Financial Services Regulation & Licensing

 
The complexity of the laws and standards governing the financial services industry requires a legal team with deep expertise and experience to develop compliant business solutions.

Hall & Wilcox’s experience covers our clients’ regulatory and licensing obligations. Importantly, we also explore the applicable professional standards and compliance requirements. While often overlooked, we understand their impact on all areas of our clients’ operations and the role they play in business protection. We help address this issue using Smarter Law systems that are designed to meet the strict regulatory and licensing requirements.

We advise on the full range of financial services regulation and licensing issues, including:

  • AFSL applications, licensing requirements and compliance;
  • scheme establishment and registration;
  • review of scheme compliance plant;
  • disclosure document preparation and review including PDS, SOAs and FSGs;
  • due diligence program design and implementation;
  • key regulatory regimes including the Corporations Act, the Superannuation Industry (Supervision) Act, the Income Tax Assessments Act(s), and the Competition & Consumer Act;
  • compliance programs and plans within the framework of AS3806, including systems for monitoring, measurement and reporting;
  • IDPS Guide preparation, review, due diligence and verification;
  • ASIC/ASX liaison and obtaining regulatory relief;
  • IDPS constitution review and preparation;
  • MDA compliance advice and agreements; and
  • enforcement issues and enforceable undertakings.

Experience

  • Acting for Sandhurst Trustees in relation to licensing and prudential issues, including review of APRA licensing material, taxation, disclosure and ongoing compliance obligations.
  • Acting for superannuation administrators in relation to the review and preparation of disclosure documents, annual reports, periodic statements and advertising material, and providing general regulatory and prudential advice.
  • Acting for a number of trustees of industry severance schemes, including ElecNet, the trustee of ‘Protect’ (the electrical industry severance scheme), in relation to fund establishment and maintenance and licensing and prudential issues.
  • Advising on, and preparing objections against, assessments levied following rollover of APRA-regulated fund members and assets to a new fund.
  • Providing advice to, and developing compliance materials and plans for, responsible entities of managed investment schemes, from property fund managers such as APN Funds Management Limited to operators of agribusiness schemes.
  • Acting for Elders Trustees Limited in the preparation and review of compliance materials.
  • Preparing and reviewing compliance materials and undertaking risk analysis in respect of wholesale management investment schemes and financial planning practices (as part of the licensing application process).
  • Reviewing compliance guides for the Financial Planning Association.
  • Acting for a superannuation fund ratings business in relation to a reporting breach and liaising with ASIC in respect of remedial action.
  • Advising primary production schemes on compliance with AFSL conditions specific to such schemes.
  • Acting in relation to the licensing, establishment and capital raisings of numerous other wholesale and retail funds, including Sequoia Fund (hedge fund), Ceres Fund (agricultural fund), Bellwether Fund (hedge fund/private equity fund), Ascot Fund (hedge fund), Winslow IPDS Service and Wingate Opportunity Fund (hedge fund).
  • Obtaining ASIC licensing and disclosure relief for a multi-national foreign financial services provider, FCT Group, providing financial services in Australia.
  • Acting in respect of the establishment of an international retail on-line derivatives trading platform and establishing the Australian operation of an overseas foreign exchange business.

Key contact

Harry New

Partner

Co-Head of Financial Services & Insurance

Harry leads our financial services team and focuses extensively on financial services law and corporate advisory.

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