Media Release | 4 April 2022
Hall & Wilcox has advised Upstreet on the establishment, structuring and promotion of a share rewards program for shoppers offered via a registered scheme known as the Upstreet Fund.
Upstreet runs a revolutionary new rewards platform that provides shoppers with indirect fractional interests in ASX-listed shares or ETFs as rewards for their loyalty to a brand or company. Whenever an Upstreet customer shops with one of the 400 participating brands, they will continually add to their portfolio and grow their investment.
The loyalty program is offered via the Upstreet Fund. The Upstreet Fund is registered with ASIC and is structured as a multi-class unit trust. The Fund holds the underlying shares or ETF units, and shoppers earn units in the Fund with exposures to securities in companies that own their favourite brands. The Fund is also innovative because it enables the purchase of fractional share entitlements as gifts for others, and is flexible enough to accommodate employee rewards programs.
The Hall & Wilcox team supported Upstreet with the resolution of complex regulatory questions arising under securities and financial services laws, drafted documentation for the pilot agreement, and advised on promotions of the rewards program such as the recent ‘share giveaway’ promotion in conjunction with Marley Spoon, which is one of the startup's biggest partners.
The team is led by Partner Vince Battaglia, who is supported by Partner Michelle Eastwell and Lawyer Nina Mao. Vince said, ‘The team from Upstreet immediately impressed us with their technology and desire to do something that has never been done before in Australia. It was a pleasure working with them to help bring a truly unique and rewarding shopping experience to life.’
Upstreet CEO Christian Eckelmann said, ‘Vince and the entire team from Hall & Wilcox were crucial supporters for Upstreet from day one, helping solve the critical regulatory issues and structural challenges that allowed us to launch the platform in the first place. Without them, Upstreet wouldn’t exist.’
Hall & Wilcox is a leading independent law firm of more than 900 people, including over 100 partners. We service corporate, public sector and private clients, both Australian-based and those offshore doing business in Australia.
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