Michael Chaaya

Partner. Sydney.

+61 2 9210 6627 | michael.chaaya@corrs.com.au | vCard

Michael Chaaya is known for his commerciality and being at the forefront of financial services reform and regulation.

Specialising in superannuation and pensions, life insurance, funds management, financial services reform and regulation, Michael provides regulatory and commercial advice to Australia’s leading financial services entities.

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Michael Chaaya is known for his commerciality and being at the forefront of financial services reform and regulation.

On behalf of his clients he works closely with key regulators including the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission, and the Australian Taxation Office.

Having gained valuable client-side experience on secondments as in-house Legal Counsel at AMP, MLC/National Australia Bank and BT Financial Group, Michael has genuine insight into his clients’ needs.

Michael has published widely on financial services issues and is a regular speaker at industry conferences in Australia and abroad.

With a strong involvement in the community, access to justice and pro bono activities, Michael was a finalist for the Law and Justice Foundation of NSW Justice Medal in 2007 and was awarded the Australian Centenary medal for service to the law, youth and community in 2003.

“One of the industry leaders in terms of legal advice” The Hon. Bill Shorten, MP.

Michael's Expertise

AXA Asia Pacific Advised AXA on several projects aimed at improving its competitiveness, including product innovations and responses to changes in their operating environment through legislative and regulatory changes.
AXA takeover Advised the board of AXA subsidiary NM Super with respect to the proposed NAB takeover bid, including negotiating and drafting transaction documents and ensuring the board acted consistently with their regulatory obligations under superannuation and corporation laws.
Fund transfers and consolidation Advised AXA on various successor fund transfers involving its superannuation products. Commercial outcomes for AXA included a simplified product offering and more opportunity to streamline AXA’s superannuation products with benefits that drive customer loyalty.
Removal of financial planner commissions Advised on AXA’s fee model transition from the traditional commission based structure of remunerating financial advisers to Member Advice Fees for the North Product.

Michael's Thinking

"Superannuation reform in Australia” (March 2009) Trust Law International
"The Pace of Superannuation Reform Continues - a Brief Stocktake of Key '08 Initiatives" (June 2009) Journal of Financial Advice
Conference of Major Superannuation Fund, Brisbane (16 March 2010) Speaker: “Superannuation Governance – Time for Redesign”
"The future of financial advice – beyond Ripoll” (May 2010) Australian Superannuation Law Bulletin
"2010 Federal Budget & the Henry Tax Review” (June 2010) Australian Banking & Finance Law Bulletin
Financial Services Council Annual Conference, Melbourne (12 August 2010) Speaker: “Cooper Review: A New Dawn for Trustee Governance”
Law Council of Australia Superannuation Lawyers Conference, Gold Coast (19 February 2011) Speaker: “Contemporary Challenges for In-house Counsel in the Super Space”
Conference of Major Super Funds, Gold Coast (28 March 2011) Speaker: “Trustee duties and legal responsibilities update”
"Stronger Super: A New Dawn for Trustee Governance” (28 March 2011) AIST Research Hub
International Pensions & Employee Benefits Lawyers Association 13th Conference, Berlin (23 May 2011) Speaker: “The Regulation of Trustee Governance in Australia – Time For a Rethink?”
Corrs In Brief: MySuper Bill introduced into Parliament & Tax Concession for Low Income Earners announced 3rd November 2011
Corrs In Brief: Government introduces Bill to increase SG to 12% 2nd November 2011
Corrs In Brief: Stronger Super reforms announced 21st September 2011

What others say

“Michael anticipates needs and delivers service over and above pure advice. With Michael working on a matter, the board knows that they will get what they need.” Leigh Royce, Senior Counsel – Financial Services, AMP
“A great ambassador for Corrs. [He] is reliable, professional, open, honest and genuine and is a cut above most lawyers.” Zaheed Evans, Senior Counsel – Corporate Commercial, AMP

Michael's Leadership

Law Society of New South Wales Member
Australian Institute of Superannuation Trustees Member
Association of Superannuation Funds of Australia Member
ASFA Legal, Regulatory and Compliance Sub-Committee Member
Financial Services Council Member
National Children's & Youth Law Centre Director
Australian Museum Director and Trustee, Board of Trustees
Federal Government’s Tax Design Advisory Panel Member
University of Sydney Law School Guest Lecturer
University of Melbourne Law School Guest Lecturer
International Pensions and Employment Benefits Lawyers Association Member