The financial services sector is navigating a landscape of extensive regulatory change, while needing to remain operationally resilient, protect and prioritise customers, and embrace technological advancements.
We partner with our financial services clients to empower them to focus on innovation, balance risk and strategically invest in a prosperous future.
The obligation to act efficiently, honestly and fairly is increasingly shaping ASIC enforcement strategy. In this episode, host Nathan Hodge is joined by dispute resolution partners Amanda Engels and Damian Lovell to discuss how recent cases are expanding the obligation and what this means for financial institutions.
Latest Thinking
Insight
The last several years have been transformative for the Australian financial services (AFS) sector.
20 May 2026
Insight
Artificial intelligence has the potential to deliver significant benefits and opportunities, but rapid advances in AI also carry possible risks for financial services licensees, credit providers and APRA-regulated entities.
19 May 2026
Insight
High-risk superannuation arrangements and managed investment schemes will be subject to increased scrutiny, supported by $17.8 million in funding to strengthen governance, supervision, and enforcement of managed investment schemes, together with a further $86.3 million committed to delivering Phase 2 of the Counter Fraud Strategy, which will enhance the ATO's capacity to detect and prevent fraud. In addition, legislation passed earlier this year to increase taxation of high superannuation balances is expected to generate an additional $20 million in revenue.
12 May 2026
Insight
Following the Shield and First Guardian fund collapses, Treasury has released two April 2026 consultation papers signalling the Government’s intention to strengthen consumer protections across the superannuation and financial services sectors. The consultations propose enhanced responsibilities for superannuation trustees and other industry participants to reduce member harm and tighten accountability. The proposed reforms range from platform governance and superannuation switching, through to advice-fee deductions, lead generation, hawking, conflicted remuneration, advertising and redress mechanisms.
13 April 2026
Insight
The commencement of the Financial Services Reform Act 2001 (Cth) on 10 March 2004 saw a very broad provision introduced into the Australian Corporations Act that deemed a person to carry on a financial services business in Australia if they engaged in conduct intended to induce people in Australia to use the financial services they provided, regardless of where else their conduct had an impact. That deeming provision was so broad that it in effect deemed most foreign financial service providers (FFSPs) with clients in Australia to be within the territorial reach of the AFSL regime, therefore needing to either hold an Australian financial services licence (AFSL) or be covered by a exemption. In the lead up to 10 March 2004, this firm worked with large foreign participants and the Australian Securities and Investments Commission (ASIC) to develop a series of ASIC class order instruments to exempt certain FFSPs from holding an AFSL – which became known as the “sufficient equivalence relief”. ASIC also issued relief known as the “limited connection relief”, which applied in a narrow range of circumstances. That relief became subject to sunsetting.
02 April 2026
Insight
The Digital Finance Cooperative Research Centre (DFCRC) has released a groundbreaking report examining the economic case for digital finance, in conjunction with the Digital Economy Council of Australia (DECA) (Report). Amongst its findings, the Report identifies a $24 billion per year economic opportunity for:
04 March 2026
Insight
The regulatory environment continues to evolve at a rapid pace for market participants in the Australian securitisation sector.
24 November 2025
Insight
Private credit (especially in the real estate sector), valuation governance, wholesale fund settings, and data collection and transparency.
19 November 2025
Insight
As we near the end of a year of accelerating investigatory and enforcement activity by ASIC, the regulator has announced its enforcement priorities for 2026.
19 November 2025
Insight
Employers will need to ensure that their payroll function and systems are ready to fully implement the upcoming payday superannuation changes.
13 November 2025
Insight
After almost three decades since the FSSA commenced, navigating the FSSA remains a complex and often confusing exercise – one capable of jeopardising (or at least delaying) transactions and restructures if not expertly managed.
13 October 2025
Insight
On Friday 29 August 2025, the final Anti-Money Laundering and Counter-Terrorism Financing Rules 2025 (Final Rules) were tabled in Parliament following 9 months of consultation.
05 September 2025
Insight
The issue of “de-banking” – where a bank declines or withdraws services from a customer – remains a significant topic of interest for both banks and regulators.
12 August 2025
Insight
On Monday 19 May 2025, AUSTRAC released a further set of draft AML/CTF Rules for consultation (ED2). ED2 includes updates to the first draft AML/CTF Rules that were consulted on earlier this year (ED1), incorporating feedback received by AUSTRAC – as well as a range of new draft rules that are being consulted on for the first time.
22 May 2025
Publication
The Australian Finance Industry Association (AFIA) engaged KWM and Sapere to analyse the impact that AI is having, and that we expect AI to have, on the Australian finance industry.
16 May 2025
Ensuring your organisation is protected and set up for success.
Latest News
Mallesons has advised Insignia Financial Limited (ASX: IFL) on the implementation of its A$3.2 billion acquisition by a Daintree subsidiary established by CC Capital Partners LLC and its affiliates, by way of a scheme of arrangement.
06 May 2026
Mallesons has advised EMR Capital and Adaro Capital on the sale of their 80% interest in the Kestrel coal mine to Yancoal Australia Ltd, a subsidiary of Yankuang Energy Group Company, for total consideration of up to US$2.4 billion.
17 April 2026
Mallesons has advised NEXTDC Limited (ASX: NXT) on its A$1 billion hybrid securities offer. The hybrid securities are a rare 100-year subordinated debt instrument the proceeds of which will support the continued expansion of NEXT’s data centre platform.
14 April 2026
King & Wood Mallesons (KWM) has advised Perpetual Limited on the sale of its Wealth Management business to Bain Capital for approximately $550 million.
18 March 2026
King & Wood Mallesons (KWM) is pleased to have acted for Indue Ltd (Indue) in relation to its sale to Cuscal Limited (Cuscal).
22 December 2025
King & Wood Mallesons (KWM) is proud to have advised Pepper Money Limited (Pepper) and its consortium partners on their agreement to acquire Westpac’s $21.4 billion RAMS home loan portfolio.
11 November 2025
KWM is proud to have advised Royal Automobile Association of South Australia (RAA) on the divestment of its insurance business to Allianz Australia Insurance Limited (Allianz).
31 July 2025
King and Wood Mallesons (KWM) is pleased to have acted for Insignia Financial in its acquisition by US-based CC Capital.
23 July 2025
King & Wood Mallesons (KWM) is pleased to have represented Highland Park XII, an affiliate of Oaktree Capital Management in providing a US$150 million amendment and refinancing of an asset-based lending (ABL) facility for Coronado Group.
09 July 2025
King & Wood Mallesons (KWM) is pleased to have advised industry super fund, Aware Super, on divesting agricultural infrastructure business, ProTen, to KKR.
04 July 2025
KWM has advised Commonwealth Bank of Australia (CBA) on the sale of its remaining approximately 5% shareholding in Bank of Hangzhou Co., Ltd (HZB) for RMB 4.3 billion (approximately A$940 million). The buyer is New China Life Insurance Co., Ltd, a Beijing-headquartered life insurance company dual listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange. HZB is a commercial bank based in Hangzhou, China is listed on the Shanghai Stock Exchange.
10 June 2025
King & Wood Mallesons (KWM) is pleased to have supported Auswide Bank Ltd (Auswide) on its merger with MyState Limited (ASX: MYS), by way of an all-scrip scheme or arrangement (Scheme). The Scheme was approved by Auswide shareholders on 3 February 2025 and implemented on 19 February 2025.
21 February 2025
King & Wood Mallesons (KWM) is proud to have led the market across 7 categories in the 2024 Syndicated Loans League Tables. Our Banking & Finance team ranked:
11 February 2025
King & Wood Mallesons (KWM) is pleased to have assisted the Australian Banking Association in its development of a new version of its code of practice, which sets a new standard of customer service for Australia’s banks.
28 June 2024
King & Wood Mallesons (KWM) have advised Australia and New Zealand Banking Group, Aware Super, BNP Paribas, National Australia Bank, Sumitomo Mitsui Banking Corporation and Westpac Banking Corporation Super as financiers to Zenith Energy Pty Ltd (Zenith Energy) in respect of its A$440 million, five year, syndicated debt facilities.
08 December 2022
KWM has acted on Jervois Global’s institutional placement and accelerated non-renounceable entitlement offer to raise approximately $231 million.
05 December 2022
King & Wood Mallesons has advised Westpac Banking Corporation ("Westpac") on its issuance of US$1,500,000,000 2.668% Subordinated Notes due 2035 and US$1,000,000,000 2.963% Subordinated Notes due 2040, with BofA Securities, Citigroup, Goldman Sachs & Co. LLC, J.P. Morgan, Westpac Banking Corporation, BMO Capital Markets, CIBC Capital Markets, ICBC Standard Bank and Scotiabank acting as the underwriters on the issuance.
27 November 2020
King & Wood Mallesons (KWM) is delighted to have assisted National Australia Bank (NAB) with the launch of its $2bn NAB Capital Notes 5 offer.
26 November 2020
King & Wood Mallesons (KWM) has advised Westpac as arranger and senior financier of a multi-seller, multi-currency trade receivables facility for the Asia-Pacific subsidiaries of Westcon International Limited, a subsidiary of Datatec Limited which is incorporated in South Africa and listed on the Johannesburg Stock Exchange.
20 October 2020
King & Wood Mallesons (KWM) is proud to have assisted National Australia Bank (NAB) in reaching agreement to sell its MLC wealth management business.
31 August 2020
King & Wood Mallesons (KWM) Partner, Scott Farrell, has been appointed by the Australian Government to lead the inquiry into the future direction of the Consumer Data Right (CDR). The inquiry will look at additional ways to give consumers greater choice and convenience when it comes to selecting service providers through better control of their data.
29 January 2020
King & Wood Mallesons (KWM) has advised Suncorp Group Limited (Suncorp) on its latest Capital Notes offer, which has raised $300 million under the broker firm and institutional components of the offer, following a successful bookbuild process. Suncorp is issuing Capital Notes 3 to raise Eligible Additional Tier 1 Capital, which will be used to fund the capital needs of one or more regulated entities within the Group and for general corporate and funding purposes. This includes the partial refinancing of Suncorp's convertible preference shares (CPS3) that were issued in 2014 via a reinvestment offer. The KWM team was led by partners Ian Paterson and Rhys Casey, with support from senior associates Andrew Fei, John Arthur and Isaac Evans and solicitors Victoria Costa and Emily Travers-Jones. Tax advice in relation to the offer was provided by partner David Wood and senior associate Frankie Barbour. Commenting on the transaction, Rhys Casey said: "We are pleased to have advised Suncorp on this hybrid capital raising. The raising achieves a number of objectives for Suncorp, including the refinancing of their earlier preference share transaction at a competitive margin." KWM is a leading adviser in hybrid securities and has a longstanding relationship with Suncorp, having acted on all of its tier 1 regulatory capital raisings since 2012.
19 November 2019
King & Wood Mallesons (KWM) congratulates its joint clients, Scentre Group, Australia and New Zealand Banking Group, Westpac Banking Corporation, the Commonwealth Bank of Australia and IBM, who have announced the launch of Lygon, a new digital platform that modernises the way customers obtain and manage bank guarantees using blockchain technology.
04 July 2019
Professional services leaders, KPMG and King & Wood Mallesons (KWM), and UNSW Sydney have announced their collaboration in RegTech and FinTech research development through the Chair in Disruptive Innovation & Law at UNSW Sydney. The five-year partnership supports the work of UNSW Scientia Professor Ross Buckley, a world-leading scholar in international financial regulation. Stuart Fuller, Head of KPMG Law at KPMG Australia, said KPMG was committed to aligning ways of working and delivering consistently on the firm's digital promise through such initiatives. "The combination of technology, data and AI – coupled with intense business and regulatory change – is transforming the economy, business, and the delivery of services, as well as the legal industry itself," said Mr Fuller. "Our clients have to drive growth against a background of disruption and innovation - as do we as their key advisers. Transformation is the new normal. That is one of the key reasons for us joining with KWM to sponsor the Chair in Disruptive Innovation and Law at UNSW." Berkeley Cox, Chief Executive Partner, Australia, at KWM said KWM consistently strives to stay at the forefront of developments in the law so we can understand how it affects our clients. Helping our clients achieve their strategic and operational objectives in this complex environment is our role, and supporting research and education with KPMG in this domain through this Chair aligns with that objective.i "Navigating the laws across our interconnected world and helping to shape them to facilitate the opportunities and address the challenges presented by technological disruption is a key challenge we face. KWM is very pleased to invest in research and knowledge sharing in this area, collaborate with KPMG and UNSW, and play a role in that journey," said Mr. Cox. Both Mr Fuller and Mr Cox said that they see this announcement as a unique development in professional services where two industry leaders combine to make a significant investment in the fast-growing areas of financial services regulation and FinTech – just as the market place faces heightened disruption. George Williams AO, Dean of Law at UNSW said that supporting future leaders in disruptive innovation and law via this collaboration went beyond the production of innovative ideas and insights. "We believe the Chair, and the work of Professor Buckley, will have a tangible impact on the delivery of key new technologies in Australia and globally," said Professor Williams. "Since 2012, Professor Buckley's research has achieved a number of world-first breakthroughs in technology law." "The rise of FinTech, RegTech and blockchain is transformative and the law is struggling to adapt. Working at the cutting edge of facilitating this technological revolution is tremendous fun," said Professor Buckley who was also recently appointed Chair of ASIC's Digital Finance Advisory Committee.
24 August 2018
King & Wood Mallesons (KWM) have advised Taurus Funds Management, an 11% shareholder in ASX listed Finders Resources Limited, on the review of a landmark truth in takeovers decision by the Australian Takeovers panel. In a split 2:1 decision the Panel decided to overturn their original decision in April, which held Taurus to its rejection statement - ordering that its acceptance be reversed and that the bidder could not accept into the bid or sell its shares at below the bid price until the conclusion of the bid period. Following the overturn decision, Taurus will, amongst other things, be able to sell its shares into Eastern Field Developments 23¢-a-share offer under an option arrangement after November 30. The KWM team was led by Partners David Friedlander and Daniel Natale, supported by Senior Associate Mark Vanderneut. Commenting on the matter, Daniel Natale said: "We were pleased to have advised and supported Taurus through this landmark Panel decision and to get them a result that we think was novel but fair in the circumstances."
12 June 2018
King & Wood Mallesons (KWM) has been named Law Firm of the Year in the practice areas of Competition and Corporate Law in the 2019 edition of Best Lawyers.
13 April 2018
King & Wood Mallesons (KWM) has advised DBS on its first Tier 2 capital offer denominated in Australian dollars, with the Singapore-based bank offering A$750 million of subordinated notes due 2028. The issue is under the bank's global medium-term notes program valued at US$30bn, with to be used for the finance and treasury activities of DBS - including the provision of intercompany loans, or other forms of financing to DBS Bank and its subsidiaries. The KWM team was led by Partner Philip Harvey, supported by Senior Associate Angela Chung.
21 March 2018
King & Wood Mallesons (KWM) have advised APA Group (APA) on its entitlement offer (PAITREO) of new APA securities, which was launched today. The KWM team was led by M&A Partners David Eliakim and Will Heath, supported by Senior Associate Anna Chen, and associates Chloe Johnston and Evelyn Peter. The entitlement offer will be used to assist in the funding of APA's growth projects and capital expenditure program, the funding of the redemption of APA Subordinated Notes, and for other general corporate purposes. This is the third time that KWM has acted on a PAITREO in the last month. KWM recently worked with the underwriters of Woodside's $2.5 billion PAITREO and recently advised Transurban on its successfully completed $1.9 billion PAITREO
21 February 2018
King & Wood Mallesons (KWM) has appointed Partner Dale Rayner to its Banking & Finance practice.
01 February 2018
King & Wood Mallesons (KWM) acted for Greg O'Neill and related parties on the sale of an 80% stake in the privately-owned La Trobe Financial Group to New York-based Blackstone. La Trobe Financial manages investment mandates in excess of A$13 billion, including a retail Credit Fund of almost $2 billion and over $1 billion of public RMBS bonds issued. The Melbourne-based firm has over 200 staff with offices in Melbourne, Sydney, Shanghai and Hong Kong. Partner Peter Stirling led the team advising Greg O'Neill, who will retain 20% ownership of La Trobe and continue in his role as Chief Executive Officer while the existing management and executive team also remain unchanged. Commenting on the transaction, Peter Stirling said; "We are delighted to have worked with Greg O'Neil and the La Trobe Financial team on this transaction. La Trobe Financial is one of Australia's largest non-bank lenders, and the partnership with Blackstone will continue to build on the firm's strong capital position, expand its networks and draw on global best practice." The matter represents the latest in a series of significant M&A transactions on which the Melbourne KWM team has acted over the past several months. In addition to the La Trobe transaction, the Melbourne KWM team has acted on the sale of Australian Unity's corporate health insurance business to NIB, on the Caterpillar Group's acquisition of the Downer EDI freight rail maintenance business, on the sale by Engie and Mitsui of the Loy Yang B Power Station (and related assets) to Alinta Energy and on Transurban's $1.9 billion equity capital raising in relation to the West Gate Tunnel Project, the largest secondary capital raising in 2017.
20 December 2017
King & Wood Mallesons (KWM) has advised Warwick Credit Union (Warwick) on Australia's first ever issuance of capital notes convertible to mutual equity interests (MEIs) by a mutually owned authorised deposit-taking institution (ADI). The transaction is intended to support Warwick's capital adequacy.
18 December 2017
King & Wood Mallesons (KWM) is advising Bank of Queensland Limited (BOQ) on its offer of Capital Notes to raise $325 million, with the ability to raise more or less. BOQ is issuing Capital Notes to raise Additional Tier 1 Capital, which will be used for BOQ's general corporate and funding purposes, including the partial refinancing of BOQ's Convertible Preference Shares issued in 2012 through a reinvestment offer. The KWM team was led by Partners Ian Paterson (Banking - Melbourne), Rhys Casey (Corporate M&A - Brisbane), Darren McClafferty (Tax – Melbourne) and Evie Bruce (Managing Partner, Banking – Sydney), with support from Senior Associates Isaac Evans and Sylvester Urban and Solicitors Charlene Soh, Akshay Naran, Stephanie Judd and Samir Bhagat. Commenting on the deal, Rhys Casey said: "'It has been a pleasure supporting BOQ on this capital transaction, which has received very strong investor support and will deliver increased flexibility in terms of BOQ's capital management and funding strategy."
01 December 2017
King & Wood Mallesons (KWM) has advised ME Bank on Australia's third-ever wholesale Additional Tier 1 Capital deal – and the first to feature write-off only (rather than conversion) at the point of non-viability. ME Bank has issued A$200 million of Additional Tier 1 Capital-qualifying unrated Capital Notes via National Australia Bank and Westpac Institutional Bank. The transaction is intended to support ME's capital adequacy. The deal is the third AT1 deal targeted at wholesale investors since the introduction of the Basel III capital requirements, and the first wholesale AT1 transaction in Australia from an unlisted ADI. The KWM team was led by Partners Jo Dodd, Ian Paterson and Darren McClafferty, with support from Senior Associate Sylvester Urban, Associate Charlene Soh and solicitor Kendy Ding Jo Dodd said: "We are very pleased to have advised ME Bank on this transaction and helped position the wholesale format AT1 issuance space as a viable fundraising option for ba
22 November 2017
King & Wood Mallesons (KWM) advised Suncorp Group Limited (Suncorp) on its latest Capital Notes offer, which has raised AU$300 million under the broker firm and institutional components of the offer following a successful bookbuild process.
31 October 2017
King & Wood Mallesons (KWM) advised joint lead arrangers and bookrunners, Goldman Sachs (as left lead) and JPMorgan on a landmark A$350 million Term Loan B facility for leading tech companies LEAP Legal Software Pty Ltd (LEAP) and InfoTrack Group Pty Limited (InfoTrack), under the holding company, Australian Technology Innovators. InfoTrack is considered Australia's leading regulated data provider for property, company and personal information, while LEAP provides practice management software for small and medium-sized law firms. The transaction is the first Australian law standalone covenant-lite AUD Term Loan B facility for an Australian corporate – differentiating it from other transactions where the AUD Term Loan B tranche was part of a wider transaction with USD tranches or with a US parent. Banking Partner, Yuen-Yee Cho led the KWM team, supported by Senior Associate Jason Byrne and Solicitors Zoe Anderson, Karen Chen and Jing Wang from Banking. Specialist IT/IP assistance was provided by Partner Patrick Gunning and Senior Associates Nick Sinclair and Melissa Miller. Commenting on the deal, Yuen-Yee Cho said; "KWM are delighted at the opportunity to work on this significant transaction in the developing A$-denominated covenant lite loan market. The product connects domestic and international institutional debt investors with Australian corporates, providing them with a wider choice of financing options." KWM also acted on other recent AUD covenant-lite Term Loan B financings including Cimic/Apollo's Ventia Group (previously known as Leighton Services), Baring Private Equity's SAI Global and Bain Capital's Camp Australia.
18 September 2017
King & Wood Mallesons (KWM) advised Quadrant Private Equity on their recent investments in Fitzpatricks Group and Retirement Victoria. Quadrant teamed up with Yorkway Capital Partners to acquire the Fitzpatricks private wealth and advisory firm and Retirement Victoria's financial advisory business to form the Fitzpatricks Group.
06 September 2017
King & Wood Mallesons' partners have taken home four trophies at the 2017 Lawyers Weekly Partner of the Year Awards.
01 May 2017
King & Wood Mallesons (KWM) is advising Suncorp Group Limited (Suncorp) on its new Capital Notes Offer, for AU$300 million with the ability to raise more or less.
30 March 2017
King & Wood Mallesons (KWM) has launched its sixth annual DealTrends report on the Australian private M&A market.
21 March 2017
Restructuring & Insolvency
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