Global Regulatory
Global Regulatory » International Trade, Treaties and Agreements
International financial regulation
The international prudential regulation of banks and other financial institutions is largely determined by the Group of Twenty Nations (G20), which oversees the work of the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (BCBS). Organisations that operate internationally require interpretation of these ever-changing regulations, especially when contemplating changes within their own operations. A particular focus recently has been the Basel III financial regulation reforms, which comprise new capital standards for financial institutions to be implemented from 2013 and new liquidity requirements for deposit-taking institutions.
Our Experience
Anti-dumping
The Federal Government is working on new legislation to strengthen action in this area. Corrs trade law experts have been involved in the preparation of submissions to the Productivity Commission, Senate Economics Legislation Committee and the Federal Government and have appeared before both the Productivity Commission and the Senate Economics Committee in public hearings to provide evidence . Corrs’ represents a number of major corporations and foreign governments in anti-dumping investigations in Australia.
Anti-money laundering
Advising major financial institutions regarding laws arising from Australia’s membership of the Financial Action Task Force established by the G7 Summit, whose purpose is the combating of money laundering and terrorism financing. Corrs advises global organisations on all aspects of money laundering regulation and trade sanctions. For example, we advise Western Union, the world’s largest money remittance business, whose network accounts for half of all entities regulated under Australia’s anti-money laundering laws.
British American Tobacco
Advising on how Australia’s proposed plain packaging legislation might breach WTO agreements TBT (Technical Barriers to Trade) and TRIPS (Trade Related Aspects of Intellectual Property). Also advising on the potential enforcement of Free Trade Agreements and Bilateral Investment Treaties.
Cross-border technology and privacy
Corrs advises organisations operating internationally seeking to refine their technology and processes through the increasing use of cloud technology, outsourcing and off-shoring. Corrs helps protect clients from issues of security, privacy and control.
Corrs acted for GE Capital in the outsourcing of their Australian data centre to Computer Sciences Corporation (CSC). Corrs also acted confidentially for a major Australian financial institution in the outsourcing and off shoring of its technology related activities.
New Zealand alcohol laws
Corrs advised Independent Distillers of Australia in relation to submissions to the New Zealand Government on how proposed changes to NZ alcohol laws could place the country in breach of its Closer Economic Relations treaty with Australia and the World Trade Organisation Technical Barriers to Trade treaty. Corrs also made oral submissions to a New Zealand Senate Committee on these issues.
Protecting French interests under the Australia EC Wine Treaty
Corrs advised French statutory authorities, the French National Institute of Appellations of Origin (also known as the National Institute of Origin and Quality) and the CIVC, the Inter-professional Committee for Champagne Wines on how to gain greater protection from the Australia EC Wine Treaty and its implementation. This follows historic action from Corrs in gaining Australian protection of the term ‘Methode Champenoise’.
Our Thinking
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
More
With trade barriers reappearing, G20 leaders must get serious
It's a critical time for international trade and investment. While the global economy - buffeted by concerns over sovereign debt in Europe - needs the benefit of trade liberalisation to boost business confidence, the World Trade Organisation negotiat
More
Australia’s Anti-Dumping Reforms – an Improvement or a lost opportunity?
Heralded as “the most important improvements to Australia’s anti-dumping regime in more than a decade” - but will these changes make the system more effective?
MoreOur Experience
Anti-dumping
The Federal Government is working on new legislation to strengthen action in this area. Corrs trade law experts have been involved in the preparation of submissions to the Productivity Commission, Senate Economics Legislation Committee and the Federal Government and have appeared before both the Productivity Commission and the Senate Economics Committee in public hearings to provide evidence . Corrs’ represents a number of major corporations and foreign governments in anti-dumping investigations in Australia.
Anti-money laundering
Advising major financial institutions regarding laws arising from Australia’s membership of the Financial Action Task Force established by the G7 Summit, whose purpose is the combating of money laundering and terrorism financing. Corrs advises global organisations on all aspects of money laundering regulation and trade sanctions. For example, we advise Western Union, the world’s largest money remittance business, whose network accounts for half of all entities regulated under Australia’s anti-money laundering laws.
British American Tobacco
Advising on how Australia’s proposed plain packaging legislation might breach WTO agreements TBT (Technical Barriers to Trade) and TRIPS (Trade Related Aspects of Intellectual Property). Also advising on the potential enforcement of Free Trade Agreements and Bilateral Investment Treaties.
Cross-border technology and privacy
Corrs advises organisations operating internationally seeking to refine their technology and processes through the increasing use of cloud technology, outsourcing and off-shoring. Corrs helps protect clients from issues of security, privacy and control.
Corrs acted for GE Capital in the outsourcing of their Australian data centre to Computer Sciences Corporation (CSC). Corrs also acted confidentially for a major Australian financial institution in the outsourcing and off shoring of its technology related activities.
New Zealand alcohol laws
Corrs advised Independent Distillers of Australia in relation to submissions to the New Zealand Government on how proposed changes to NZ alcohol laws could place the country in breach of its Closer Economic Relations treaty with Australia and the World Trade Organisation Technical Barriers to Trade treaty. Corrs also made oral submissions to a New Zealand Senate Committee on these issues.
Protecting French interests under the Australia EC Wine Treaty
Corrs advised French statutory authorities, the French National Institute of Appellations of Origin (also known as the National Institute of Origin and Quality) and the CIVC, the Inter-professional Committee for Champagne Wines on how to gain greater protection from the Australia EC Wine Treaty and its implementation. This follows historic action from Corrs in gaining Australian protection of the term ‘Methode Champenoise’.
Our Thinking
With trade barriers reappearing, G20 leaders must get serious
It's a critical time for international trade and investment. While the global economy - buffeted by concerns over sovereign debt in Europe - needs the benefit of trade liberalisation to boost business confidence, the World Trade Organisation negotiat
Australia’s Anti-Dumping Reforms – an Improvement or a lost opportunity?
Heralded as “the most important improvements to Australia’s anti-dumping regime in more than a decade” - but will these changes make the system more effective?
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
Our Experts
Andrew Galvin
Partner Sydney +61 2 9210 6439
John W H Denton
Partner and Chief Executive Officer Melbourne +61 3 9672 3158
Odette Gourley
Partner Sydney +61 2 9210 6066
Philip Catania
Partner Melbourne +61 3 9672 3333