Financial Services Regulation

Our Financial Services Regulation team helps clients navigate complex regulatory landscapes, focusing on compliance and gaining a strategic advantage.

How we can help

It’s our business to keep up with the regulatory, social and commercial challenges of the financial services industry. With this knowledge, our experienced team gives clear and focused legal advice so our clients can move forward with assurance. We’re also great at getting to the bottom of complex issues, identifying problems and developing strategic plans to fix them.

Our clients rely on us through the full commercial landscape, from platform development, products, and transactional advice to regulatory engagement, risk, compliance programs and investigations.

We have a seat at the table with all major regulators including ASIC, APRA, ACCC, OAIC, ATO and AUSTRAC. This keeps us well informed, as well as playing a part in shaping the development of financial services regulation in consultations, significant investigations and enforcement proceedings.

Services

We’ll help you navigate complex financial services regulation, from platform development to compliance, risk management, and regulation, with technical, commercial and strategic support.

Financial services regulation

We advise on all aspects of financial services regulation, across conduct and prudential matters. This includes regulatory licensing, approvals and exemptions, core obligations, breach reporting and ensuring compliance.

Fintech, Crypto and Web3

We provide regulatory compliance, product development and market entry strategies guidance.

Payments

We advise on payment systems, ensuring compliance, optimising transactions and supporting new payment solution development.

Superannuation

Advice on regulations, ensuring compliance and member protection, optimising fund management and provide strategic support for superannuation products.

Insurance

Our advice covers licensing, policy wording, customer protection, claims handling, transaction regulation, DOI and disputes.

Consumer and retail

We cover product establishment, governance, consumer protection, credit, business lending, remediation, financial crime and breach reporting advice.

Risk and compliance

Our current state assessments and uplifts cover a broad range of our client’s operations, including risk management and compliance frameworks, information security, data risk management, complaints handling and remediation frameworks.

Institutional banking

We advise on licensing (AFSL), short-selling, market misconduct, financial crime, anti-bribery, restructuring products, regulatory compliance, foreign investments, debt investments and derivatives.

Governance, accountability and remuneration

We advise on board and executive governance and accountability, covering committees, effectiveness reviews, BEAR and FAR implementations, conduct investigations, as well as remuneration and consequence management.

Regulatory change

We prepare submissions, advise on new laws, and support change programs, including assessments, gap analysis, framework development, policies, procedures, communication, training, operating models, and governance.

Investigations

This includes advising on financial services regulation, AFSL obligations, licensing, exclusions, anti-bribery, anti-money laundering, counter-terrorism financing, competition and consumer law, taxation and commissions and inquiries.

Financial Services Regulation experience

Australian Banking Association

On an application for authorisation to collaborate on developing industry standards to combat scams.

Various financial institutions

On responding to regulatory stop orders and engaging with ASIC to target market determinations and distribution arrangements. Conducting current state assessments and uplifts of end-to-end product governance frameworks.

Auto & General

In landmark Federal Court proceedings by ASIC, alleging unfair terms in its insurance product disclosures—the first case under the UCT regime since its 2021 extension to insurance.

Westpac

On class action proceedings initiated by AUSTRAC for 23 million alleged breaches of anti-money laundering laws, concluding in a Federal Court order for Westpac to pay a record $1.3 billion penalty.

CBA, Allianz, J.P. Morgan, TAL, Bendigo and Adelaide, Rest Super and Aware Super

On BEAR and FAR implementation, governance, risk, and compliance enhancements, and the management of strategic and sensitive issues and incidents.

Immutable

On a range of regulatory and contractual matters.

Synthetix

On the establishment of a blockchain-based trading platform that allows users to acquire synthetic exposure to real world and digital assets.

Great Southern Bank

On its investment in and collaboration with Sydney-based fintech start-up, Constantinople and arrangements with third party distributors.

Blockchain infrastructure providers

Including Holon Global, Coinbase and Galaxy Digital in relation to digital asset funds.

Block Earner

Regarding non-standard regulatory engagement and its landmark proceedings with ASIC. ASIC has publicly acknowledged to be a “test case” (ASIC v Web3 Ventures Pty Ltd [2024] FCA 64).

Ownable

On developing a bespoke structure that allows Ownable to facilitate collective investment into real estate assets so it can be supported by digital asset records.

ConnectID and Australian Payments Plus

On establishing ConnectID, Australia's first national digital identity exchange and network, intended as a backbone for the digital economy.

PEXA

Australia's online property exchange network, on the launch of an integrated payment product embedded in the property exchange and settlement platform.

Citi

On its implementation of the new ’Payto’ mandated payments service.

Commonwealth Bank of Australia

In relation to the BEEM payments app and Westpac in relation to Assembly.

Archa

On a new SME lending and payments product, including associated corporate credit and technology agreements.

Spaceship

On financial services (licensing; disclosure; conduct; client money) and commercial contracting matters when negotiating with the payment provider counterparty.

Rest Super

On acquiring 2-30 Saintly Drive Truganina, Victoria from Charter Hall, marking the first seed asset for a $1 billion+ Barings and REST industrial partnership in Australia.

Spirit Super

On all transaction aspects, property and asset due diligence, sale agreements, negotiation of deeds with Tasmania, and hotel development and delivery obligations with Marriott.

Hesta

On a range of co-investments with KKR.

UniSuper

On the $24 billion acquisition of ASX-listed Sydney Airport by Sydney Aviation Alliance via schemes of arrangement.

Resolution Life Australasia

On the acquisition of AIA Australia’s superannuation and investments business and the acquisition of Macquarie Life’s insurance portfolio.

Aware Super and MIRA

On the $3.5 billion acquisition of Vocus Group by scheme of arrangement.