Our experienced Banking & Finance legal team regularly publishes articles and updates - the full list of publications appears below. These publications contain the latest news and developments, and look at the ramifications for your business. If you'd like to be notified when we add new banking & finance publications to the site, please go to our subscription page to sign up for email alerts or, alternatively, you can subscribe to our RSS feed.
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- 01 September 2010
Client Update: Octaviar in the High Court - The issues appear dead, buried and crematedThis morning, the High Court unanimously rejected the appeal from the decision of the Queensland Court of Appeal and thus quashed the first instance decision in Octaviar which had thrown long-accepted practices into doubt. On a first reading, affected parties can now relax. Partners Diccon Loxton and Andrew Boxall and Lawyer Michael Wells report
- 30 August 2010
Focus: Personal property securities reforms and intellectual propertyThe far-reaching personal property securities reform isdue to come into force in May 2011 and companies with significant intellectual property assets will be affected by the sweeping changes the new legislation will bring to Australia's commercial law.Partners Diccon Loxton andTim Golder, Special Counsel Rebecca Sadleir and Senior Associate Robyn Chatwood report on how the changes will affect IP owners
- 10 August 2010
Focus: Personal properties securities reform and the construction industryThe Personal Property Securities Act 2009 (Cth) will commence in May 2011. It covers a wide range of transactions, not just security interests.It is not limited to consumer transactions, and significantly alters aspects of commercial law and contracts law. It makes fundamental changes to the way in which securities are taken and enforced over most forms of property other than land. Significantly for those in the construction industry, the legislation will affect retention of title clauses and rights over temporary works and a contractor's equipment. Partners Leighton O'Brien, Steve Pemberton and Diccon Loxton and Lawyer Merav Bloch report
- 21 July 2010
Focus: Personal property securities reforms and the mining and petroleum industriesThe far-reaching Personal Property Securities Act 2009 (Cth) is due to come into force in May 2011 and businesses operating in the mining and petroleum sectors will be affected. It covers a wide range of transactions, not just security interests. It is not limited to consumer transactions, and significantly alters aspects of commercial law and contracts law. Partners David Maloney and Diccon Loxton report on how the changes will affect the mining and petroleum industries
- 14 July 2010
Focus: Personal property securities reforms and the communications, media and IT industryThe far-reaching Personal Property Securities Act 2009 (Cth) is due to come into force in May 2011 and companies operating in the communications, media or technology sectors will be affected by the sweeping changes the new legislation will bring to Australia'scommercial law. Partners Ian McGill and Diccon Loxton and Lawyer Valeska Bloch report on how the changes will affect those sectors
- 21 June 2010
Audio: Covered bonds in Australia?The first covered bond in Australasia was launched in New Zealand this month. Partner Tom Highnam and Senior Associate Paul Cerché speak to Boardroom Radio about what this means for the Australian covered bonds market
- 04 June 2010
Focus: Equity deadline for Indonesian banks and insurersExisting regulations require Indonesian insurance companies and banks meet new minimum equity capital requirements by the end of 2010. As the deadline approaches, Partners David Holme (Jakarta) and Robert Clarke (Singapore) and Lawyer Brooke Nicholls revisit the requirements, and examine the consequences for businesses that fail to comply and the opportunities that will arise from the expected consolidation and capital raising
- 27 May 2010
Client Update: Growth management and infrastructure initiatives for QueenslandQueensland Premier Anna Bligh yesterday announced significant changes to Queensland's infrastructure and development planning frameworks, in response to projected population growth figures. Partners Ren Niemann and Bill McCredie and Senior Associate Nicholas Ng look at what is proposed
- 13 May 2010
Focus: Retail corporate bonds: A resurrection?The Australian Securities and Investments Commission has announced a range of regulatory reforms designed to re-invigorate the retail corporate bond market in Australia and to increase the ease and efficiency with which ASX-listed issuers are able to issue corporate bonds to retail investors. Partners Robert Pick and Tom Story outline the changes and consider their likely impact
- 13 May 2010
Audio: Buying corporate bonds easier but restrictions remainPartners Stuart McCulloch and David Clifford talk to Boardroom Radio about the Australian Securities and Investments Commission reforms announced this week to help promote the issue of vanilla corporate bonds to retail investors
- 22 April 2010
Focus: Extractives - further international reporting demandsThe United States Congress is currently considering legislation that will require extractives companies to report on the payments they make to foreign governments in the countries in which they operate. This development comes in the context of increasing international pressures for greater transparency and accountability in revenue flows to government received from the extractive industries. Partner Annette Hughes, Senior Associate Rachel Nicolson and Lawyer Dora Banyasz report
- 30 March 2010
Focus: Trust law regime in Hong Kong - a time for changeThe Hong Kong Financial Services and Treasury Bureau last year launched a public consultation on the review of the Trustee Ordinance. Partner Matthew Barnard and Lawyer Angeline Wong examine the implications of the consultation's conclusions for the review's proposals, and report on the changes to be made to the Trustee Ordinance.
- 23 March 2010
Focus: Australian Consumer Law Bill passed by ParliamentThe Trade Practices Amendment (Australian Consumer Law) Bill 2009 was passed by both Houses of Parliament last week. The Bill, which is the first phase of the Australian Consumer Law, introduces an unfair contracts regime and additional enforcement remedies. The regime will commence on 1 July 2010 if it receives royal assent by that date; otherwise it will commence on a date to be fixed by proclamation or six months from royal assent. Partner Jacqueline Downes and Senior Associate Caterina Cavallaro report
- 17 March 2010
Audio: Octaviar goes to High Court, despite PPS there's life in the old dog yetThe Octaviar saga continues, with the High Court agreeing last week to hear the appeal against the Queensland Court of Appeal decision last year to overturn the original decision. Partner Diccon Loxton speaks to Boardroom Radio about the potential impact of the new personal property securities legislation on both the relevance of the Octaviar decision and the law surrounding company charges
- 04 February 2010
Focus: Important changes to Australia's foreign investment rulesThe Foreign Acquisitions and Takeovers Act 1975 (Cth) has been amended so that transactions that result in foreign investors gaining, whether now or in the future, influence or control over an Australian company are now subject to Australia's foreign investment rules. In addition, there have been several other developments in foreign investment regulation, as Partners Alex Ding and Phillip Cornwell and Lawyer Tim Cardiff report
- 19 January 2010
Audio: Off, Gwalias Sons! Let us rejoice!The Federal Government has today proposed a reversal of the Sons of Gwalia decision. Partner Diccon Loxton speaks to Boardroom Radio about what the Federal Government needs to do to reverse the decision and what effect such a move will have on insolvency laws in Australia
- 13 January 2010
Focus: Asia Finance - When a little bit of knowledge can be dangerous - the 'indoor management rule'The long-established common law 'indoor management rule' protects outsiders in their dealings with companies and allows them to assume that a company's internal management requirements have been complied with. A recent Hong Kong Court of Final Appeal decision has examined the circumstances in which a lender would be put on notice of possible internal procedural irregularities in the borrower's approval process, thereby limiting the lender's ability to rely on the indoor management rule. Partner Matthew Barnard and Senior Associate Justin Chin report
- 11 January 2010
Focus: The new Australian Consumer Law and funds managementPartner Susan Burns and Lawyer David Marcus consider how the proposed Australian Consumer Law will affect managed fund products.
- 18 November 2009
Client Update: AIRC removes exemption clause in Clerks and Banking Modern AwardsOn 16 November 2009, the Australian Industrial Relations Commission varied the Clerks - Private Sector Award 2010 and the Banking, Finance and Insurance Award 2010 by removing the exemption provision from each Award, and replacing it with an annualised salary clause. Senior Associate Veronica Siow and Law Graduate Sarah Hampton report.
- 17 November 2009
Audio: PPS coming, ready or notPersonal property securities legislation is now a step closer to being passed by Federal Parliament. It's time for organisations to start to get ready. Allens Partner Diccon Loxton speaks to Boardroom Radio on how this legislation will affect a wide spectrum of transactions and businesses, and why organisations need to start thinking now about how they will need to change their policies, systems, documentation and training
- 16 November 2009
Focus: Payments under letters of credit open to attackThe cases considered below are a reminder of the risk that payments secured under a letter of credit may be set aside as an unfair preference in certain circumstances. Direct pay letters of credit have been used to mitigate this risk but recent case law suggests that payments under these may be open to attack. Partner Phillip Cornwell and Lawyer Maya Greenberg report.
- 02 November 2009
Client Update: Government moves to amend unfair contract terms legislationThe Federal Government has tabled in the Senate material changes to the regulation of unfair contract terms in consumer contracts. Partner Catherine Parr reports
- 02 November 2009
Focus: Privacy law and credit reportingThe Australian Government has released the first stage of its response to the Australian Law Reform Commission's report on privacy law. Partner Catherine Parr, Special Counsel Karin Clark and Lawyer Nicholas Tobias report on the credit reporting implications of the proposed reforms
- 30 October 2009
Focus: Mortgagee loses priority to guarantor - drafting of guarantees not wide enough to help itIn a recent case, the High Court of Australia examined the subrogation rights of guarantors, and applied them to the disadvantage of mortgagees. In this Focus, Partner Diccon Loxton analyses the principles in the case. In a separate Focus, he will look at the drafting of guarantees in the light of the decision
- 30 October 2009
Focus: Drafting of guarantees after the Bofinger case - some thoughtsPartner Diccon Loxton looks at the drafting of guarantees in the light of the recent High Court decision concerning guarantors' subrogation rights
- 29 October 2009
Audio: Filling the funding gap, mezzanine debt for project financePartner Phillip Cornwell delivered a speech to the AMPLA 33rd Annual Conference on the role of mezzanine finance for projects
- 21 October 2009
Focus: Lehman, Metavante and ISDAs: shutting stable doors after counterparties have bolted?In Australia and other jurisdictions, the 'flawed asset' aspect of the ISDA Master Agreement is a powerful weapon in the hands of parties dealing with insolvent counterparties. However, the recent US case of Lehman Brothers and Metavante has weakened it in the US context. Partners Diccon Loxton and Tom Highnam and graduate trainee Tom Gibson analyse the decision and its likely effects on existing swap agreements
- 19 October 2009
Client Update: Octaviar, round 3 - the saga continues. What should we do now?As we reported last week, in the ongoing Octaviar matter an application was lodged with the High Court on Thursday 15 October 2009 for special leave to appeal against the decision of the Queensland Court of Appeal, which had overturned the unsettling first instance judgment. In this Client Update, Partners Diccon Loxton and Andrew Boxall discuss the implications and suggest ways forward pending the High Court decision. As with some of our previous communications on this matter, this Client Update has been prepared jointly by us and Mallesons Stephen Jaques in consultation with John Sheahan SC
- 16 October 2009
Client Update: Octaviar 3 - Just when you thought it it was safe to get back into the waterAn application has been lodged this morning with the High Court of Australia for special leave to appeal from the decision of the Queensland Court of Appeal in the Octaviar case, discussed in our Client Update: Octaviar - was it all just a bad dream? Partners Diccon Loxton and Andrew Boxall report
- 21 September 2009
Client Update: Octaviar - was it all just a bad dream?The Octaviar decision has been overturned by the Queensland Court of Appeal. But this does not yet mean that life necessarily returns to the way it was. For a start, there is the possibility of appeal. In any event, the 'genie is out of the bottle': parties who want to attack charges will be looking closely at the registration provisions of the Corporations Act and the drafting and registration of charges and variations, and at least one remark in the appeal judgment may leave some uncertainty. Thus, parties taking security will need to remain alert, though not alarmed. For now, pending resolution of any further appeal, little should change in terms of documentation and practice, though some parties in some transactions may choose to proceed more slowly in addressing concerns. In this Client Update, we discuss the elements of the appeal court's decision, and what the decision means for Australian banking and finance market practice.
- 18 September 2009
Audio: Octaviar decision is dead, or is it?In a unanimous decision today, the Queensland Court of Appeal has overturned the first instance decision in the Octaviar case, which had caused consternation in financial markets by suggesting that many existing charges are at least partially ineffective. Partner Diccon Loxton speaks to Boardroom Radio about the possible implications of today's decision
- 14 September 2009
Focus: The Bell Group litigation: liquidator seeks directionsPartner Michael Quinlan and Lawyer Peter Kim discuss the latest decision relating to the Bell litigation. In this decision, the Supreme Court of Western Australia considered the liquidator's application for directions under section 479(3) of the Corporations Act 2001 (Cth) about a proposed course of action in the liquidation
- 09 September 2009
Client Update: Credit regulation and unfair contract termsThe Senate Economics Legislation Committee has delivered its reports on new legislation that will introduce unfair contract terms provisions, and the National Consumer Credit Protection Package. Partner Catherine Parr and Senior Associate Cameron Ball summarise some key recommendations from these reports and comment on some key practical issues raised by the draft National Consumer Credit Protection Regulations
- 01 September 2009
Focus: Mistakes and misdeeds: Setting aside the Octaviar DOCAsThe Queensland Supreme Court recently set aside two deeds of company arrangement because they were not in the best interests of the company's creditors, and because misleading and incomplete information had been provided to the creditors at the time they voted on whether to approve the two deeds. Senior Associate Christopher Prestwich and Lawyer Ruth Greenwood report
- 01 September 2009
Focus: Personal property security reformA Senate Committee has released its report on the Personal Property Securities Bill 2009 that will significantly alter financial and commercial law and procedures in Australia. Partners Diccon Loxton and Catherine Parr report
- 27 August 2009
Focus: Australian foreign investment rules to catch convertible notesAs foreshadowed by the Treasurer in his announcement of 12 February 2009, the Federal Government has introduced into the House of Representatives a Bill to amend the Foreign Acquisitions and Takeovers Act 1975 (Cth) as it applies to the acquisition of shares or voting power in Australian companies by foreign investors. Partners Alex Ding and Phillip Cornwell and Lawyer Tim Cardiff report on the key features of the amendments.
- 20 August 2009
Focus: Asia Finance - Vietnamese companies may issue international bondsThe Vietnamese Government has issued the long-awaited Decree 53/2009/ND-CP on Issuance of International Bonds , which will, for the first time, allow Vietnamese companies to issue foreign currency denominated bonds in the international market. Partner Thomas Miller and Lawyer Minh Duong report
- 19 August 2009
Audio: Infrastructure tax breaks to lure private investmentThe Federal Government's tax review panel is planning to meet Infrastructure Australia to discuss ways to increase private sector investment in infrastructure. Partner and tax law specialist Charles Armitage speaks to Boardroom Radio about the different options that the Federal Government may explore to boost private sector interest in infrastructure
- 08 July 2009
Focus: Infrastructure Australia releases jurisdiction-specific guidanceInfrastructure Australia has recently released the final volume of its National PPP Detailed Guidance Material, setting out jurisdiction-specific requirements and departures from the National PPP Guidelines. Partner Ren Niemann and Senior Associate Nicholas Ng report
- 01 July 2009
Focus: National Consumer Credit Protection Reform Package introducedThe core legislation for the National Consumer Credit Reform Package was introduced into Federal Parliament last week. Partner Catherine Parr and Senior Associate Cameron Ball report
- 29 June 2009
Focus: Bill for Commonwealth regulation of unfair contract terms introducedAnother step in the establishment of a uniform national consumer law was taken on Wednesday with the introduction into Parliament of the Trade Practices Amendment (Australian Consumer Law) Bill 2009. The Bill will introduce a single national consumer law (to be known as the Australian Consumer Law), which includes provisions regulating unfair contract terms. Partner Catherine Parr reports on the implications of the Bill for financial service providers and provides an update on new guidance on unfair terms in consumer credit contracts in Victoria.
- 26 June 2009
Client Update: Personal property securities reformAmong a blizzard of significant new legislation, the Federal Government has introduced into Parliament the Personal Property Securities Bill 2009.Implementation may be delayed until 2011 rather than the original 2010, but its effects are so extensive you will need to start considering it now. Partners Diccon Loxton and Catherine Parr look at the new legislation
- 22 June 2009
Client Update: NSW toughens mortgage duty provisionsA Bill has been introduced into the NSW Parliament that proposes to make major changes to NSW mortgage duty, with effect from 1 July 2009. Borrowers with existing or potential security arrangements over NSW property, and who are intending to drawdown or grant security on or after 1 July 2009, should urgently review their existing or proposed arrangements. Partners Adrian Chek and Tony Sheehan report
- 11 June 2009
Client Update: Developments in Victorian and Commonwealth regulation of unfair contract termsThere have been further developments in the regulation of unfair contract terms in Victoria and by the Commonwealth. Partner Catherine Parr and Lawyer Katya Rozenblit report.
- 04 June 2009
Focus: Asia Finance - Governance of shadow directors in Hong KongThe Hong Kong Companies Ordinance imposes a number of liabilities and prohibitions on shadow directors. Banks need to be aware of what conduct, in a workout situation, could give rise to the accusation of being a shadow director of a distressed corporate borrower. Partner Matthew Barnard and Foreign Lawyer Caroline Chan report on some cases that clarify the issue
- 03 June 2009
Client Update: Victorian unfair contracts changes a realityYesterday, the Victorian Legislative Council passed the Fair Trading and Other Acts Amendment Bill 2008. The changes in the Bill will come into effect on the day after the day on which the Bill receives Royal Assent. Partner Catherine Parr reports
- 26 May 2009
Client Update: Senate committee endorses 'RuddBank'The Senate Standing Committee on Economics has tabled a report which recommends that the Senate pass the Australian Business Investment Partnership bills. Partner Nicholas Cowie and Lawyer Andrew Selim take a closer look at the committee's findings
- 21 May 2009
Focus: National licensing regime for credit providers, finance brokers and intermediariesThe proposed national regulation of consumer credit involves the introduction of a licensing regime for all credit providers, finance brokers and other intermediaries. The licensing regime will impose responsible lending requirements, extensive conduct and disclosure obligations, and substantial penalties for non-compliance. Partner Catherine Parr and Lawyer Katya Rozenblit outline the proposed regime and its potential consequences.
- 13 May 2009
Focus: Proposed changes to Consumer Credit CodeThe proposed national regulation of consumer credit involves changes to the existing Uniform Consumer Credit Code that will have important implications for lenders. Partner Catherine Parr and Senior Associate Cameron Ball look at what will change
- 12 May 2009
Focus: Draft legislation to regulate unfair contract termsThe Federal Government has released The Australian Consumer Law - Consultation on draft provisions on unfair contract terms. The draft provisions have been developed by the Federal Treasury to reflect the proposals in the Discussion Paper An Australian Consumer Law Fair markets - Confident consumers released in February 2009. Partner Catherine Parr reports
