In regulatory investigations and enforcement matters, not only are corporate and personal reputations at risk, but exposure to civil, criminal and administrative sanctions is often a possibility. Freehills has a uniquely qualified team, with extensive experience of the powers and procedures of regulators including the Australian Securities and Investments Commission (ASIC), the Australian Competition and Consumer Commission (ACCC), the Australian Prudential Regulation Authority (APRA), the Australian Securities Exchange (ASX) and the Director of Public Prosecutions (DPP).

Our team acts for clients on a wide range of regulatory matters, including:

• advising and representing clients in informal inquiries by regulators
• advising and representing clients in formal investigations by regulators
• representing clients in interviews and examinations before regulators
• advising clients on the production of documents in response to regulatory notices
• advising clients on compliance with legislation and regulatory requirements
• representing clients in legal proceedings involving regulators.

Our team has advised on a range of significant regulatory investigations and enforcement matters.

Examples include:

• We successfully acted for Citigroup in civil penalty proceedings brought by ASIC. ASIC alleged that Citigroup had breached its obligation to manage conflicts of interest and engaged in insider trading. Freehills represented Citigroup throughout the regulatory investigation by ASIC and in the Federal Court proceeding. In June 2007, the Federal Court dismissed all of the claims alleged against Citigroup.
• We acted for the AXA employee superannuation trustee in successful administrative review proceedings concerning trustee breach and director disqualification decisions of APRA, all of which were set aside.
• We acted for Ord Minnett Securities in relation to an Australian Securities Exchange investigation into trading by Ord Minnett. A condition of Ord Minnett’s trading licence is compliance with the ASX business rules. The investigation transpired when the ASX surveillance department identified market manipulation by Ord Minnett in trading shares in Beaconsfield Gold.
• We acted for a division of a major Australian bank in relation to a long-running investigation by ASIC and an inquiry by APRA concerning integration and unit pricing issues. The investigations by the regulators were successfully resolved.
• We advised KPMG in relation to their auditing role for Burns Philp. Their audit included writing off 96 per cent value of the company. Our advice to KPMG included risk prevention and ASIC investigation representation.
• We successfully acted for a senior executive of a reinsurer who was facing disqualification by APRA for holding management roles in the insurance industry.
• We acted for an employee of an institution who was suspected of misusing information that was not generally available. We advised on responding to a number of ASIC notices requiring production of documents, and appeared for the individual at an ASIC examination. We helped to successfully satisfy ASIC that there had been no contravention of the Corporations Act 2001 (Cth).
• Freehills litigation represented Visa International, the world’s largest credit card company, in its legal challenge in the Federal Court against the Reserve Bank of Australia.

As markets within Australia and globally undergo constant change, market regulatory bodies continue to investigate instances of possible market manipulation, insider trading, licensing and compliance matters. In some instances, individuals or corporates may be subject to inquiries or legal action from ASIC, the ASX or the DPP.

With company or individual reputations at risk, as well as the possibility of civil, criminal or administrative sanctions, the Freehills Litigation & Dispute Resolution team understands the importance of well-researched advice and have demonstrated experience in securing practical solutions for our clients in these matters.

Legal guides

Freehills has been recognised by the industry for our outstanding work in dispute resolution and commercial litigation:

• Asia-Pacific Legal 500, top tier ranking in Dispute Resolution 2004-2011
• Best Lawyers International, top-listed firm in Australia in Regulatory, 2010-2011
• Best Lawyers International, top-listed firm in Australia in Litigation, 2008–2011
• Chambers Global, top tier ranking in Dispute Resolution, 2006–2008 and 2011
• PLC Which Lawyer?, top tier ranking in Dispute Resolution, 2006–2008 and 2010

Testimonials

• ‘The outstanding litigation team is co-ordinated, pragmatic, strategic and timely.’ ‘They maintain a culture which is not about making money but rather about providing top-quality service to their clients.’ Chambers Asia Pacific 2011
• Freehills ‘combines the clever thinking of smaller firms with the depth and breadth of a very large one’ Asia Pacific Legal 500 2010/2011
• ‘They focus on the outcomes to be achieved rather than the process. They don't think one or two steps ahead – their advice is always what will happen three or four steps ahead.’ Chambers Global 2010
• The ‘exceptional’ Freehills is a ‘firm of choice’ for clients in major litigation, such as class action defence, providing ‘high levels of service, responsiveness and value’. Asia-Pacific Legal 500 2010 
• ‘excellent lawyers who always meet deadlines and are universally great to deal with.’ Chambers Global 2009 
• ‘The Dispute Resolution team at Freehills remains a strong choice for complex commercial disputes.’ Chambers Global 2009 
• ‘… one of the country’s “pre-eminent litigation teams” due to its vast resources and wide-ranging experience’ Chambers Global 2008