Following are some of the areas on which we focus. An unprecedented number of these are going through review and radical change at present. We have the skills and experience to help you manage that change as efficiently as possible.
Anti-money Laundering
We have advised extensively on anti-money laundering and counter terrorism
financing legislation. Our experienced team of AML experts can assist you to
understand the AML/CFT laws.
Card products
We have a strong track record in dealing with the complex and interlocking matrix of contracts and detailed regulations that control credit card services. Accordingly, we are well placed to assist you in resolving issues arising from the provision of card services.
Consumer credit
We have extensive experience in addressing compliance with the Code, not just in consumer lending, but in transactions as wide ranging as the securitisation of regulated loans, margin lending facilities and the issue of instalment warrants.
Code of Banking Practice
We have significant experience applying and interpreting the requirements of the Code, from its earliest days as a voluntary series of aspirational principles of good banking practice, to its present place as a cornerstone of the regulation of consumer banking relationships.
Electronic Funds Transfer Code of Conduct
We have substantial experience in applying the EFT Code across the full range of
electronic transactions. We have prepared terms and conditions to comply with
the Code and we can help you ensure that your products meet its requirements.
Personal Property Securities Reform (PPSR)
The introduction of a national Personal Property Securities system will have
significant ramifications for our clients as it will fundamentally alter the law
of 'security interests' in personal property. Allens has taken a market-leading
position in the area of PPSR. We have a team of PPSR experts who have carefully
analysed the PPSR Bills, been involved in submissions regarding the draft
legislation and have an in-depth understanding of how the legislation is likely
to impact your business.
Privacy
National Privacy Principles under the Privacy Act 1988 apply across the private sector. We have particular expertise in addressing the
privacy issues faced by financial institutions, including the interrelationship between the
National Privacy Principles and the laws affecting credit providers and credit reporting. We have also advised on the special issues which arise with outsourcing and providing financial services online.
Financial Services Regulation
Our depth of experience in finance sector regulation enables us to provide
practical, informed advice on Chapter 7 of the Corporations Act. We had
extensive involvement in the FSR implementation projects of several major banks,
including drafting disclosure documentation, advising on processes and assisting
with interpretation of the law and regulations and the significant volume of
policy statements and other guidance material issued by ASIC. We also assisted
non-banks to identify the potential application of FSR to their activities, and
ensure they are either appropriately licensed, or appointed as a representative
by a licensee.
eCommerce
We are experienced in helping our clients maximise opportunities presented by advances in technology. Our team has been involved in many of the groundbreaking developments including electronic payment systems, B2B hubs, electronic contract formation, digital signature technology, data aggregation and online capital raising and bond distribution. We also have experience in identifying and addressing the evolving jurisdictional issues raised by transacting in cyberspace and numerous other legal issues including those arising from online security measures and Real Time Gross Settlements.
Third party arrangements
Arrangements such as outsourcing, strategic alliances, loyalty or reward schemes involving third-party administrators and reward suppliers, co-branding arrangements and mortgage broking and referral can all give rise to privacy, prudential, competition law and other regulatory issues. We have the resources and experience to address these issues and provide your project with timely, commercially sound advice.
Private label transactional facilities
Stockbrokers and managers of investment vehicles such as securitisation trusts, cash management trusts and other pooled investments are interested in offering customers the same transactional capacity as that available through the banks' at-call investment accounts. We have significant experience acting for banks on the provision of transactional functionality to their institutional clients. This includes establishing deposit accounts for brokerage customers, card functionality for securitised home loan borrowers and a range of transactional banking facilities for unitholders
in cash management trusts.
