Financial Services

This dynamic industry continues to undergo significant change as technology developments and globalisation increase the complexity of fund flows. Whether it’s implementing a cross-border financing deal, managing a complex restructuring or developing innovative investment products, industry players face intense challenges to maintain efficiencies and competitiveness.

In recent times, deregulation has seen some areas of the market opened up, leading to the entry of new types of financial service providers, whereas tighter regulation in other areas has impacted on a range of intermediaries. The increased sophistication of investors is another factor contributing to the industry’s transformation.

From corporate finance, to insolvencies, to funds management and superannuation, we have the legals covered in the financial services industry.

Deacons also caters for a full range of other legal needs in financial services companies – from e-security to managing a workforce.

• Legal update: Proposed national consumer credit regulation and unfair contract terms legislation recommended in Australia

  Two reports released by the Australian Government are likely to impact on the consumer credit industry in Australia.

  6 Jun 08 Alison Deitz

• Legal update: New .au Domain Name Transfer Policy from 1 June 2008

  In last month’s Legal Update on Upcoming Changes to .au Domain Name Transfer Policy we noted that the Australian domain name administrator (auDA) had approved an implementation plan for a new policy on the transfer on .au domain name licences. auDA has now confirmed that the new policy will take effect on 1 June 2008.

  18 Apr 08 Michael Park

• Legal update: New Guidance Note issued by the Takeovers Panel on equity derivatives

  On 11 April 2008, the Takeovers Panel (Panel) released Guidance Note 20 - Equity Derivatives (Guidance Note) outlining when, and in what circumstances, the use of equity derivatives may constitute unacceptable circumstances and require disclosure to the market.

  17 Apr 08 Robert Sultan, Shane Bilardi , Natalie Trezise

• Legal update: Upcoming changes to .au domain name transfer policy

  The Australian domain name administrator (auDA) recently announced that it has approved an implementation plan for a new policy on the transfer of .au domain names licences. (It is the exclusive licence to use the domain name that is transferred, rather than ownership of the domain name itself.) This announcement follows auDA’s earlier acceptance of the recommendation from the 2007 Names Policy Panel that the current policy be relaxed to allow a registrant to transfer its domain names for any reason.

  27 Mar 08 Michael Park , Ka-Chi Cheung

• Legal update: Market volatility - ASX and ASIC respond

  Sensing a growing controversy, the ASX and ASIC have issued a number of media releases in response to market concerns, reminding market participants of laws designed to protect the integrity of markets. This update discusses the ASX and ASIC statements in light of the current apparent market volatility.

  17 Mar 08 Tim Woodforde

• Legal update: ACCC releases new draft merger guidelines

  The ACCC recently published its 2008 Draft Merger Guidelines for consultation. These guidelines are intended to provide an explanation of the framework the ACCC will apply when considering whether a merger or a proposed merger could substantially lessen competition in a market. Guidelines such as these issued by the ACCC from time to time, provide a useful overview of polices and procedures applied by the ACCC when reviewing proposed mergers.

  4 Mar 08 Jyoti Singh and Chris Mitchell

• AML update: AUSTRAC releases guidance on 'no action' letters for AML/CTF Act breaches

  AUSTRAC has released a draft Guidance Note providing a means for Reporting Entities to notify of a breach or an anticipate breach and to request that AUSTRAC take ‘no action’ with respect to that breach.

  29 Feb 08 Alison Deitz, Julie Ellis

• Legal update: Proposals for ASIC to regulate margin lending

  In its response to the recent Draft Report on Australia’s consumer policy framework, ASIC has called for margin lending to be regulated under Chapter 7 of the Corporations Act 2001.

  28 Feb 08 Fadi Khoury , Daniel Jung

• Legal update: Proposed reform of public trading trust rules

  The Board of Taxation is examining options for a managed investments tax regime in Australia, including the potential for a specific tax regime for REITs (Real Estate Investment Trusts).

  28 Feb 08 Peter Norman, Fadi Khoury

• Legal update: Franchising agreements and the exercise of options after appointment of a voluntary administrator

  A recent Court decision has highlighted the importance of franchisors taking particular care in drafting and exercising options for the purchase of franchise assets from a franchisee upon termination of the franchise agreement.

  9 Oct 07 Damien Butler