Australian businesses prepare for the new privacy regime
Our Financial Services & Insurance industry group is at the forefront of development across this complex, highly regulated and constantly changing sector. We are closely involved with all aspects of financial services, so we understand fully the operational and regulatory issues that the industry faces. Our specialist lawyers practice in the areas of banking, superannuation, funds and life and general insurance. We have unparalleled experience in and understanding of financial product advice and distribution, whether through aligned dealer groups or the open market.
Financial services is one of the core industry groups on which Minter Ellison is founded. We act for the Big Four banks and other major financial services organisations in Australia and overseas. We provide commercially astute advice in M&A, capital markets, banking & finance, insurance, corporate governance, regulatory matters, tax, restructuring & insolvency, outsourcing and competition.
We are active participants in the key financial services industry associations, contributing to the policy debate and submissions to government on regulatory change. We invest the time to develop innovative products and solutions for our financial services clients to assist them comply with licensing and other financial services regulations.
We also have extensive experience in dealing with regulators — such as ASIC, APRA, ACCC, ASX, State Revenue Office and the ATO — and understand the regulatory outcomes they are trying to achieve.
Acted for Suncorp on its A$128.5m sale of the Tyndall asset management business to Nikko Asset Management. Suncorp remains Tyndall's major client, creating an important strategic customer partnership going forward, and approximately A$18bn of Suncorp directed funds continue to be managed by Tyndall Investments.
Acted, together with other professional advisors, on the establishment of Third Link Growth Fund, Australia's first 'not for profit' managed investment fund. Third Link provides investors with all the benefits/rewards of a traditional investment fund and at the same time provides an annuity stream to the not for profit sector through an organisation called Social Ventures Australia. All management fees received by the Fund, net of expenses incurred, will go to support the non-profit sector.
Advising AXA on the acquisition of the Challenger Financial Planning business (including Genesys Wealth Advisers, Associated Planners and the Synergy platform) and simultaneous sale to Challenger of AXA's annuities business.
Minter Ellison has been active in relation to the federal government's introduction of a shorter product disclosure statement (PDS) regime for margin loans, superannuation and managed investment schemes, which must be complied with by 22 June 2012. We advised on submissions made by the Financial Services Council, hosted client workshops and, more recently, we have reviewed draft PDSs, advising on technical issues, liaising with regulators, and advising on due diligence procedures for a number of clients.