars, and may include an occasional guest lecture/panel discussion. The purpose of the unit is to assist Australian and other non-US lawyers in: identifying potential cross-border issues; and being creative in solving the challenges that arise in international securities transactions.
The lecturer is the Dealpolitik Columnist for The Wall Street Journal and a former M and A partner at leading US law firm, Skadden, Arps, Meagher, and Flom LLP.

The goal of this unit of study is to provide students with an opportunity to pursue advanced research in an area of their choosing, under the limited supervision of a School member. The unit is only available in special circumstances, and with the approval of the relevant Program Coordinator. Please refer to the Sydney Law School website for details on eligibility criteria and application material.

The goal of this unit of study is to provide students with an opportunity to pursue advanced research in an area of their choosing, under the limited supervision of a School member. The unit is only available in special circumstances, and with the approval of the relevant Program Coordinator. Please refer to the Sydney Law School website for details on eligibility criteria and application material.

Please refer to LAWS6182 Independent Research Project A.