Regulatory and Compliance

Deacons has extensive experience in working with our financial services clients to manage their regulatory and compliance requirements. This includes advising clients in relation to their regulatory obligations and liaising with regulatory bodies on our clients' behalf to minimise negative operational impact. We have helped financial services providers design and implement practical policies and procedures that ensure they comply with their regulatory obligations.

Our regulatory & compliance expertise includes:

• Adapting and conforming group global compliance policies to Australian requirements
• Advising on applications for regulatory relief and exemptions 
• Anti-Money Laundering
• Banking Act compliance and advice
• Banking and financial services prudential standards compliance advice
• Code of Banking Practice and other industry codes of practice
• Cross-border compliance issues
• EFT Code of Conduct
• Fair Trading
• Financial services reform
• Liaison with key Australian financial services regulators APRA, ASIC, AUSTRAC and RBA
• Payment systems regulation
• Privacy obligations 
• Trade Practices
• Uniform Consumer Credit Code

• Legal update: Government guarantee of deposits

  The Australian Government introduced legislation on 15 October 2008 that, if enacted, will enable depositors to gain early access to funds in the event of insolvency of an authorised deposit-taking institution (ADI). This is the means by which the Government aims to achieve its guarantee of deposits.

  17 Oct 08 Alison Deitz

• Legal update: ASIC’s proposals to amend the EFT Code – Consultation Paper released

  On 3 October 2008, the Australian Securities and Investments Commission (ASIC) released its Consultation Paper 90 “Review of the Electronic Funds Transfer Code of Conduct 2007/08: ASIC proposals”. The consultation paper proposes to make amendments to the Electronic Funds Transfer Code of Conduct (EFT Code).

  8 Oct 08 Alison Deitz

• Legal update: One step closer to new national consumer credit laws for Australia

  Following the release of the Australian Government’s Financial Services and Credit Reform Green Paper in June 2008 and agreement at the March and July 2008 Council of Australian Governments (COAG) meetings to transfer consumer credit regulation from the Australian States/Territories to the Australian Commonwealth, a 2-stage plan was agreed by the Premiers and Chief Ministers at the COAG meeting in Perth on 2 October 2008.

  3 Oct 08 Alison Deitz

• Legal update: First Home Saver Account – Corporations Amendment Regulations 2008 (No. 5)

  New regulations have been made to amend the Corporations Regulations 2001 to further clarify the provisions relating to the form and content of the First Home Saver Account (FHSA) product disclosure statement (PDS).

  25 Sep 08 Alison Deitz

• AML update: AUSTRAC’s AML/CTF Act reporting implementation policy

  On 19 September 2008, AUSTRAC released a reporting implementation policy to assist reporting entities with new reporting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). Reporting entities will need to report suspicious matters and, if applicable, threshold transactions and international funds transfer instructions to AUSTRAC, commencing from 12 December 2008.

  22 Sep 08 Alison Deitz

• Legal update: Australian Law Reform Commission’s final report on privacy law review released

  The ALRC’s final report on privacy “For your information: Australian Privacy Law and Practice” was released on 11 August 2008. The ALRC 108 consisting of 3 volumes and 2700 pages is the culmination of a massive research and consultation exercise conducted over 2 years, and recommends 295 changes to privacy laws and practices in Australia.

  12 Aug 08 Alison Deitz

• 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