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Banking & Finance
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
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See also our banking &
finance pages for more information on our broad range of skills and experience in the financial
sector, including capital raisings, securities, superannuation and managed
investments.
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The United States sub-prime crisis and its global effects have focused financiers' minds on the importance of valid and effective security. One aspect of ensuring security is watertight, something which is not often given the attention it deserves, is the need, in Queensland, to verify the identity of the person purporting to sign a real property mortgage as mortgagor. Partner Adam Thatcher and Lawyer Nicholas Ng look at a recent decision of the Supreme Court of Queensland |
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The Australian Law Reform Commission has recommended changes to Australia' privacy laws that will have important implications for credit providers. Partners Catherine Parr and Peter Jones look at what will change |
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The Australian Law Reform Commission has released a report into privacy law that recommends key changes to the Privacy Act 1988 (Cth) and other privacy legislation. Partners Catherine Parr and Peter Jones look at what is proposed and how the proposed Unified Privacy Principles differ from the current regime |
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A recent New South Wales Court of Appeal decision has highlighted the need for financiers to have sophisticated systems and procedures in place when providing credit to individuals for business or investment purposes. The reason for this is to avoid having to prove that the Consumer Credit Code does not apply to such transactions. Partner John Gallimore and Senior Associate Scott Mackay explain |
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Earlier this month, the Treasury Department of the Australian Government released a Green Paper on Financial Services and Credit Reform. Partner Susan Burns and team summarise and discuss the Paper |
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A final report released by the Productivity Commission proposes an extensive and wide-ranging reform package in the area of consumer policy. The proposed reforms, if implemented by government, will have significant consequences for financial service providers. Partners Catherine Parr and Peter Jones report |
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Australia's vibrant economic conditions in recent years has led to a thriving appetite for infrastructure assets. However, the recent turmoil in global equity and financial markets has coincided with a severe tightening of credit generally. This change in economic circumstances will impact on the financing and delivery of new projects and the refinancing of existing projects. Partner Alan Millhouse and Lawyer Nicholas Ng report on the issues |
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The Australian Securities and Investments Commission (ASIC) is proposing exemptions to make it easier to provide some financial services information electronically. Partner Susan Burns and Senior Associate Penelope Barclay explain what is proposed |
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The Securities and Futures Commission recently issued a circular to licensed corporations and associated entities on anti-money laundering and combating terrorist financing. The circular provides some answers on identification and handling of high-risk customers and politically exposed persons. Partner Matthew Barnard and trainee solicitor Brian Chen look at what the circular says and it implications |
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A private member's Bill recently introduced into Federal Parliament has been referred to the Senate Standing Committee on Economics for report by 16 September 2008. If passed, the Bill will have significant consequences for financial service providers. Partner Catherine Parr reports. |
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The appointment of an administrator to a borrower by its directors or a third party can pose risks for a secured creditor. In particular, it will be restricted, and delayed, from enforcing its security during the period of the administration. Senior Associate Nicholas Adkins and Lawyer Valeska Bloch report on the statutory steps involved in a voluntary administration and consider the potential risks for a secured creditor and ways these can be mitigated |
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The Ministerial Council on Consumer Affairs has released an exposure draft of the Finance Broking Bill 2007 - a model 'national' Bill to regulate finance broking. Overall, the Bill should ensure a higher standard of skill and competence among finance brokers and improve disclosure to loan applicants. The legislation is the product of reform proposals going back several years and would supplant reforms implemented recently in Western Australia. Partner Peter Jones looks at the Bill |
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As noted in our Client Update: Regulation & Compliance - 4 September 2007, proposed amendments to the Consumer Credit Code have been released. Allens Arthur Robinson has made a submission outlining some significant issues with the proposed changes. Partner Catherine Parr, Senior Associate Cameron Ball and Lawyer Cain Beckett examine these issues |
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Partner Catherine Parr, Special Counsel Karin Clark and Articled Clerk Kelly Griffiths report on proposals in the Australian Law Reform Commission's recent discussion paper for the reform of Australian privacy laws as they relate to credit reporting |
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The Corporations and Markets Advisory Committee has released a discussion paper on the implications of the Sons of Gwalia decision, which discusses whether aggrieved shareholders should rank with unsecured creditors in the event of a liquidation or voluntary administration. Partner Clint Hinchen and Lawyer Ada Lam report |
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More regulations to give effect to measures implemented under the Federal Government's 'Simpler Regulatory System' legislation have now been made. Partner Susan Burns and Senior Associate Justine Woodford report on the latest developments |
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The Ministerial Council on Consumer Affairs has released consultation drafts of the Consumer Credit Code Amendment Bill 2007 and Consumer Credit Amendment Regulation 2007, which propose significant amendments to the Consumer Credit Code. Partner Catherine Parr and Senior Associate Cameron Ball report |
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The New South Wales Supreme Court's decision in Chandra & Anor v Perpetual Trustees Victoria Ltd & Ors casts further doubt on the value of the security afforded by all monies mortgages that are tainted by fraud. Partner Matthew Skinner and Lawyers Adrian Fisher and Georgia Price explain |
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The Tax Laws Amendment (2007 Measures No 5) Bill 2007 (Cth) was tabled in Federal Parliament today. Partner Charles Armitage outlines the significance of the Bill |
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A private member's Bill recently introduced into Federal Parliament proposes to limit fees imposed by financiers. Although the Bill may not become law, there may still be some consequences for financial services providers. Partners Catherine Parr and Peter Jones and Lawyer Katya Rozenblit report |
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The National Electricity Market has seen the first suspension of an active electricity retailer and the application of Retailer of Last Resort schemes across a number of states. Partner John Greig looks at what happened and the consequences for market participants and customers alike |
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Consumer Affairs Victoria has called on credit providers and consumer groups to make submissions by 2 July 2007 on whether Part 2B of the Fair Trading Act 1999 (Vic), which prohibits the use of unfair terms in consumer contracts, should be extended to consumer credit contracts. Partners Peter Jones and Catherine Parr and Lawyer Katya Rozenblit report |
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Judge Felicity Hampel in the Victorian County Court recently held that the general law now offers protection to 'private information' under both the equitable action of breach of confidence and a new tort of invasion of privacy. Special Counsel Karin Clark, Lawyer Maree Norton and Articled Clerk Adam Butt consider the extent this groundbreaking decision, if upheld, is likely to increase an individual's right to control the publication of 'private information' about themselves |
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Legislation introduced today into Federal Parliament clarifies that the vast majority of syndicated loan facilities of at least $100 million that satisfy the public offer test will qualify for exemptions from interest withholding tax under sections 128F and 128FA of the Income Tax Assessment Act 1936 (Cth), without having to use a 'loan note' structure. Partner Diccon Loxton reports on the details of the Tax Laws Amendment (2007 Measures No. 3) Bill 2007 |
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The Western Australian Department for Consumer and Employment Protection has released a revised Code of Conduct for Finance Brokers that will introduce additional safeguards for borrowers seeking loans through a finance broker. Western Australia is not alone in regulatory initiatives affecting finance brokers. Queensland is assessing a proposal for a Code of Conduct for finance brokers. Partner Catherine Parr, Senior Associate Cameron Ball and Lawyer Katya Rozenblit look at these developments |
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On 20 April 2007, the Government of Vietnam passed Decree 69/2007/ND-CP on Purchase by Foreign Investors of Shareholding in Vietnamese Commercial Banks (Decree 69). Partner Bill Magennis and Lawyer Julia Howes look at some of the key changes |
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The Basel II capital adequacy reforms, due to be implemented in Australia in January 2008, introduce the possibility of certain types of insurance products having a role as capital reduction tools under the applicable Australian regime. Partner Dean Carrigan reviews some of the challenges this will create for authorised deposit-taking institutions |
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The High Court's decision in the Sons of Gwalia case is an important one for financiers, creditors, shareholders and insolvency practitioners. Senior Associate Gabi Crafti and Partners Diccon Loxton and Michael Quinlan analyse the case and its implications |
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On 31 January, the High Court held that shareholders who have a claim against a company for misleading or deceptive conduct or breach of continuous disclosure obligations can prove in the administration or liquidation of the company, and will rank equally with unsecured creditors. Senior Associate Gabi Crafti and Partner Michael Quinlan report |
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Fears of cost blow-outs and of prolonged and costly disputes have given rise to a new approach in some greenfields project financings. Alliance contracts involve a collaborative process which is meant to promote openness, trust and risk-sharing between principals and contractors. They have been embraced by government procurement and the oil and gas sectors. Partner, Phillip Cornwell explores alliance contracts and their suitability as an alternative development structure for project financings |
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The Federal Government introduced a Bill this morning which, if passed, may affect syndicated loans documented or drawn down from today. Partner Diccon Loxton reports |
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Partner Diccon Loxton and Paralegal Eibhlin McBride provide a brief summary of recent cases relating to the world of banking and finance |
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The State Council of the PRC has issued new rules on foreign-funded banks that will take effect from 11 December 2006. Partner Nigel Papi and Senior Associate Frank Voon of our Shanghai office look at the recent revisions |
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Partner Diccon Loxton and Paralegal Eibhlin McBride provide a brief summary of recent cases relating to the world of banking and finance |
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