Contentious Regulatory and Investigations

Litigation & Dispute Resolution

Litigation & Dispute Resolution » Contentious Regulatory and Investigations

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.

Our Experience

Australian market making corporation

Corrs advised an Australian market making corporation, commencing with the response to the execution of search warrants by Australian Federal Police and Australian Crime Commission at the company’s offices and directors’ private residences.

This required the supervision of the execution of the warrants, advising on the company’s rights and obligations, and negotiating with AFP/ACC during the raids, representation at interviews and assertion and upholding of contested privilege claims and subsequent investigation

More

Benchmark investigations

Corrs advised major Australian and overseas market participants throughout a current ASIC and ACCC investigation – focussing on industry benchmark setting practices.

Multiplex Class Action

Corrs acted for a party in an investor class action proceeding regarding alleged breaches of continuous disclosure obligations during the construction of Wembley Stadium.

Our Thinking

A Seismic Shift: Commonwealth Government releases draft whistleblower legislation

The Commonwealth Government has released its exposure draft of proposed new whistleblower legislation.

More

‘Protecting David from Goliath’: Parliamentary Committee makes recommendations for new whistleblower reforms

The Federal Government has indicated the likely introduction of a revised scope of whistleblower protection legislation later this year. What can we expect it to contain?

More

Mortgage Fraud: ASIC gets tough on brokers

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

More

Key trends and lessons from Australian Royal Commissions and inquiries

With numerous high-profile Royal Commissions and inquiries taking place over the last five years, it seems timely to ask: what can we learn from their history and practice in Australia?

More

Australia’s Foreign Bribery Regime: Proposed reforms will heighten risk levels

Four days after announcing a consultation on deferred prosecution agreements, the Commonwealth government is consulting on reforms to Australia’s foreign bribery regime. These will create new offences and new risks if not managed well.

More

Nearly there? Deferred Prosecution Agreements

How will Deferred Prosecution Agreements work in Australia?

More

Anti-Bribery and Corruption: The Rolls Royce standard and the year ahead

The recent Rolls Royce case underlines the importance of reviewing your organisation’s present checks and balances.

More

Insider Trading: What can we learn from Australia's first corporate penalty?

Key lessons following the first civil penalty for a corporation’s insider trading.

More

What could the new Whistleblower regime look like and how will it affect your organisation?

How will changes to the whistleblower regime affect your day-to-day business operations, risk management and compliance procedures?

More

6 Key Takeaways from ASIC’s Review of IPO Marketing

ASIC’s recent review of marketing activity shows it is willing to move with the times to accommodate new promotional methods for IPOs. But some of the traditional promotional routes still have compliance gaps.

More

The New Insider Trading Trend: Harsher Penalties and Greater Risks for Businesses – Part Two

By pursuing recent high profile cases against Richard Kamay, Steven Xiao and Oliver Curtis, ASIC has shown that it will prosecute those who have engaged or been involved in insider trading. What does this mean for you and your business?

More

The New Insider Trading Trend: Harsher Penalties and Greater Risks for Businesses – Part One

By pursuing recent high profile cases against Richard Kamay, Steven Xiao and Oliver Curtis, ASIC has shown that it will prosecute those who have engaged or been involved in insider trading.

More

Just because the window’s open doesn’t mean you can trade: three traps for ‘insiders’

As insider trading continues to be a key focus of ASIC’s enforcement policy and the sophistication of ASIC’s market surveillance technology increases, this article provides a refresher on insider trading laws and highlights three circumstances where

More

Anti-Bribery and Corruption Compliance - Do you pass the front page of the newspaper test?

6 April 2016 |

More

Self incrimination, regulators and commissions – do I really have to answer that question? Part 2

This is our second article in this series. In this article we consider who can receive or make use of the transcript of a compulsory examination – including third parties – and the protections available to a person pleading a defence in court proceed

More

Reform fatigue as superannuation consultation commences once again

The Productivity Commission’s review into the competitiveness and efficiency of Australia’s superannuation system is underway with public consultation now occurring.

More

Self incrimination, regulators and commissions – do I really have to answer that question?

This is the first in a two-part series covering some of the issues arising from compulsory examinations, the privileges that may be available to a person being examined, and how the answers can be used.

More

A fish rots (only) from the head?

The well-known maxim that a fish rots from the head down gives the clear message that when an organisation has failings, its leaders are to blame. Regulators are making a concerted push for greater enforcement powers- focussing on failures in corpora

More

“Go Directly to Jail. Do Not Pass Go! Do Not Collect $200” – It’s better to play a straight bat when complying with statutory notices from ASIC and the ACCC

Compliance with statutory notices is compulsory and going it alone is risky.

More

Will ASIC’s proposed powers survive? The Government’s FSI response risks death by consultation

The Government’s plan to give ASIC new enforcement tools is highly ambitious.

More

ASIC looks to behavioural economics to improve financial product messages

ASIC is using its “soft power” to influence the design of securities offering documents.

More

Is that search warrant valid? Give me back my documents and computer files

It is always worth a look at the fine print to see if a ground for challenging a warrant exists.

More

Market manipulation - What is an “artificial price” and why does it matter?

A High Court decision has strengthened ASIC’s hand in prosecuting market manipulation activity.

More

Our Experts

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Daniel Marquet

Partner Location Melbourne Profile

Jennifer Dean

Special Counsel Location Sydney Profile
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Katrina Sleiman

Special Counsel Location Sydney Profile
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Kirsty Sutherland

Partner Location Perth Profile
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Matthew Critchley

Partner Location Melbourne Profile
Michael Chaaya.jpg

Michael Chaaya

Partner Location Sydney Profile
Michael Kimmins.jpg

Michael Kimmins

Partner Location Brisbane Profile
Richard Flitcroft.jpg

Richard Flitcroft

Partner Location Sydney Profile
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Stan Lewis

Partner Location Sydney Profile

Our Experience

Australian market making corporation

Corrs advised an Australian market making corporation, commencing with the response to the execution of search warrants by Australian Federal Police and Australian Crime Commission at the company’s offices and directors’ private residences.

This required the supervision of the execution of the warrants, advising on the company’s rights and obligations, and negotiating with AFP/ACC during the raids, representation at interviews and assertion and upholding of contested privilege claims and subsequent investigation

Benchmark investigations

Corrs advised major Australian and overseas market participants throughout a current ASIC and ACCC investigation – focussing on industry benchmark setting practices.

Multiplex Class Action

Corrs acted for a party in an investor class action proceeding regarding alleged breaches of continuous disclosure obligations during the construction of Wembley Stadium.

Our Thinking

A Seismic Shift: Commonwealth Government releases draft whistleblower legislation

The Commonwealth Government has released its exposure draft of proposed new whistleblower legislation.

‘Protecting David from Goliath’: Parliamentary Committee makes recommendations for new whistleblower reforms

The Federal Government has indicated the likely introduction of a revised scope of whistleblower protection legislation later this year. What can we expect it to contain?

Mortgage Fraud: ASIC gets tough on brokers

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

Key trends and lessons from Australian Royal Commissions and inquiries

With numerous high-profile Royal Commissions and inquiries taking place over the last five years, it seems timely to ask: what can we learn from their history and practice in Australia?

Australia’s Foreign Bribery Regime: Proposed reforms will heighten risk levels

Four days after announcing a consultation on deferred prosecution agreements, the Commonwealth government is consulting on reforms to Australia’s foreign bribery regime. These will create new offences and new risks if not managed well.

Nearly there? Deferred Prosecution Agreements

How will Deferred Prosecution Agreements work in Australia?

Anti-Bribery and Corruption: The Rolls Royce standard and the year ahead

The recent Rolls Royce case underlines the importance of reviewing your organisation’s present checks and balances.

Insider Trading: What can we learn from Australia's first corporate penalty?

Key lessons following the first civil penalty for a corporation’s insider trading.

What could the new Whistleblower regime look like and how will it affect your organisation?

How will changes to the whistleblower regime affect your day-to-day business operations, risk management and compliance procedures?

6 Key Takeaways from ASIC’s Review of IPO Marketing

ASIC’s recent review of marketing activity shows it is willing to move with the times to accommodate new promotional methods for IPOs. But some of the traditional promotional routes still have compliance gaps.

The New Insider Trading Trend: Harsher Penalties and Greater Risks for Businesses – Part Two

By pursuing recent high profile cases against Richard Kamay, Steven Xiao and Oliver Curtis, ASIC has shown that it will prosecute those who have engaged or been involved in insider trading. What does this mean for you and your business?

The New Insider Trading Trend: Harsher Penalties and Greater Risks for Businesses – Part One

By pursuing recent high profile cases against Richard Kamay, Steven Xiao and Oliver Curtis, ASIC has shown that it will prosecute those who have engaged or been involved in insider trading.

Just because the window’s open doesn’t mean you can trade: three traps for ‘insiders’

As insider trading continues to be a key focus of ASIC’s enforcement policy and the sophistication of ASIC’s market surveillance technology increases, this article provides a refresher on insider trading laws and highlights three circumstances where

Anti-Bribery and Corruption Compliance - Do you pass the front page of the newspaper test?

6 April 2016 |

Self incrimination, regulators and commissions – do I really have to answer that question? Part 2

This is our second article in this series. In this article we consider who can receive or make use of the transcript of a compulsory examination – including third parties – and the protections available to a person pleading a defence in court proceed

Reform fatigue as superannuation consultation commences once again

The Productivity Commission’s review into the competitiveness and efficiency of Australia’s superannuation system is underway with public consultation now occurring.

Self incrimination, regulators and commissions – do I really have to answer that question?

This is the first in a two-part series covering some of the issues arising from compulsory examinations, the privileges that may be available to a person being examined, and how the answers can be used.

A fish rots (only) from the head?

The well-known maxim that a fish rots from the head down gives the clear message that when an organisation has failings, its leaders are to blame. Regulators are making a concerted push for greater enforcement powers- focussing on failures in corpora

“Go Directly to Jail. Do Not Pass Go! Do Not Collect $200” – It’s better to play a straight bat when complying with statutory notices from ASIC and the ACCC

Compliance with statutory notices is compulsory and going it alone is risky.

Will ASIC’s proposed powers survive? The Government’s FSI response risks death by consultation

The Government’s plan to give ASIC new enforcement tools is highly ambitious.

ASIC looks to behavioural economics to improve financial product messages

ASIC is using its “soft power” to influence the design of securities offering documents.

Is that search warrant valid? Give me back my documents and computer files

It is always worth a look at the fine print to see if a ground for challenging a warrant exists.

Market manipulation - What is an “artificial price” and why does it matter?

A High Court decision has strengthened ASIC’s hand in prosecuting market manipulation activity.

Our Experts

Daniel Marquet.jpg

Daniel Marquet

Partner Melbourne +61 3 9672 3172

Jennifer Dean

Special Counsel Sydney +61 2 9210 6370
SLEIMAN Katrina website grey SIZED TH

Katrina Sleiman

Special Counsel Sydney +61 2 9210 6246
Kirsty Sutherland.jpg

Kirsty Sutherland

Partner Perth +61 8 9460 1620
CRITCHLEYMatthewwebsitegreyTH.jpg

Matthew Critchley

Partner Melbourne +61 3 9672 3258
Michael Chaaya.jpg

Michael Chaaya

Partner Sydney +61 2 9210 6627
Michael Kimmins.jpg

Michael Kimmins

Partner Brisbane +61 7 3228 9377
Richard Flitcroft.jpg

Richard Flitcroft

Partner Sydney +61 2 9210 6435
LEWISStanwebsitegreySIZEDTH.jpg

Stan Lewis

Partner Sydney +61 2 9210 6955