Financial Services
Financial Services » Finance Sector Reform & Regulation
The Financial Services industry is undergoing dynamic reform with complex implications.
Regulatory reforms include refinements to the “financial services reform” regime, consumer credit and margin lending reforms, the introduction of anti-money laundering laws, personal property securities reforms, the Future of Financial Advice reforms, the implications of the Cooper Review, regulatory capital requirements in the non-banking sector, and tax reforms that impact on the funds management industry.
It is important for lawyers to assist clients through the myriad regulatory reforms that impact their business by working closely with key regulators including APRA, ASIC, ACCC and ATO.
Our Experience
Western Union anti-money laundering advice
Western Union is the world’s largest money transfer network with operations in more than 200 countries.
Western Union agents account for approximately half of all businesses in Australia regulated under Australia’s anti-money laundering legislation (AML laws), making Western Union one of the most sophisticated businesses in the context of global and Australian AML laws.
Our Thinking
MySuper authorisation and the transition to MySuper
On 3 May 2012 the Australian Prudential Regulation Authority (APRA) released its consultation package regarding MySuper authorisation.
DownloadTranche 3 of Stronger Super reforms
The Government has released the draft legislation and explanatory memorandum for the third tranche of its Stronger Super reforms contained in the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012.
DownloadGreater clarity around APRA’s Prudential Standards for Superannuation
Following the release of a Discussion Paper on APRA’s proposed approach to implementation of the prudential standards on 28 September 2011, APRA invited comments on its proposals.
DownloadCorrs in Brief: Transfer Pricing - a changing landscape
Australia's domestic transfer pricing provision, Division 13 of the Income Tax Assessment Act 1936, was introduced in 1982. However, until 2008, there had been no substantive decision concerning its operation. Recent developments are set to change t
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If Asia is the new Britain, we need a new passport
Asia is the future growth engine for Australia’s funds management industry, but regulatory differences between countries make it inefficient and expensive to sell financial products in the region. Australia’s proposed Asia Region Funds Management Pas
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Is it time for Australia to rethink its approach to financial restructurings?
As a result of the willingness of local lenders to sell debt in the secondary market there has been increased participation from off-shore lenders keen to utilise foreign restructuring techniques in Australia. How should local lenders respond?
MoreCorrs In Brief: Second Tranche of Stronger Super released – Superannuation Legislation Amendment (Trustee Obligations And Prudential Standards) Bill 2012
The Government has released the draft legislation and explanatory memorandum for the second tranche of its Stronger Super reforms.
MoreCorrs In Brief: Prudential Standards For Superannuation
This In Brief summarises the intended operation of APRA’s standards-making power and some of the more important issues that APRA proposes become the subject of a prudential standard.
MoreCorrs In Brief: Second Tranche of FOFA Released – Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011
The Government has released the draft legislation and explanatory memorandum for the second and final tranche of its Future of Financial Advice (FOFA) reforms. Our earlier In Brief of 29 August 2011 discussed the first tranche of the FOFA reforms.
MoreOur Experience
Western Union anti-money laundering advice
Western Union is the world’s largest money transfer network with operations in more than 200 countries.
Western Union agents account for approximately half of all businesses in Australia regulated under Australia’s anti-money laundering legislation (AML laws), making Western Union one of the most sophisticated businesses in the context of global and Australian AML laws.
Corrs has advised Western Union for more than ten years on all aspects of financial services regulation affecting the money transfer business in Australia and this has required Corrs to be at the forefront of AML regulation.
Our Thinking
Corrs in Brief: First tranche of FOFA released
29th August 2011 |
Corrs In Brief: Second Tranche of FOFA Released – Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011
The Government has released the draft legislation and explanatory memorandum for the second and final tranche of its Future of Financial Advice (FOFA) reforms. Our earlier In Brief of 29 August 2011 discussed the first tranche of the FOFA reforms.
Corrs In Brief: Prudential Standards For Superannuation
This In Brief summarises the intended operation of APRA’s standards-making power and some of the more important issues that APRA proposes become the subject of a prudential standard.
Is it time for Australia to rethink its approach to financial restructurings?
As a result of the willingness of local lenders to sell debt in the secondary market there has been increased participation from off-shore lenders keen to utilise foreign restructuring techniques in Australia. How should local lenders respond?
If Asia is the new Britain, we need a new passport
Asia is the future growth engine for Australia’s funds management industry, but regulatory differences between countries make it inefficient and expensive to sell financial products in the region. Australia’s proposed Asia Region Funds Management Pas
Corrs In Brief: Second Tranche of Stronger Super released – Superannuation Legislation Amendment (Trustee Obligations And Prudential Standards) Bill 2012
The Government has released the draft legislation and explanatory memorandum for the second tranche of its Stronger Super reforms.
Corrs in Brief: Transfer Pricing - a changing landscape
Australia's domestic transfer pricing provision, Division 13 of the Income Tax Assessment Act 1936, was introduced in 1982. However, until 2008, there had been no substantive decision concerning its operation. Recent developments are set to change t
Tranche 3 of Stronger Super reforms
The Government has released the draft legislation and explanatory memorandum for the third tranche of its Stronger Super reforms contained in the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012.
Greater clarity around APRA’s Prudential Standards for Superannuation
Following the release of a Discussion Paper on APRA’s proposed approach to implementation of the prudential standards on 28 September 2011, APRA invited comments on its proposals.
MySuper authorisation and the transition to MySuper
On 3 May 2012 the Australian Prudential Regulation Authority (APRA) released its consultation package regarding MySuper authorisation.
Our Experts
Andrew Galvin
Partner Sydney +61 2 9210 6439
Andrew Lumsden
Partner Sydney +61 2 9210 6385
Christine Maher
Partner Brisbane +61 7 3228 9413
Megan O'Rourke
Partner Perth +61 8 9460 1712