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Financial Services Regulatory
Large Bank: Advised in relation to associated regulatory issues in connection with the sale of one its finance businesses and in relation to a range of matters in connection with the separation of the business from Bank and transition to the purchaser. It was a significant transaction both in size and complexity, given the highly regulated environment in which the business operates and the range of issues to be addressed across credit, AML/CTF, financial services and privacy legislation, at a time when significant regulatory change was affecting the business.
Large Financial Institution: Advised on all facets of the client's implementation of the new product design and distribution obligations (DDO) which commenced on 5 October 2021. The changes to the law represented a major shift away from a disclosure-based regime towards putting the onus on product issuers and distributors to identify target markets for financial products and ensure that products are designed and distributed to reach those target markets.
Product development and distribution: Advised banks, insurers and other financial institutions on licensing issues associated with distribution arrangements, and the development of product terms, for a range of financial products including deposit products, non-cash payment facilities and insurance products.
Credit: Advised banks and other financial institutions on licensing issues in connection with both regulated and unregulated credit products, including drafting product terms and conditions and disclosure documents and advising on the sales/distribution process.
Dealings with regulators: Acted for banks and other financial institutions in dealings with ASIC and APRA in connection with regulatory investigations, responses to industry inquiries, relief applications related to financial services and credit requirements and to report breaches and design and implement remediation programs
Large Bank: Advised on a broad range of issues, including compliance with responsible lending obligations and other matters, including ASIC inquiries in relation to credit cards, home loans and auto finance. This has included assisting in the ongoing development of a revised responsible lending policy that is to apply to all areas of consumer and residential investment lending across the institution.
Licensing and regulatory advice: Advised a number of banks, non-bank lenders, insurers and other industry participants on a range of licensing and regulatory matters relating to banking, credit and insurance products.
Regulatory reform: Advising on the implementation of key regulatory reforms for banking, credit and insurance products, including DDO, anti-hawking, deferred sales model for add-on insurance, claims handling as a financial service and breach reporting.
Regulator engagement: Advising on the responses to notices and engagement with regulators (including ASIC, APRA and AUSTRAC), including the production of documents and preparing written statements.
Regulatory investigations and enforcement action: Advised banks and insurers in relation to regulatory investigations and enforcement action.
Corporate transactions: Advised on risk mitigation strategies in connection with mergers and acquisitions for regulated entities, including regulatory requirements and transitional issues for those transactions.
Regulatory compliance: Advised on and assisted with compliance deep dives, alignment of product administration systems with legal requirements, breach identification, rectification and remediation.
Breach reporting and remediation: Advised on breach reporting requirements, regulatory engagement and the design and implementation of customer remediation programs.
Licensee risk and compliance: Advised banks and other financial services providers on compliance with Australian financial services and credit licensee obligations and associated risk and compliance frameworks.
Product terms and conditions: Advised on, drafted and conducted compliance reviews for product terms and conditions and disclosure documents.
Foreign financial services providers: Advised on licensing and regulatory requirements for foreign entities commencing or avoiding carrying on a financial services or credit business in Australia.
Large insurers and intermediaries: Advised major Australian insurers and intermediaries on a range of compliance issues under ASIC and APRA regulations.
Global insurers and reinsurers: Advised foreign insurers and reinsurers on various transactions involving the transfer of risk and on a range of issues, including authorisations to carry on insurance business in Australia as well as ad hoc compliance issues.
See Financial Services Regulatory