Corporate Regulatory
Case studies
ASIC notice to produce
A business receives a notice to produce numerous documents to ASIC. We advised on the legality and breadth of the notice, the business's obligation to comply and advised on a practical strategy for dealing with ASIC which wanted the material produced quickly. Questions about ASIC's power to override the business's duty of confidentiality to its customers, whether any of its staff were involved in unlawful conduct and reputational risk arising out of concerns about leaks to the media of ASIC's enquiry, all arose. We were able to work through the issues so that the business's commercial interests and relationships with its customers were not prejudiced by compliance with the notice and, through working closely with the business, addressed the issues ASIC's notice raised. The outcome was ASIC's concerns were satisfied.
Individual obligations
From time to time, ASIC and the DPP seek the co-operation of individuals by giving statements, or swearing affidavits, in connection with pending civil or criminal litigation. This can raise difficult questions for the individuals involved.
Individual defence
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 assemble material relevant to the employee's knowledge in order to address ASIC's concerns, developed compliance and legal analysis to successfully satisfy ASIC that there had been no contravention of the Corporations Act.
Directors' duties and regulatory risk management
With the extraordinary changes to the Corporations Act brought about by the Financial Services Reform Act and the new Commonwealth Criminal Code, we have advised several clients on risk management strategies and directors' duties exposure arising out of these developments and, as well, the extension of the civil penalty regime to market manipulation, insider trading and the continuous disclosure provisions. The arrival of strict liability offences and the new emphasis on corporate criminal liability arising under the Code has also been the subject of advice.
ASIC notice to produce
A business receives a notice to produce numerous documents to ASIC. We advised on the legality and breadth of the notice, the business's obligation to comply and advised on a practical strategy for dealing with ASIC which wanted the material produced quickly. Questions about ASIC's power to override the business's duty of confidentiality to its customers, whether any of its staff were involved in unlawful conduct and reputational risk arising out of concerns about leaks to the media of ASIC's enquiry, all arose. We were able to work through the issues so that the business's commercial interests and relationships with its customers were not prejudiced by compliance with the notice and, through working closely with the business, addressed the issues ASIC's notice raised. The outcome was ASIC's concerns were satisfied.
Individual obligations
From time to time, ASIC and the DPP seek the co-operation of individuals by giving statements, or swearing affidavits, in connection with pending civil or criminal litigation. This can raise difficult questions for the individuals involved.
Individual defence
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 assemble material relevant to the employee's knowledge in order to address ASIC's concerns, developed compliance and legal analysis to successfully satisfy ASIC that there had been no contravention of the Corporations Act.
Directors' duties and regulatory risk management
With the extraordinary changes to the Corporations Act brought about by the Financial Services Reform Act and the new Commonwealth Criminal Code, we have advised several clients on risk management strategies and directors' duties exposure arising out of these developments and, as well, the extension of the civil penalty regime to market manipulation, insider trading and the continuous disclosure provisions. The arrival of strict liability offences and the new emphasis on corporate criminal liability arising under the Code has also been the subject of advice.