Banking & Finance

Banking & Finance

Banking & Finance

Although Australia escaped the worst of the global financial crisis, the market has seen a substantial shift in types of corporate financings in the wake of global volatility.

As the traditional institutional finance providers, particularly those based abroad, continue to withdraw from the market, an increasing number of major corporates have turned to the capital markets – at home and overseas – as an alternative source of liquidity.  The US high yield market and private placements have proven particularly popular.  Corrs’ ability to adapt our skills to support the changing needs of our corporate client base has seen us advise on many top deals.

In property finance, our unique combination of high end finance, construction and real estate expertise sets us apart from our competitors. Finance is increasingly being drawn from the international capital markets and sponsor-side investment, and we have seen considerable interaction with Asia. In project finance, we have one of the fastest growing teams in the country, linked to what is rapidly becoming Australia’s primary economic driver: energy, natural resources and infrastructure.

Our Thinking

Federal Government loses out on corporate collapse: the case for legislative reform

Two recent decisions have contradicted long-standing authority, resulting in both the Commonwealth and the ATO losing priority status.

More

Mortgage Fraud: ASIC gets tough on brokers

ASIC won’t be able to bear the burden of tackling mortgage fraud alone.

More

The National Housing Finance and Investment Corporation: solid foundations or a house of cards?

A new Budget initiative aims to increase dramatically the supply of affordable housing for lower income Australians by linking the scale and tenor of the debt capital markets with the community housing sector.

More

Securing contractual rights destroys mutuality and right to claim set-off

In an insolvency situation, there are risks in relying upon contractual or statutory set-off where a counterparty has granted security to lenders.

More

Tips and traps of the PPS Act: A look towards further reform

This article offers an informative overview of the recent case law which has highlighted common areas of confusion and elements of uncertainty under the Personal Property Securities Act 2009 (Cth) (PPS Act).

More Download

Greater Power Purchasing: How large energy consumers are generating their own

Some of Australia’s largest energy consumers are now procuring renewable energy through PPAs.

More

Brand new cybersecurity regulations are now in effect in New York: How might they affect your organisation?

They’ve been hailed as a world first. How will New York’s new cybersecurity regulations shape legislation in Australia?

More

Regulatory Reform Agenda: What does it mean for the banks?

What does the current regulatory reform agenda mean for banks and financial institutions?

More

AUSTRAC Insights: Common failures in anti-money-laundering and counter-terrorism financing programs

All reporting entities should be reviewing their AML/CTF programs to ensure the errors and failings highlighted by AUSTRAC are not occurring in their business.

More

Code of Banking Practice: The Khoury Report

Phil Khoury’s recommended changes to the Code of Banking Practice will mean banks will need to meet higher standards.

More

Can advances in behavioural neurogenetics make you a better relationship banker?

Could advances in behavioural sciences provide relationship bankers with the key to delivering greater value to their customers?

More

Bold Cyber Security Regulations for the Financial Services Industry – Will we see them in Australia?

Cyber Security Mandate: Will proposed cyber security regulations for New York banks and financial institutions pave the way for prescriptive cyber security requirements in Australia?

More

Three needn’t be a crowd with Debt-Finance: Five points for tripartite relationships between a tenant (borrower), landlord and financier

Negotiating a tripartite agreement doesn’t need to become protracted. Here are five steps for all parties involved to consider.

More

Hitting rock bottom and starting to dig: The risk of negative interest rates in Australia

The movement of central banks towards zero and below sends a clear signal to markets – it’s ugly out there.

More

An imprudent customer and his money reunited: FOS imposes a new duty on banks to prevent fraud

How can banks protect customers and themselves against boiler room scams and avoid ending up in FOS jurisdiction?

More

APRA releases enhanced governance requirements for superannuation trustees

Key changes to governance requirements for superannuation trustees have been issued providing a new framework.

More

The insolvency of agents acting as international distributors: implications for banking and finance practitioners

Partner Mark Wilks, Senior Associate David Anthony and Lawyer Fred Jolley consider the implications for financial institutions and insolvency practitioners when an overseas agent become insolvent.

More Download

Environmental liability for lenders: the law in flux

The Environmental Protection (Chain of Responsibility) Amendment Act 2016 (Qld) puts lenders at risk of being in the firing line of the Queensland DEHP for environmental harm caused by their borrowers in Queensland.

More

Keeper at the gate: Regulator targets a range of transgressions in financial services

ASIC’s half term enforcement report shows the regulator’s intent to ensure financial institutions and advisers comply with their obligations, lifting the standards of financial advice providers.

More

Debt-Finance: The five things our private equity clients are thinking about going into 2017

What are business borrowers focussing on right now when it comes to financing debt? We consider a range of issues facing investors – private equity of otherwise – as 2017 approaches.

More

Outcomes Focus: Environmental Impact Bonds are all about results

There is an alternative to Green Bonds – Environmental Impact Bonds tie financial returns to the success of a green project.

More

Financial inclusion: what “social licence” means for Australia’s big banks

Big profits bring big responsibilities. So what does a social licence really mean for our banking industry?

More

Must try harder: ASIC’s Half Term Report Card

ASIC’s report on enforcement outcomes for the first part of 2016 reveals a rise in criminal charges and infringement notices.

More

Beyond the banks - Paciocco affects others too

This week’s High Court decision in the Paciocco v ANZ case will have ramifications that go far beyond the banking industry.

More

Banks breathe easy for now

It’s being hailed as a win for the banks. But could this week’s High Court decision in favour of ANZ be a pyrrhic victory?

More

Hung or hung out to dry? What fewer than 76 seats could mean for Australian business

How would a minority government address the key issues for business? Ask Corrs CEO John Denton and Partner Andrew Lumsden.

More

Blockchain: A Revolution or an Evolution?

Blockchain began with the promise of a revolution in financial services. However, the impacts are looking more evolutionary as financial institutions work together to realise the values and savings this technology can potentially bring.

More

The best of times, the worst of times

The NSW Supreme Court’s decision in Independent Contractor Services (Aust) Pty Ltd ACN 119 186 971 (in liquidation) (no 2) [2016] NSWSC 106 found the statutory scheme of priority doesn’t apply to realisations from circulating trust assets.

More

ASIC puts its regulatory spotlight on conflict of interest management

Following the recent release of ASIC Report 474, AFS Licensees have been put on notice by ASIC to re-examine and improve their conflict of interest management practices.

More

Clean energy: ARENA’s grant funding and the new Clean Energy Innovation Fund

On 23 March 2016, the Turnbull Government announced the establishment of a $1 billion Clean Energy Innovation Fund (CEIF) to provide debt and equity funding for clean energy projects.

More

Proposed new super pension rules – necessary reforms for Australia’s future

Promising changes to retirement income streams will simplify a needlessly complex area of law.

More

Will the year of the fire monkey burn corporate Australia’s ambitions in 2016?

Our key predictions on what Australia can expect from the Chinese year of the fire monkey.

More

Encouraging Innovation through Insolvency Reform

The Turnbull Government’s Innovation Reforms provide for a more flexible approach to restructuring which will assist entrepreneurship and existing businesses battle digital disruption.

More

Creating a lasting bond: Utilising social benefit bonds to help combat family violence in Australia

We first reported on “social benefit bonds” – the innovative financial instrument that pays a return based on the achievement of agreed social outcomes – in 2012.

More

Living on the hedge – Don’t let your hedging agreement cost you

Hedging agreements are an integral part of many loan transactions but often do not receive the attention they deserve. Here are four key points to bear in mind when drafting and negotiating a hedging agreement.

More

The penalty doctrine after Andrews - Some practical guidance at last

A federal court decision just handed down provides welcome guidance about the application of the penalty doctrine post Andrews.

More

NSW electricity privatisation - The renewable assets

On 1 August 2013, Origin Energy finally acquired the Eraring and Shoalhaven generators over which it had previously entered into GenTrader agreements.

More Download

Electricity privatisation in NSW - An update

It has been just over a year since the NSW Government passed the Electricity Generator Assets (Authorised Transactions) Act 2012 to facilitate the sale of the remaining State-owned electricity generation assets

More

The implications of the Budget on receivables financings

The new Budget requires certain businesses to pay tax monthly rather than quarterly. This means some businesses may have to pay tax before they receive payment from their customers, creating cashflow issues.

More

Our Thinking

Federal Government loses out on corporate collapse: the case for legislative reform

Two recent decisions have contradicted long-standing authority, resulting in both the Commonwealth and the ATO losing priority status.

Mortgage Fraud: ASIC gets tough on brokers

ASIC won’t be able to bear the burden of tackling mortgage fraud alone.

The National Housing Finance and Investment Corporation: solid foundations or a house of cards?

A new Budget initiative aims to increase dramatically the supply of affordable housing for lower income Australians by linking the scale and tenor of the debt capital markets with the community housing sector.

Securing contractual rights destroys mutuality and right to claim set-off

In an insolvency situation, there are risks in relying upon contractual or statutory set-off where a counterparty has granted security to lenders.

Tips and traps of the PPS Act: A look towards further reform

This article offers an informative overview of the recent case law which has highlighted common areas of confusion and elements of uncertainty under the Personal Property Securities Act 2009 (Cth) (PPS Act).

Greater Power Purchasing: How large energy consumers are generating their own

Some of Australia’s largest energy consumers are now procuring renewable energy through PPAs.

Brand new cybersecurity regulations are now in effect in New York: How might they affect your organisation?

They’ve been hailed as a world first. How will New York’s new cybersecurity regulations shape legislation in Australia?

Regulatory Reform Agenda: What does it mean for the banks?

What does the current regulatory reform agenda mean for banks and financial institutions?

AUSTRAC Insights: Common failures in anti-money-laundering and counter-terrorism financing programs

All reporting entities should be reviewing their AML/CTF programs to ensure the errors and failings highlighted by AUSTRAC are not occurring in their business.

Code of Banking Practice: The Khoury Report

Phil Khoury’s recommended changes to the Code of Banking Practice will mean banks will need to meet higher standards.

Can advances in behavioural neurogenetics make you a better relationship banker?

Could advances in behavioural sciences provide relationship bankers with the key to delivering greater value to their customers?

Bold Cyber Security Regulations for the Financial Services Industry – Will we see them in Australia?

Cyber Security Mandate: Will proposed cyber security regulations for New York banks and financial institutions pave the way for prescriptive cyber security requirements in Australia?

Three needn’t be a crowd with Debt-Finance: Five points for tripartite relationships between a tenant (borrower), landlord and financier

Negotiating a tripartite agreement doesn’t need to become protracted. Here are five steps for all parties involved to consider.

Hitting rock bottom and starting to dig: The risk of negative interest rates in Australia

The movement of central banks towards zero and below sends a clear signal to markets – it’s ugly out there.

An imprudent customer and his money reunited: FOS imposes a new duty on banks to prevent fraud

How can banks protect customers and themselves against boiler room scams and avoid ending up in FOS jurisdiction?

APRA releases enhanced governance requirements for superannuation trustees

Key changes to governance requirements for superannuation trustees have been issued providing a new framework.

The insolvency of agents acting as international distributors: implications for banking and finance practitioners

Partner Mark Wilks, Senior Associate David Anthony and Lawyer Fred Jolley consider the implications for financial institutions and insolvency practitioners when an overseas agent become insolvent.

Environmental liability for lenders: the law in flux

The Environmental Protection (Chain of Responsibility) Amendment Act 2016 (Qld) puts lenders at risk of being in the firing line of the Queensland DEHP for environmental harm caused by their borrowers in Queensland.

Keeper at the gate: Regulator targets a range of transgressions in financial services

ASIC’s half term enforcement report shows the regulator’s intent to ensure financial institutions and advisers comply with their obligations, lifting the standards of financial advice providers.

Debt-Finance: The five things our private equity clients are thinking about going into 2017

What are business borrowers focussing on right now when it comes to financing debt? We consider a range of issues facing investors – private equity of otherwise – as 2017 approaches.

Outcomes Focus: Environmental Impact Bonds are all about results

There is an alternative to Green Bonds – Environmental Impact Bonds tie financial returns to the success of a green project.

Financial inclusion: what “social licence” means for Australia’s big banks

Big profits bring big responsibilities. So what does a social licence really mean for our banking industry?

Must try harder: ASIC’s Half Term Report Card

ASIC’s report on enforcement outcomes for the first part of 2016 reveals a rise in criminal charges and infringement notices.

Beyond the banks - Paciocco affects others too

This week’s High Court decision in the Paciocco v ANZ case will have ramifications that go far beyond the banking industry.

Banks breathe easy for now

It’s being hailed as a win for the banks. But could this week’s High Court decision in favour of ANZ be a pyrrhic victory?

Hung or hung out to dry? What fewer than 76 seats could mean for Australian business

How would a minority government address the key issues for business? Ask Corrs CEO John Denton and Partner Andrew Lumsden.

Blockchain: A Revolution or an Evolution?

Blockchain began with the promise of a revolution in financial services. However, the impacts are looking more evolutionary as financial institutions work together to realise the values and savings this technology can potentially bring.

The best of times, the worst of times

The NSW Supreme Court’s decision in Independent Contractor Services (Aust) Pty Ltd ACN 119 186 971 (in liquidation) (no 2) [2016] NSWSC 106 found the statutory scheme of priority doesn’t apply to realisations from circulating trust assets.

ASIC puts its regulatory spotlight on conflict of interest management

Following the recent release of ASIC Report 474, AFS Licensees have been put on notice by ASIC to re-examine and improve their conflict of interest management practices.

Clean energy: ARENA’s grant funding and the new Clean Energy Innovation Fund

On 23 March 2016, the Turnbull Government announced the establishment of a $1 billion Clean Energy Innovation Fund (CEIF) to provide debt and equity funding for clean energy projects.

Proposed new super pension rules – necessary reforms for Australia’s future

Promising changes to retirement income streams will simplify a needlessly complex area of law.

Will the year of the fire monkey burn corporate Australia’s ambitions in 2016?

Our key predictions on what Australia can expect from the Chinese year of the fire monkey.

Encouraging Innovation through Insolvency Reform

The Turnbull Government’s Innovation Reforms provide for a more flexible approach to restructuring which will assist entrepreneurship and existing businesses battle digital disruption.

Creating a lasting bond: Utilising social benefit bonds to help combat family violence in Australia

We first reported on “social benefit bonds” – the innovative financial instrument that pays a return based on the achievement of agreed social outcomes – in 2012.

Living on the hedge – Don’t let your hedging agreement cost you

Hedging agreements are an integral part of many loan transactions but often do not receive the attention they deserve. Here are four key points to bear in mind when drafting and negotiating a hedging agreement.

The penalty doctrine after Andrews - Some practical guidance at last

A federal court decision just handed down provides welcome guidance about the application of the penalty doctrine post Andrews.

NSW electricity privatisation - The renewable assets

On 1 August 2013, Origin Energy finally acquired the Eraring and Shoalhaven generators over which it had previously entered into GenTrader agreements.

Electricity privatisation in NSW - An update

It has been just over a year since the NSW Government passed the Electricity Generator Assets (Authorised Transactions) Act 2012 to facilitate the sale of the remaining State-owned electricity generation assets

The implications of the Budget on receivables financings

The new Budget requires certain businesses to pay tax monthly rather than quarterly. This means some businesses may have to pay tax before they receive payment from their customers, creating cashflow issues.