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.- 21 July 2010
Client Update: Developers and management rights schemes: meeting the AFS requirementsRecently, Allens Arthur Robinson obtained for a client an ASIC exemption from the need to hold an Australian financial services licence for management rights schemes at an apartment complex. Partner Tony Davies and Senior Associate Bill Burton report on the exemption, which is thought to be the first of its kind
- 16 June 2010
Focus: APRA looks to update capital standards and group prudential supervisionThe Australian Prudential Regulation Authority recently released a discussion paper on updating capital standards for general insurers and life insurers. This followed another on proposals to extend the current prudential supervision framework to Level 3 conglomerate groups to protect individual entities from contagion risks associated with conglomerate group membership. These reflect two of the items on APRA's substantial policy agenda for the next few years. Partner Dean Carrigan, Senior Associate Claire Machin and Lawyer Andrew Lazzaro report
- 10 June 2010
Focus: Super fund trustee's denial of total and permanent invalidity claim upheldThe Court of Appeal of Victoria has upheld a superannuation fund trustee's decision rejecting a member's claim for total and permanent invalidity benefit, and considered the principles the courts apply when reviewing a trustee's decision. Partner Michael Quinlan and Lawyer Catherine Zahra report.
- 14 May 2010
Focus: China adjusts foreign investment regimeThe State Council of the People's Republic of China has released Opinions on Further Improving the Utilization of Foreign Investment (No 9, 2010) which will have a significant impact on foreign investors. Partner Stuart Mengler and Senior Associate Frank Fan consider this release and its implications
- 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
- 05 May 2010
Focus: Clarification of class action fundingIn response to a recent Federal Court decision that funded class actions were managed investment schemes as defined in the Corporations Act 2001, the Minister for Corporate Law, Chris Bowen MP, announced yesterday that the Federal Government is drafting regulations to clarify that funded class actions and similar arrangements are not managed investment schemes.Partner Alex Cuthbertson and Senior Associate Kylie Virtue report
- 30 April 2010
Focus: Federal Government's response to executive remuneration inquiryThe Federal Government has released its response to the Productivity Commission's inquiry into executive remuneration in Australia. Partner Paul Quinn reports
- 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.
- 25 March 2010
Focus: Proposed EU directive affecting Australian and Asian fund managersSignificant amendments to a proposed European Union Directive on Alternative Investment Fund Managers will have a major impact on Australian- and Asian-based funds and fund managers. Partner Robert Clarke, Senior Associate Marc Kemp and Lawyer Elizabeth Lee report
- 23 March 2010
Focus: Insurance Contracts Amendment Bill 2010On 18 March 2010 we reported that the Federal Government had introduced the Insurance Contracts Amendment Bill 2010 to Parliament. In addition to enhanced consumer protection, (which we discussed in our recent Client Update) the legislation sets out a number of significant changes to the Insurance Contracts Act 1984 (Cth) that are intended to correct perceived deficiencies and ambiguities in the Act. Partner Dean Carrigan, Senior Associate Abby Gill and Lawyer Jaime McKenzie report on the key reforms in the Bill
- 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
- 18 March 2010
Client Update: Unfair terms in insurance contracts options paper releasedThe Federal Government has released an options paper inviting comments to assist it in addressing the Senate Economics and Legislation Committee's recommendation on the Trade Practices Amendment (Australian Consumer Law) Bill concerning existing laws' ability to protect consumers from unfair terms in insurance contracts. The Insurance Contracts Amendment Bill 2010, which introduces significant amendments intended to enhance consumer protection, has also been introduced into Parliament. Partner Dean Carrigan and Senior Associate Abby Gill report.
- 18 March 2010
Focus: Amending scheme constitutions - the latest on section 601GCThe circumstances in which a responsible entity may amend a scheme constitution without member approval have been considered further in a recent decision of the Victorian Supreme Court. Partner Susan Burns and Senior Associate Penny Nikoloudis report on this decision
- 16 March 2010
Client Update: ASIC changes to share purchase plan regulationThe Australian Securities and Investments Commission has expanded custodian entities' ability to apply for shares under a share purchase plan on behalf of their beneficiaries, ensuring that all shareholders who hold through a custodial structure are treated equally. Partner Robert Pick and Senior Associate Charlie Harrison report
- 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
- 16 February 2010
Audio: Credit ratings disclosure guidance released by ASICThe Australian Securities and Investments Commission has released guidance as to the circumstances in which credit ratings can be quoted by companies and funds. This follows recent changes to the law that have significantly restricted the ability of companies to quote credit ratings or credit rating agencies in communications with retail investors. Partner Warwick Painter speaks to Boardroom Radio about the contents of the guidelines, including their impact on current disclosure documents
- 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: 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
- 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
- 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.
- 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
- 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
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.
