Allens

Banking & Finance

Our experienced Banking & Finance legal team regularly publishes articles and updates - the full list of publications appears below. These publications contain the latest news and developments, and look at the ramifications for your business. If you'd like to be notified when we add new banking & finance publications to the site, please go to our subscription page to sign up for email alerts or, alternatively, you can subscribe to our RSS feed.

See also our banking & finance pages for more information on our broad range of skills and experience in the financial sector, including capital raisings, securities, superannuation and managed investments.

Banking & Finance Publications

  • Client Update: PPSA amendments for 'serial numbered goods'

    24 March 2014

    New legislation will amend the Personal Property Securities Act to remove the provision that deems leases of serial-numbered goods of more than 90 days to be a 'PPS lease'. These amendments will primarily benefit businesses in the leasing industry and will have a minimal, but positive, effect on financiers. Partner Andrew Boxall and Lawyer Daniel MacPherson report.

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  • Linklaters Insights: More stringent requirements on bancassurance business in the PRC

    19 February 2014

    2012 saw some small, but positive, steps in the area of intellectual property enforcement within China, according to the recently released 2012 annual report of China's Supreme People's Court.

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  • Linklaters Insights: The final Volcker Rule's potential impact on securitisations, repackagings, covered bonds and other structured products

    18 February 2014

    On December 10, 2013, the Securities and Exchange Commission, the Commodity Futures Trading Commission and three US banking regulators issued a final rule to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the 'Volcker Rule'.

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  • Focus: Statutory assumptions for lenders dealing with companies - useful but are they limited?

    3 February 2014

    The New South Wales Court of Appeal has focused on the need for parties seeking to rely on the assumptions in sections 128 and 129 of the Corporations Act to have had 'dealings' with the company. It has held that 'dealings' with a company can be with someone who has actual or ostensible authority to negotiate on behalf of the company; it need not be with someone who has actual or ostensible authority to enter into the particular transaction. So it saved the statutory assumptions from being robbed of much of their use. But the decision leaves possible questions when a party's only 'dealing' with the company is the receipt of the relevant document, or the party needs the assumptions to establish it had 'dealings'. Partner Diccon Loxton and Lawyer Alicia Lyons report.

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  • Focus: Final piece of privacy reform jigsaw

    28 January 2014

    In important news for any Australian business that provides goods or services to individuals on deferred payment terms, the long-awaited Credit Reporting Privacy Code has been registered. Partner Michael Pattison and Senior Associate Matt Vitins report on the implications of the credit reporting reforms for businesses generally, and give an update on the status of the related Privacy Act reforms that are soon to take effect.

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  • Focus: The end of the PPSA transitional period - what happens now?

    24 January 2014

    With the end of the transitional period under the personal property securities legislation fast approaching, those entities that rely upon having interests in property held by others must act now to ensure those interests are properly registered (even where they are transitional), so there is no loss of priority. Partner Steve Pemberton and Lawyer David Allen look at what companies, financiers and insolvency practitioners can expect in the coming months.

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  • Client Update: New rules on foreign investment in Vietnamese credit institutions

    13 January 2014

    The long-anticipated changes to the rules on foreign investment in Vietnamese credit institutions, allowing greater levels of foreign investment (particularly in the case of 'weak' banks), will soon come into effect. Partner Robert Fish and Senior Associate Linh Bui report.

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  • Focus: Anti-money laundering laws review announced

    8 January 2014

    A review of Australia's anti-money laundering and counter-terrorism financing laws will determine whether Australia can and should strengthen its response to money laundering and terrorism financing. Partner Rachel Nicolson and Lawyers Andrew Wilcock and Arlou Arteta report.

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  • Focus: High Court upholds Willmott decision - liquidators may disclaim leases

    5 December 2013

    The High Court has held that a liquidator may disclaim a lease that a company had granted to a tenant, leaving the tenant to prove for any loss in the winding up. This decision clarifies the scope of the liquidators' statutory power of disclaimer. It highlights risks for tenants and for financiers taking security over tenants' interests in leasehold property, and may have wider implications for parties relying on property rights against a company in liquidation. Partner Matthew Whittle and Senior Associate Rebecca Collins report on the decision and its potential implications.

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  • Allens insights: Debt funds open a new asset class

    30 October 2013

    The dominance of the banks in the Australian corporate debt market is an anomaly

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  • Audio: Election impacts on inbound foreign investment

    9 October 2013

    The newly elected Abbott Government has announced a range of policies that will impact upon Australian companies across a number of sectors, with potential changes in the areas of tax, climate change, infrastructure, competition, workplace relations, foreign investment and technology, media and communications. Partner Marcus Clark, from the Corporate group at Allens, speaks to BRR Media about the impact of the election results on businesses faced with foreign investment law issues.

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  • Audio: Election impacts on workplace relations

    9 October 2013

    The newly elected Abbott Government has announced a range of policies that will impact upon Australian companies across a number of sectors, with potential changes in the areas of tax, climate change, infrastructure, competition, workplace relations, foreign investment and technology, media and communications. Special Counsel Eleanor Jewell, from the Commercial Litigation & Dispute Resolution group at Allens, speaks to BRR Media about the impact of the election results on workplace relations.

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  • Audio: Election impacts on infrastructure

    9 October 2013

    The newly elected Abbott Government has announced a range of policies that will impact upon Australian companies across a number of sectors, with potential changes in the areas of tax, climate change, infrastructure, competition, workplace relations, foreign investment and technology, media and communications. Partner Michael Hollingdale, from the Energy, Resources & Infrastructure group at Allens, speaks to BRR Media about the impact of the election results on the infrastructure sector.

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  • Focus: A recent development in the European mid-market: unitranche loans

    3 October 2013

    Over the past 12 months, there has been significant growth in the number of private debt funds that are providing much needed liquidity in the European mid-market by way of unitranche loans: a type of loan that combines senior and mezzanine debt into one instrument. Senior Associate Oliver Sceales (who has recently rejoined Allens having spent the past seven years at the London office of our integrated alliance partner Linklaters) explains what unitranche loans are and considers whether such loans could become a feature of Australia's debt markets.

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  • Audio: ASIC warns consumers on hybrids

    22 August 2013

    The Australian Securities & Investments Commission (ASIC) has released a report outlining a strengthening of rules relating to hybrids. Partners Robert Pick and Julian Donnan speak to BRR Media about ASIC's concerns regarding hybrids, and the implications for businesses.

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  • Focus: Tax loss incentive for nationally significant infrastructure projects

    14 August 2013

    After a long period of scoping, consultation and review, concessional treatment for the tax losses of entities undertaking nationally significant infrastructure projects has become law. Under the measure, which was announced in the 2011-12 Federal Budget, eligible losses can be uplifted by the long-term Government bond rate and the loss integrity rules are moderated. Partner Martin Fry and Lawyer Timothy Stokes look at how it will work in practice.

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  • Focus: The growth of senior debt funds

    12 August 2013

    The Australian corporate debt market is dominated by the domestic banks, but the situation may be about to change. Partner Tom Highnam, Senior Associate Tim Stewart and Lawyer Victoria Johns examine key factors that could drive this change, and discuss some legal issues for funds entering into syndicated loans.

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  • Focus: UK Supreme Court overturns controversial Nortel and Lehman decision

    1 August 2013

    The UK Supreme Court has overturned the contentious Court of Appeal decision holding that the Lehman companies were to treat financial contributions to a group pension scheme as expenses of the companies' administrations, ranking higher than debts to other creditors. The UK decision aligns with the Australian position on this issue, and benefits lenders to, and unsecured creditors of, UK companies. Partner Philip Blaxill, Senior Associate Alicia Salvo and Lawyer Amy Burton report on the decision and its implications.

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  • Client Update: Queensland streamlines processes for taking security over mining and petroleum interests

    22 July 2013

    Recent Queensland legislation reforms the way financiers effect security over mining and petroleum interests. Instead of having to apply for Ministerial approval or lodge caveats, the law now allows financiers to electronically lodge and register mortgages over 'mining tenements' and 'petroleum authorities' with the Department of Natural Resources and Mines. Partner Karla Fraser and Law Graduate Riley Downie report.

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  • Focus: Proposed reorientation of EFIC's role and the impact on project and infrastructure financing transactions.

    16 July 2013

    The Foreign Affairs, Defence and Trade Legislation Committee has tabled in the Senate its committee report recommending new legislation that, if enacted, will reorient the role of the Export Finance and Insurance Corporation towards supporting exports by small and medium business enterprises and, otherwise, towards addressing 'market failures' that may impede Australian exporters. The legislation will also increase EFIC's power to provide assistance to foreign subsidiaries of Australian-based SMEs. Partner Phillip Cornwell, Special Counsel Debra Counsell and Lawyer Amy Cashman report.

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  • Focus: PPSA update: transitional security interests may be no protection

    9 July 2013

    The NSW Supreme Court has held that although the ownership interest of a lessor in certain motor vehicles leased to a company were 'transitional security interests', they were not temporarily 'perfected' and did not take priority over a subsequently-registered financier's general security interest. The decision also supports the proposition that when, under section 267 of the Personal Property Securities Act, an unperfected ownership security interest in goods vests in a company upon its entry into voluntary administration, the company holds those goods subject to any perfected security interest it has granted over those goods, such as under a lender's general security agreement. Partners John Warde and Karla Fraser, and Law Graduate Riley Downie report.

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  • Focus: National infrastructure plan revealed

    5 July 2013

    Infrastructure Australia has released a 50-year plan for national infrastructure, including an update to the national infrastructure priority list. The plan identifies key infrastructure challenges, and what needs to be done to address them in the near and long-term future. Partner Emma Warren and Lawyer Freya Dinshaw report.

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  • Focus: Principled project financing

    3 June 2013

    The third version of the Equator Principles, a set of voluntary guidelines designed to manage social and environmental risks and promote environmentally and socially responsible project financing, comes into effect tomorrow, and financial institutions that have adopted the Equator Principles will need to look at revising their policies, systems and procedures. Partner Phillip Cornwell, Partner Elect Rachel Nicolson, Senior Associate Sarah Glenn, and Lawyer Amy Cashman report.

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  • Client Update: PPSA model clauses for a general security agreement

    16 May 2013

    Since before the operational commencement of the Personal Property Securities Act 2009 (Cth) (the PPSA) in January 2012, and certainly since then, law firms have been settling their position on the many issues it raises. They have also been revising their precedent documentation.

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  • Audio: PPP changes well received in Victoria

    6 May 2013

    The Victorian Government has released new guidelines for the delivery of PPP projects in the State. Infrastructure & Transport Sector Leader Emma Warren and Partner David Donnelly speak to BRR Media about what these new requirements mean for the procurement and delivery of PPP projects in Victoria

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  • Focus: Softening the investment rules in Mongolia

    23 April 2013

    Foreign investment in Mongolia fell away dramatically after the Mongolian Government last year introduced laws regulating foreign investment into strategically important business areas as well as investment by state-owned entities. Now the Government has introduced amendments which soften some of those restrictions in an effort to again encourage inbound capital. Partner David Wenger and Lawyer Anthony Lepere look at the amendments and their significance to foreign investors.

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  • Focus: Greater foreign investment in Vietnamese credit institutions

    8 March 2013

    Greater levels of foreign investment will be allowed, and registration and approval requirements will be simplified, under proposed changes to Vietnam's regulations on foreign ownership of credit institutions. Partner Robert Fish, Senior Associate Linh Bui and Lawyer Cara Stevens report.

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  • Focus: The PPSA 12 months on

    19 February 2013

    With the midpoint of the two-year transition period under the Personal Property Securities Act having just passed, it is a good time to reflect on some issues that have come to light in the past 12 months. The Allens PPS team reports.

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  • Client Update: National consumer credit reform - small business credit regulation deferred

    19 February 2013

    Proposals for regulation of small business credit have been deferred. Partner John Gallimore and Lawyer Andrew Shetliffe report on a recent Treasury announcement affecting the national consumer credit reform.

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  • Focus: Changes to the general anti-avoidance rules

    14 February 2013

    In response to recent Full Federal Court decisions, the Federal Government has introduced legislation to amend the general anti avoidance rules (Part IVA) in the Tax Act. Partner Martin Fry and Lawyer Claire Nicholson explain the proposed amendments that will modify the way in which the 'tax benefit' test is applied and the way in which it interacts with the operative provision of Part IVA.

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  • Client Update: National consumer credit reform - the latest instalment

    24 January 2013

    As part of its ongoing reform of consumer credit protection, the Federal Government has released for consultation draft amendments to national consumer credit legislation. Partner John Gallimore and Lawyer Andrew Shetliffe report on the changes that, if implemented, will have significant consequences for providers of credit to investors and small business as well as other participants in the credit industry.

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  • Audio: NSW sets infrastructure & transport plan

    19 December 2012

    The NSW Government State Infrastructure Strategy and NSW Long Term Transport Master Plan were released last week. Partners Nigel Papi and Leighton O'Brien spoke to BRR Media about the plan and the outlook for Australian infrastructure in 2013

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  • Focus: Security trustees' and mortgagees' duties, intercreditor issues and 'loan to own' restructures

    14 December 2012

    Partner Diccon Loxton and Lawyer Lisa Zhou look at a recent English High Court decision that is a useful case study on the rights and duties of a security trustee and mortgagees generally, and on the lack of rights of mezzanine lenders in an enforcement and restructuring put into effect on the instructions of senior lenders; particularly when senior lenders are 'under water' and mezzanine lenders stand to recover nothing.

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  • Linklaters Insights: CSRC issues consultation paper to allow insurance institutions to distribute securities investment funds

    14 December 2012

    Securities investment funds are currently sold to the public in China through a number of channels - through predominantly commercial banks but also through fund management companies and securities companies. With a view to expanding the range of distribution channels, the CSRC has issued consultation rules proposing to also allow insurance institutions to sell securities investment funds. The consultation period ends on 5 December 2012.

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  • Audio: New PPP reforms proposed in Victoria

    29 November 2012

    The Victorian Government has released a discussion paper on proposed reforms to the PPP model. Partner Emma Warren spoke to BRR Media about the main issues covered in the paper.

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  • Linklaters Insights: Is the bond market the way forward for project finance?

    19 November 2012

    Policy makers face a major challenge following the global financial crisis in funding the massive global demand for new energy sources and infrastructure.

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  • Client Update: The Cape Town Convention - one step forward

    13 November 2012

    Those involved in the aviation finance sector in Australia will welcome the Federal Government's intention to ratify two important conventions dealing with the international registration of interests in mobile equipment. Partner Ian Wallace reports.

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  • Audio: Operating in emerging Asian economies

    2 November 2012

    The Australian Government has released its Australia in the Asian Century White Paper, its blueprint for Australia's greater integration throughout the region and roadmap to becoming a more prosperous and resilient nation. Partners Erin Feros and Marae Ciantar spoke to BRR Media about other emerging markets within the region, such as Mongolia and Myanmar.

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  • Audio: Indonesia opportunities in Asian Century

    2 November 2012

    The Australian Government has released its Australia in the Asian Century White Paper, its blueprint for Australia's greater integration throughout the region and roadmap to becoming a more prosperous and resilient nation. Partner David Holme spoke to BRR Media about the untapped growth markets in Indonesia, and the opportunities for increased investment.

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  • Focus: Safe from the Tax Office?

    22 October 2012

    A recent Federal Court case serves as a warning that mortgagees should take into account any garnishee notice issued in relation to a mortgagor's tax debt before agreeing to release a mortgage to facilitate a sale by the mortgagor. Partner John Gallimore and Law Graduate Andrew Shetliffe report.

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  • Client Update: Refreshing user charges in infrastructure funding

    10 October 2012

    A burgeoning national infrastructure deficit, and a growing, ageing and rapidly urbanising population, is causing a rethink about the role of user charges in funding Australia's infrastructure. Partner David Donnelly and Lawyer Fiona Borrelli report.

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  • Focus: Draft Tax determinations highlight tax obligations of agents and trustees

    8 October 2012

    Two long-awaited draft Tax Determinations released by the Australian Taxation Office highlight the obligations of insolvency practitioners, and others who act as an agent or trustee, to retain sufficient money to pay tax which is, or will become, payable on any income, profits or gains arising from their appointment. Partners Charles Armitage and Michael Quinlan and Senior Associate Joanne Langford report

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  • Focus: Facilitating superannuation fund investment in Australian infrastructure

    27 September 2012

    The recent Infrastructure Finance Working Group report Infrastructure Finance and Funding Reform continues the ongoing discussion around increasing the level of superannuation investment in Australian infrastructure. While this has primarily focused on lowering the existing barriers to investment, the changing economic landscape also provides opportunities. In the first of a series of articles exploring the role of superannuation funds in funding Australia's infrastructure needs, Partners David Donnelly and Robert Clarke, Senior Associate Geoff Sanders and Lawyer Fiona Borrelli provide an overview of some of the key issues framing the discussion.

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  • Focus: Review of project financing principles

    26 September 2012

    The Equator Principles, which promote environmentally and socially responsible project financing, are in the process of being updated. Although, initially, it may seem that the revised principles will increase signatories' obligations, their enhanced alignment with other international standards will facilitate a streamlining of financial institutions' policies and processes. Partner Louise Jenkins and Lawyers Catie Shavin and Loren Atkins report.

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  • Client Update: Lessons for lenders and directors from the Bell Group appeal decision

    20 September 2012

    The Western Australian Court of Appeal has handed down its 1024-page judgment in the Bell Group litigation, Australia's longest-running proceedings. The case arose out of an attempted work-out, in which a group of companies in financial difficulties gave security to banks in exchange for giving the borrower more time, and to avoid liquidation. More than a year later, liquidators were appointed to the companies and the banks enforced their security.

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  • Focus: New PPP guidelines for NSW

    27 August 2012

    The New South Wales Government has issued new guidelines to govern the private public partnership procurement process in that state. Partner Nigel Papi and Lawyer Tom Levi report on the new guidelines, which are intended to supplement the national PPP guidelines

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  • Audio: QTC innovates with latest bond issue

    22 August 2012

    The latest bond issue by Queensland Treasury Corporation features innovations that may appear in the future in the corporate sector. Partner David Clifford talks to BRR Media about the bond issue, and what it means for Australian debt markets.

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  • Audio: The PPS Register - the first 6 months - traps and lessons for suppliers

    16 August 2012

    The PPS register has now been in operation for six months. Partner Diccon Loxton speaks to BRR Media about the lessons and traps for suppliers of goods on lease or retention of title terms

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  • Focus: China-Australia currency agreement and RMB internationalisation

    23 May 2012

    Recently, as part of its foreign exchange reforms, the People's Bank of China signed a bilateral currency swap agreement with the Reserve Bank of Australia. Partner David Wenger, Senior Associate Wayne Wang and PRC Consultant Scarlet Feng report on the currency swap agreement and the introduction of PRC laws relating to the internationalisation of the RMB

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  • Focus: Flawed asset provision in English law ISDA Master Agreement clarified

    18 April 2012

    The English Court of Appeal has provided clarity on the operation under English law of some clauses in the ISDA Master Agreement, including a key protection for Non-defaulting Parties - the flawed asset provision under Section 2(a)(iii). Partners Diccon Loxton and Tom Highnam and Senior Associate Caleb Chua report

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