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Introduction
This newsletter is a new initiative of Mallesons, to provide updates on regulatory developments in the financial sector.
It is clear new legislation or regulation to tighten controls on financial services organisations, markets and products will form a significant part of the response to the GFC. Mallesons is working through the implications of this wave of regulatory change via our newly established Market Regulation Team, which combines the expertise of partners from our Banking & Finance, Taxation, Competition and Mergers & Acquisitions practice groups.
Author
Stuart Fuller, Managing Partner (Practice)
The global financial crisis makes new market regulation inevitable. However, the markets themselves will need to be more proactive in the reform process if the right balance is to be achieved. The derivatives industry provides a valuable case study on effective cooperation.
Author
Scott Farrell, Partner
Australian regulators are floating the idea of requiring product distributors and issuers to ensure that financial products are suitable for investors. The financial services industry should prepare to debate a suitability or appropriateness test.
Authors
Jim Boynton, Partner
Michael Hung, Solicitor
During June both the Victorian and Federal Governments achieved their long-awaited objectives in relation to unfair contracts, with significant consequences for the financial services industry. The Victorian Government completed its mission to extend its State based unfair terms regime to consumer credit contracts and the Federal Government introduced legislation into Parliament for a national unfair terms regime, as part of its quest for a seamless national consumer law.
Authors
Caroline Coops, Partner
Mary Syrotynskyj, Solicitor
SignpostMallesons and INSTO magazine jointly hosted a roundtable event on 1 July to discuss future directions in market regulation.
Titled “Global principles, local application” the forum was facilitated by Stuart Fuller who, in addition to being a Managing Partner at Mallesons, is Chairman of the Australian Securitisation Forum. The panel of participants consisted of:
Camille Blackburn
Senior Executive Leader, Investment Banks, ASIC
Mark Manning
Senior Manager, Payments System Stability, Payments Policy Dept, Reserve Bank of Australia
Robert Pickel
Executive Director and CEO, International Swaps and Derivatives Association
John Barry
Head of Securitisation, Australasia, National Australia Bank
Grant Lovett
Head of Fixed Income, Australia and New Zealand, UBS
Rob Camilleri
Director, Laminar Advisory
Look out for highlights of the roundtable discussion in the July edition of INSTO Magazine.
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