Financial Services Regulatory and Governance

Our team has a deep understanding of the financial services regulatory environment and is an active participant through involvement in industry working groups. We manage regulatory issues relating to investments and fund operations including Australian foreign investment regulations and financial services regulations in Australia and abroad. We have advised and assisted a large number of financial services clients with their licensing requirements.

Our financial services team includes dedicated specialists in the regulation of the industry. Our expertise stems from dealing with complex issues across the sector from major financial institutions to specialist service providers, as well as active participation in industry forums.

We are experienced in the establishment, licensing, governance and operation of fund managers and responsible entities, platform operators, superannuation trustees and funds, authorised deposit taking institutions (ADIs), insurance companies, reinsurers and their holding companies, and financial planning firms, brokers and agents in Australia. We specialise in transactions affecting the ownership and control of ADI's, insurers, wealth managers and their holding companies, with particular expertise in demutualisation of credit unions, building societies and friendly societies.

We are a leading adviser on the establishment and operation of managed funds, hedge funds, exchange traded funds and prime broker arrangements and all aspects of obtaining and maintaining Australian Financial Services Licences.

Minter Ellison has a strong focus on regulatory compliance and change management issues for its clients. We are unique in our develop of practical tools to help our clients manage their regulatory burdens through the development of licensing toolkits, the widely used Disclosure Toolkits and our specialised publications such as Integrated FSR and Integrated AML.

Our team maintains a close connection with regulatory developments affecting the industry and is recognised as a leading contributor on many areas of reform through active participating in industry working groups, making submissions on key areas of concern to the Government and regular dealings with APRA, ASIC, AUSTRAC, Treasury, FIRB and other regulators.

14 July 2014

The People's Bank of China has released the Administrative Measures for the Foreign Exchange Purchase and Sale Business Provided by Banks which will come into force on 1 August 2014. The Measures will clarify the definition of Business and adjust the supervision and management model to provide banks with greater autonomy and a simplified process to market entry and exit.

17 June 2014

The Senate Economics Legislation Committee tabled its report on the FOFA amendment bill yesterday evening. While the majority of the Committee broadly supported the passing the bill, both the Labor Party and the Greens (who make up the majority of the current Senate) oppose the bill and recommend that it be rejected without amendment.

16 June 2014

Earlier this month, the Treasury of the Australian Government released a consultation paper on 'Providing Certainty for Contractual Loss Absorption Provisions in Regulatory Capital', seeking feedback on the need for legislative amendments to facilitate the effective operation of new prudential requirements on the loss absorbency of regulatory capital.

6 June 2014

The Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2014 (No.3) (Cth) came into force on 1 June 2014, requiring reporting entities to make changes to their AML/CTF programs and customer due diligence procedures. The new rules follow extensive consultation by the Australian Transaction Reports and Analysis Centre.

9 May 2014

The Australian government has launched an inquiry into the financial system, chaired by former Commonwealth Bank CEO David Murray AO. Partner Richard Batten and associate Tim Sutton track the developments to date and discuss the key themes and issues which have been raised.