We regularly publish articles on topical financial services (and related) matters. These publications contain commentary and analysis to help financial services providers and other industry professionals keep up-to-date with and have a better understanding of the complex and challenging issues in Australian financial services regulation.
The full list of our publications appears below. If you would like to be notified when we add new financial services publications to the site, please go to our subscription page to sign up for email alerts.
For more information, see also our Financial Services Regulation pages and, in particular, our Breaking News section which is updated regularly for current developments.- 05 March 2010
Focus: Changes to unconscionable conduct laws and Franchising Code of ConductThe Federal Government has released the report of the expert panel appointed to examine proposals for regulation of the unconscionable conduct provisions in the Trade Practices Act 1974 (Cth), and agreed to clarify the provisions, and consider amending the Franchising Code of Conduct to require greater disclosure about franchise agreements and their risks. Partners Carolyn Oddie and Tim Golder and Senior Associates Robyn Chatwood and Alexander Gelis report
- 02 March 2010
Client Update: ASIC market regulation - proposed Market Integrity RulesOn Friday, 26 February, the Australian Securities and Investments Commission released a Consultation Paper outlining its proposed Market Integrity Rules, as part of the transfer of market supervisory functions from market operators to ASIC. Partner Richard Spurio and Lawyer Jaime McKenzie report on what ASIC's proposed regime will mean for the future supervision and regulation of Australian financial markets
- 26 February 2010
Paper: Implications of the Federal Court's decision in the Lehman Brothers collapseIn City of Swan v Lehman Brothers Australia Ltd, the Full Court of the Federal Court unanimously held that section 444D of the Corporations Act 2001 (Cth) (the Corporations Act) does not authorise a deed of company arrangement that releases or compromises creditors' claims against third parties
- 12 February 2010
Focus: Takeovers Panel releases updated guidance notesThe Takeovers Panel has released the final revised versions of its guidance notes on lock-up devices, frustrating action, funding arrangements and rights issues. While most of the changes involve simplification and updating, there are more substantive changes to the Panel's guidance on certain issues. Partner Cameron Price and Senior Associate Emin Altiparmak identify those changes
- 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
- 03 February 2010
Focus: APRA releases guide on the management of IT securityThe Australian Prudential Regulation Authority has published a prudential practice guide, Management of security risk in information and information technology, to assist APRA-regulated institutions manage security risk for their information and information technology. Partner Michael Pattison and Lawyer Oliver Evans report
- 25 January 2010
Client Update: Proposed amendments to enhance APRA's powers over insurersDraft legislation has been released for public consultation that, if passed, will substantially enhance the Australian Prudential Regulation Authority's power in respect of regulated entities, with the intention of strengthening the authority's ability to manage a financial sector crisis. Partner Dean Carrigan and Senior Associate Amanda Taylor report.
- 20 January 2010
Focus: Government announces package of reforms to Australia's corporate insolvency lawsThe Federal Government's package of reforms to Australia's corporate insolvency laws, announced yesterday, proposes the adoption of additional mechanisms to encourage the reorganisation of companies in financial distress outside of external administration. The paper invites interested parties to make written submissions to the Treasury, which must be lodged by 2 March 2010. Partner Michael Quinlan and Lawyer Catherine Zahra report
- 20 January 2010
Focus: Productivity Commission's Final Report on executive remuneration in AustraliaIn the midst of the traditional new year holiday period, the Federal Government released the Productivity Commission's final report on executive remuneration in Australia. Allens Executive Partner Paul Quinn and Lawyer Ben Ferguson summarise the findings of the Productivity Commission and analyse its recommendations on the reporting of executive remuneration
- 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.
- 14 December 2009
Client Update: Proposed changes to taxation of MITs' disposal of investmentsThe Federal Assistant Treasurer has released exposure draft legislation on the taxation of gains and losses on the disposal of investments by managed investment trusts. Under the proposed legislation, trustees of eligible managed investment trusts will be able to elect capital account treatment for gains and losses on certain assets. Partner Michael Rigby and Lawyer Jonathan Lee report
- 01 December 2009
Focus: Superannuation fund trustee's obligations in total and permanent disablement claimTwo recent New South Wales Supreme Court decisions, looking at a superannuation trustee's liability to pay interest and costs on the late payment of a total and permanent disablement benefit, have important ramifications for the appropriateness of a trustee conducting a vigorous defence of its conduct, the rate of interest to be applied when there is an alleged breach of trust, and when the trustee rate of interest should be applied. Partner Michael Quinlan and Lawyer Catherine Zahra report.
- 30 November 2009
Focus: Winding up managed investment scheme with insolvent responsible entityThe New South Wales Supreme Court recently found that if a responsible entity of a managed investment scheme goes into administration, it will still be liable to pay the shortfall in the costs of winding up any of the schemes for which it is responsible, even though this will reduce the pool of funds available to its unsecured creditors. Partner Michael Quinlan and Lawyer Ruth Greenwood report
- 25 November 2009
Focus: Parliamentary committee recommends financial services reformCommission-based remuneration for financial planners would be phased out and ASIC would be given new powers to ban incompetent or unlawful financial advisers under recommendations contained in a Parliamentary Joint Committee report released this week. The recommendations aim to enhance both the professionalism of the financial advice sector and consumer confidence and protection, as Partner Anna Lenahan and Senior Associate Marc Kemp report.
- 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
- 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
- 30 October 2009
Client Update: ASX market supervision report releasedThe supervisory arm of the Australian Securities Exchange has this week released its 2009 annual report. Partner Miriam Stiel looks at the activities that were undertaken in the past financial year and at the implications for the year ahead
- 23 October 2009
Focus: Removing REs - what the courts have been sayingIn recent months, several hostile attempts to remove responsible entities have come before the courts. As a result, there has been sharper focus on the statutory regime for changing responsible entities, with many of the relevant provisions of the Corporations Act 2001 (Cth) having now been tested. Partner Susan Burns and Senior Associate Penny Nikoloudis examine the effect of recent case law on the procedures for removing REs
- 22 October 2009
Focus: A cross for litigation fundingThe Full Court of the Federal Court has held that a litigation funding arrangement constitutes a managed investment scheme. Partner Belinda Thompson and Lawyer Nick Buttner report.
- 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: 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
- 24 August 2009
Client Update: ASIC market regulationThe Federal Government today announced proposed reforms that will result in the Australian Securities and Investments Commission being responsible by late next year for both supervision and enforcement of Australian market participants. Partner Warwick Painter and Senior Associate Justine Woodford report on what this significant development will mean for the future supervision and regulation of Australian financial markets
- 07 August 2009
Client Update: Complex corporate collapses and schemes of arrangement - Opes PrimeThe Federal Court of Australia has approved the Opes Prime schemes of arrangement which not only provide for the release of creditors' claims against the Opes companies, but also claims against their financiers. The decision paves the way for schemes to be used as an efficient mechanism to resolve the multitude of litigation that can flow from complex corporate collapses. Partners Belinda Thompson and Anne Ferguson report
- 30 July 2009
Focus: Government seeks comment on consumer rightsThe Federal Government has released an issues paper, Consumer rights: Statutory implied conditions and warranties, to seek comment on the adequacy of the current laws on implied conditions and warranties. Partner Jacqueline Downes, Special Counsel Nicola Nygh and Law Graduate James Kerr report
- 20 July 2009
Focus: Negotiating in good faithA recent New South Wales Court of Appeal decision provides practical guidance on the status of contractual clauses requiring parties to 'negotiate in good faith'. Partner Michael Hollingdale, Law Graduate Stuart Packham and Winter Clerk Peter Sadler report
- 06 July 2009
Focus: Impact of national consumer law on the insurance industryThe Federal Government's plans to establish a uniform national consumer law have been advanced with the introduction into the Parliament of the Trade Practices Amendment (Australian Consumer Law) Bill 2009. The Bill, to be known as the Australian Consumer Law, includes a range of provisions which will impact on financial services providers including insurers. These include provisions regulating unfair contract terms, and enhancing the enforcement powers of the Australian Securities and Investments Commission
- 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
- 26 June 2009
Focus: Australian Consumer Law BillThe first step in the establishment of a uniform national consumer law was taken on 24 June 2009 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 Jacqueline Downes and Lawyer Alexander Gelis report
- 24 June 2009
Client Update: Single national consumer law legislationThe Trade Practices Amendment (Australian Consumer Law) Bill 2009 was introduced into Parliament today. The Bill will introduce a single national consumer law (to be known as the Australian Consumer Law), as well as a national unfair contract terms law. Partners David Brewster and Jacqueline Downes and Lawyer Alexander Gelis report
- 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
- 08 May 2009
Focus: Release of exposure draft of margin lending regulationThe Federal Government yesterday released the exposure draft of the Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 and requires feedback on its proposed reforms within three weeks. This follows the announcement in January 2009 that the Government was commencing consultation with industry about its proposed margin lending reforms. Partner Warwick Painter and Senior Associate Justine Woodford provide an overview of the reforms
- 28 April 2009
Client Update: National Consumer Credit Reform packageYesterday the Federal Government released its National Consumer Credit Reform package, including the National Consumer Credit Protection Bill 2009. The proposed reforms will have significant consequences for credit providers and other participants in the credit industry. Partner Catherine Parr, and Senior Associate Cameron Ball report
- 01 April 2009
Focus: APRA's supervisory and enforcement powers to be significantly enhancedAPRA will be given significantly stronger supervisory and enforcement powers under draft legislation introduced by the Federal Government last month. Partner John Morgan and Senior Associate Claire Machin report on the Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Bill 2009
- 31 March 2009
Focus: Rumourtrage and a rising tide of market regulationASIC announced recently that it had banned a dealer from providing any financial services for 18 months for allegedly spreading false and misleading information about listed securities. This is the latest in a series of developments that are likely to result in tighter regulation of day-to-day business for market participants, fund managers, directors of listed companies and professional investors and a greater willingness by ASIC to take direct action against individuals
- 16 March 2009
Focus: RuddBank? A look at the Australian Business Investment PartnershipThe Federal Government has tabled draft legislation intended to establish the eagerly awaited commercial property funding vehicle, the Australian Business Investment Partnership, affectionately known as 'RuddBank'. Partner Nicholas Cowie and Lawyer Andrew Selim report on the Bill tabled on 12 March 2009 and several aspects of the scheme that are yet to be clarified
- 19 January 2009
Client Update: Capital MarketsFollowing consultation with industry during 2008 about whether margin lending should be subject to more formal regulation as a financial product, the Federal Government yesterday announced that it is now proceeding with plans to implement such regulation. Partner Warwick Painter and Senior Associate Justine Woodford provide details of the latest developments
- 22 October 2008
Client Update: Capital MarketsFollowing on from the announcements made in late September imposing a ban on most short selling in Australia, the Australian Securities and Investments Commission has now announced that the existing restrictions will continue, although it is currently expected that the ban in relation to non-financial stocks will not extend beyond 18 November 2008. Partner Warwick Painter and Senior Associate Justine Woodford provide details of the latest developments
- 14 October 2008
Focus: Funds ManagementIn our Focus: Funds Management - July 2008, we looked at ASIC's proposals to improve disclosure to retail investors for unlisted property schemes. ASIC has now released its final regulatory guide that sets out what information must be applied to upfront and ongoing disclosures from 30 November 2008. Partner Anna Lenahan and Lawyer Gary Lo discuss the finalised disclosure principles and what needs to be done to comply with them
- 02 October 2008
Focus: Funds ManagementThe Australian Securities and Investments Commission has released a class order to facilitate the offering to Australian retail investors of collective investment schemes which have been authorised by the Hong Kong Securities and Futures Commission. Partner Susan Burns and Senior Associate Penelope Barclay look at a new regime where such schemes will effectively be governed by Hong Kong law, thereby reducing the Australian regulatory requirements which would otherwise apply
- 30 September 2008
Focus: Capital MarketsIn the past 10 days, Australian market participants and fund managers have been subjected to an extraordinary series of announcements which, for the present, have significantly changed the regulation of short selling in Australia. At the same time, the Federal Government has also released the long-awaited exposure draft of its proposed legislative reforms in this area
- 22 September 2008
Client Update: Capital MarketsIn response to recent global market conditions and arrangements put in place by overseas regulators, the Australian Securities Exchange and the Australian Securities and Investments Commission have announced measures to prevent short selling in Australia, which take effect from today. Partner Warwick Painter and Senior Associate Justine Woodford outline the details
- 11 September 2008
Focus: Capital MarketsAustralia and the United States have announced a mutual recognition arrangement to reduce red tape and compliance costs for Australian and US securities exchanges, brokers and dealers operating in each other's markets. Partner Steve Clifford and Articled Clerk Brendan Ferguson examine the proposed regime and consider the likely benefits for US and Australian investors
- 28 July 2008
Focus: Funds ManagementASIC has released a draft regulatory guide that aims to improve disclosure by the responsible entities of unlisted property schemes. The guide sets out eight disclosure principles that are to be applied to upfront and ongoing disclosures to retail investors. Partner Susan Burns and Lawyer Gary Lo report on the proposals
- 27 June 2008
Focus: Financial Services and Credit ReformEarlier 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
