Inside this issue

Freeze on funds

The worldwide financial crisis and property market crash have brought to the fore many regulatory based provisions which until recently have largely been untried. One such provision is the restriction on allowing withdrawals from illiquid funds, and although the current crisis has been referred to as a financial ‘meltdown’, the result for many funds managers across the globe has been the opposite. Their funds have frozen.

Managed investment schemes and external management agreements

Managed investment schemes often adopt external management structures where the trustee of the MIS appoints a related entity of the trustee as an investment or asset manager for the MIS. Such arrangements are entered into for various reasons, which may include tax structuring, the ability to joint venture or even as an entrenchment device. Importantly, if the trustee is not given the opportunity to recover establishment costs and is unable to ensure that the establishment of the MIS is worthwhile, the trustee may be unlikely to establish the MIS in the first instance.
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Fund trustees’ obligations for member-directed investment

There has been a lot of finger-pointing over the past few months as members receive their benefit statements.  Members point the finger at the fund trustees, who point the finger at their investment managers and assets consultants, everyone asking how the members came to be so heavily invested in strategies with a large concentration of assets in speculative, illiquid options.  An interesting (and very topical) legal question arises out of all of this: what are trustees’ obligations in respect of members who, given a wide choice of different investment strategies, decide to have their member balances concentrated in a high-risk strategy with disclosed liquidity problems?  As usual with superannuation law, the answer is that there is no simple answer.

AAT rules on PDS disclosure requirements

The Administrative Appeals Tribunal (AAT) has made some interesting comments about common features of a product disclosure statement (PDS) while reviewing a decision by the Australian Securities and Investments Commission (ASIC) to issue a stop order on a mortgage fund product PDS.

Guidance for overseas financial services providers

The Australian Securities and Investments Commission (ASIC) has recently issued a new Regulatory Guide RG121 (Guide) on ‘Doing financial services business in Australia’ (11 August 2008). While not an earth shattering event, particularly in light of other more pressing regulatory issues being addressed by ASIC in the current market turmoil, the Guide is quite a useful document.


Emma Woolley

Partner & Head of Family Office Advisory

Karl Rozenbergs

Partner & Co-Lead, Health & Community

Ben Hamilton

Partner & Technology and Digital Economy Co-Lead

James Deady

Partner & Technology and Digital Economy Co-Lead

Eugene Chen

Partner & Head of China Practice

Oliver Jankowsky

Partner & Head of International Practice

John Bassilios

Partner & Fintech and Blockchain Lead

Matthew Curll

Partner & Insurance National Practice Leader

Melanie Smith

Director – Business Development, Marketing and Communications

Natalie Bannister

Partner & Commercial National Practice Leader

Nathan Kennedy

Partner, Head of Pro Bono & Community and ESG Co-Lead

Mark Dessi

Partner & Energy Co-Lead

Katie McKenzie

Director – People & Culture

James Bull

Special Counsel & Frank Lab Co-Lead

Melanie James

People & Culture Manager

Jacqui Barrett

Partner & Head of US Desk

Lauren Parrant

Senior People & Culture Advisor

Melinda Woledge

Marketing & Communications Manager

Jasmine Koh

Senior Associate & Frank Lab Co-Lead

Alison Choy Flannigan

Partner & Co-Lead, Health & Community

Jordon Lee


Geoff Benson


Meg Lee

Partner & ESG Co-Lead

John Gray

Partner, Technology & Digital Economy Co-Lead and NSW Government Co-Lead

Harvey Duckett


Luke Denham


Billie Kerkez

Manager – Smarter Recovery Solutions

Jemima Whiteman


Bradley White


Sarah Khan


Audrey Leahy

Special Counsel & Head of Irish Desk

Marie Mitilineos


Gloria Tam


Peter Jones

Senior Commercial Counsel

Eden Winokur

Partner & Head of Cyber

Sheldon Fu


James Pavlidis


Claire Bourke


Chloe Taylor


Silvana Brcina


Daphne Schilizzi


Andrew Banks


Isabella Urso


Jessica Liu


Amelia Spratt


Lisa Ziegert

Director – Client Solutions

David Cooper

Partner & Energy Co-Lead

Luke Raams


Emma McDonald


Carl Ayers


Maddison Reznik

Senior Associate & Trade Marks Attorney

Rebecca Dodd


Gretel Burns