In recent years there has been an increase in the oversight and regulation of business and with it, a corresponding increase in the appetite of regulators to flex their regulatory muscle by way of investigations and enforcement proceedings. The range of regulatory reforms in Australia which are either new or in the pipeline, touching on areas such as financial services, market conduct and corporate conduct indicate that the burden of regulation and the risk of non-compliance is on the rise. Investigations and enforcement actions, once public knowledge, can do untold damage to market sentiment, public goodwill and may open the door to litigation by third parties.
At Corrs we have the regulatory know-how and contentious experience to provide robust pre-emptive advice which minimises financial and reputational risk and, where clients are facing investigation and possible enforcement actions, are able to navigate these risks in a way which allows our clients to put their best foot forward with the regulators while preserving their rights.
We focus on providing timely and meaningful advice regarding likely regulatory outcomes, identifying resolutions likely to be acceptable to regulators, formulating an appropriate strategy given our client’s interests and proactively engaging with regulators. Borne out of our experience in both acting for regulators and representing clients’ interests to regulators, Corrs has a good working relationship with regulators, a close understanding of the regulatory framework and insight into policy imperatives which drive investigations and enforcement actions.
Much of the work we do in this area is necessarily confidential. However, our recent experience includes, acting for major financial institutions and market participants in ASIC’s current investigation into the setting of financial benchmarks, acting for listed entities and senior officers and directors in respect of ASIC investigations into insider trading, market manipulation, related party transactions and continuous disclosure issues, advising on potential breaches of AFS Licences and representing individuals in ASIC examinations.