Examples of regulatory work that we have undertaken include the following.
Major projects and advisory work
We have acted for many major financial institutions and on a wide range of complex regulatory issues and projects in the Asia Pacific region. A few examples are:
Anti-money laundering and counter-terrorism financing
We have an extensive local and international understanding of the new Commonwealth Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and the AML/CTF Rules. We have advised a wide range of banking and financial institutions on their obligations under the new legislation and the steps they must take to fulfil those obligations, such as the development and implementation of an AML/CTF Program and customer identification requirements.
Asian REIT market development
We have been active over the last five years in lobbying the Hong Kong SFC on REITs and have taken a keen interest in developments in Singapore and the region.
Consumer Credit Code
We have assisted clients with major implementation projects in relation to the Australian Consumer Credit Code (CCC) including preparing CCC compliant documentation for new products, advising on the CCC’s provisions including the recent e-commerce amendments to facilitate electronic contract formation, conducting due diligence on consumer credit-related acquisitions and preparing submissions relating to proposed changes.
Enforcement actions and regulatory investigations
We are frequently consulted where major financial institutions are subject to investigation by the corporate regulator - the Australian Securities and Investments Commission (ASIC) or state or territory fair trading agencies.
Electronic conveyancing
We are advising the Victorian Government in relation to the development of the new electronic conveyancing system.
Internet banking and online products
We have acted for a variety of major financial institutions in establishing Internet banking and electronic banking products, financial gateways, on-line co-branded financial services ventures, on-line broking agreements, electronic bill payment and presentment systems, direct debit schemes and EFTPOS systems
Privacy
Our team have advised numerous financial institutions and other participants in the financial services industry on the implementation of the National Privacy Principles, the Spam Act 2003, and the Telecommunications Act 1997 requirements. We continue to provide advice about new developments in State and Federal privacy-related areas such as telecommunications interception, the use and disclosure of employee email and the implementation of the Do Not Call Register.
Specialised Credit Card Institutions
We have advised on a number of applications for authorisation as a ‘Specialised Credit Card Institution’ (SCCI) under the SCCI rules applying to credit card issuers and acquirers. This has given us a deep understanding of the many complex aspects of the rules and the way in which APRA is interpreting those rules and dealing with applicants.
Our work in this matter has also involved us in numerous discussions with the RBA and Treasury. Those discussions have given us a unique understanding of the approach these bodies are taking to SCCI regulation.
Industry Work
Examples of regulatory work that we have undertaken include the following:
Australian Bankers’ Association
We have assisted the ABA on a wide range of legislative policy proposals including in relation to proposed laws concerning financial services regulation, privacy and electronic credit contracts.
Australian Payments Clearing Association
We have assisted in drafting the regulations and procedures for APCA clearing systems and continue to advise APCA generally.
Bpay Scheme (including Bpay View)
We act as scheme advisors for bpay, which includes drafting scheme rules, ancillary contracts and advising on legal issues. We have also advised on the expansion of the Scheme to provide Bpay View, an electronic bill viewing system.
CCC - ecommerce
We have advised the ABA and financial institution clients on amendments that have recently been made to the CCC to facilitate electronic contracts and other communications. We have also made submissions as a firm on these e-commerce changes that have been made to the CCC.
EFT Code Review
We have represented a range of clients including financial institutions and in ASIC’s current review of the EFT Code.
IBSA
We have assisted IBSA (now part of AFMA) and its members with the obtaining of various class orders from ASIC so as to secure certain financial services licence exemptions for foreign financial service providers that are regulated by the FSA in the UK, the SEC or the Federal Reserve in the US, the SFC in Hong Kong or the Monetary Authority of Singapore. We have helped German banks secure a follow-up exemption for their regulator.
“Mallesons is consistently renowned for being a frontrunner in financial services, with an exceptionally strong banking client base.”
Chambers Global Guide 2007-2008