The Australian regime of financial services regulation is very complex and is vigorously enforced by the Australian Securities and Investments Commission (ASIC). It covers a wide range of financial services and products. Many financial services entities are also regulated by the Australian Prudential Regulation Authority (APRA).

A financial services licence is needed to carry on a financial services business in or into Australia, unless an exemption is available. If you represent a foreign entity that provides its services or offers its products into Australia, you may be able to obtain exemptions.

Freehills has substantial expertise and experience across the whole area of regulation by ASIC, APRA and related relevant areas such as superannuation, funds management, competition law and anti-money laundering.

We have hands-on experts in specific areas and they can advise and assist in dealing with ASIC, APRA, the Reserve Bank of Australia, the Australian Securities Exchange, the Sydney Futures Exchange (SFE) and Australian Transaction Reports and Analysis Centre (AUSTRAC).

We work for or with other self-regulatory bodies of various kinds and industry bodies such as Australian Financial Markets Association (AFMA) and Investment and Financial Services Association (IFSA).

We actively contribute to the formulation and development of industry policies and practice with representation on IFSA and ASFA policy and drafting committees, Law Council of Australia committees, industry liaison committees with Government and regulators, including the ATO, ASIC, APRA and AUSTRAC.

Freehills partners with experience in these areas include:

• Banking regulation generally
  Advice in relation to the regulatory framework, authorisations to conduct banking business (including deposit taking, specialist credit card institution and purchased payment facility providers) under the Banking Act 1959 (Cth), transfers of business under the Financial Sector (Transfers of Business) Act, the requirements of the Financial Sector (Shareholdings) Act 1998 (Cth) and the registration and other requirements of the Financial Sector (Collection of Data) Act 2001 (Cth).
  
• Financial services and markets licensing and regulation generally
  Advice with respect to all of the products and services regulated, regulation of Australian Securities Exchange (ASX) and Sydney Futures Exchange (SFE) and clearing and settlement participants and derivatives, foreign offers into Australia of investments and exemptions for financial services providers regulated in other jurisdictions, compliance systems and disclosures to clients of licensees, variations, client documents.
  
• Australian financial services licence (AFSL)
  Advice with respect to AFSL applications and relevant compliance systems, including advice on various exemptions which may remove the need to obtain an AFSL.
  
• Managed or collective investments
  Establishing them and their compliance systems; advising in the course of their operation, custody agreements.
  
• Superannuation
  Establishing and reorganising superannuation trusts, their regulation by APRA and ASIC; licensing and disclosure; trust law advice; dispute resolution
  Click on superannuation for more details on our experience.
  
• General insurance
  Underwriters, intermediaries and brokers; foreign underwriters underwriting into Australia; insurance policies and compliance.
  
• ASIC and APRA investigations, ASIC administrative hearings and litigation
  Assisting clients at all stages of dealing with regulatory investigations and administrative and court processes arising from those investigations.
  
• Deposit products and non-cash payment facilities
  Assisting with the development and implementation of deposit products and non-cash payment facilities, including product documentation, advice in relation to product disclosure, licensing and their regulation by ASIC and APRA and, in the case of non-cash payment facilities, the Reserve Bank of Australia.
  
• Anti-Money Laundering
  Assisting in all areas of compliance with the anti-money laundering and counter terrorism financing legislative and regulatory regime as it applies to the financial services sector, including dealing with AUSTRAC on behalf of clients in relation to exemptions and no-action letters.
  
• Other consumer financial services products
  Advice in relation to the regulatory framework including the Consumer Credit Code, Privacy Act 1988  (Cth), the development and documentation of retail finance and deposit products, agreements for the collection and sale of receivables on retail finance related transactions, advertising, marketing and sale of regulated financial products (including via third party intermediaries such as finance and mortgage brokers), advising and drafting documents on merchant services arrangements and other payment systems. 
  
• Privacy
  Advice in relation to compliance with the Privacy Act 1988 (Cth), particularly as it applies to private sector organisations operating in the financial services area.

We assist clients in:

• regulation and compliance – advice on all aspects of the impact of Chapter 7 of the Corporations Act 2001 (Cth), including the requirements for licensing, financial services and products disclosure and the regulation of sales and marketing activities.
• advising on compliance systems and strategies, ASIC inquiries, surveillance activities, and investigations, including potential criminal, civil and administrative actions arising out of breaches of the chapter 7 or licence conditions
• all aspects of relevant legislation and regulation, including privacy legislation, ASIC policy statements, APRA prudential guidance materials, and anti-money laundering
• ASX Listing and Business Rules and SFE Rules and reporting of public companies generally
• the impact of stamp duty and taxation laws
• ongoing advice on the management of schemes and the acquisition of units
• preparation and review of documentation for investment products
• structuring of new products and acquisition of assets.

We also have extensive experience in the development and documentation of new products. This includes:

• advice on structuring new products, tax and stamp duty advice, drafting scheme documentation
• designing due diligence processes for the preparation of prospectuses
• drafting prospectuses and other disclosure documentation, including reviewing documentation generally from a legal perspective
• undertaking legal due diligence and verification of legal aspects of the prospectus, including attendance at due diligence meetings.

Our clients include most of the major international financial conglomerates, the ASX, the SFE, several of the major banks, many managers of managed investments, numerous superannuation fund trustees and administrators, providers of custodial services and of clearing and settlement facilities.