Allens

18 April 2013

With implementation of the EU Directive on Alternative Investment Fund Managers fast approaching, Australian fund managers will soon need to pay close attention to the do's and don'ts of marketing alternative investment funds to investors resident in the EU. Partner Marc Kemp, Senior Associate Geoff Sanders and Lawyer Eleanor Khor investigate what the Directive means for Australian managers seeking to raise funds from institutional investors in the EU.

30 January 2013

As the Commodity Futures Trading Commission, the Securities and Exchange Commission, and other regulators have worked to implement Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, uncertainty has arisen with respect to the extraterritorial scope of Title VII and its application to cross-border derivatives transactions and international market participants.

19 November 2012

On October 24 2012 the US Internal Revenue Service released Announcement 2012-42 containing a number of changes to the proposed FATCA regulations it issued in February this year.

19 November 2012

The Australian Securities and Investment Commission's new Consultation Paper 194 proposes reforms to the financial requirements for providers of custodial or depository services. Surprisingly, stricter financial requirements are proposed for REs, even though new RE financial requirements have only just come into effect. New financial requirements for trustees of wholesale funds that provide incidental custodial services are also proposed.

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.

06 September 2012

A recent Victorian decision has added to the somewhat confusing case law on when a responsible entity can amend a scheme's constitution. Partner Marc Kemp, Consultant Derek Heath and Lawyer Dora Chan report on the case and compare it to previous decisions.

17 July 2012

The Future of Financial Advice reforms are finally upon us and their impact beyond the personal advice sector may well be more significant than anticipated. Partner Marc Kemp and Senior Associates Frances Dunn, Larissa Macpherson and Simon Lewis discuss some aspects of the reform package that trustees of superannuation funds and responsible entities of retail managed investment schemes may need to consider.

16 March 2012

As anticipated, the Australian Securities and Investments Commission has released a further consultation paper in response to submissions on the new disclosure rules for retail hedge funds and funds of hedge funds, and has released a draft regulatory guide. Partner Susan Burns, Senior Associate Marc Kemp and Lawyer Dora Chan look at the proposed benchmarks and disclosure requirements, and the difficulties that some of them may pose

02 March 2012

In an effort to combat tax evasion by United States taxpayers, new provisions have been incorporated into the US Internal Revenue Service Code that will require foreign financial institutions, and some non-financial foreign entities, to report information on their US investors or their substantial US owners to the US Internal Revenue Service, or face 30 per cent withholding tax on most US sourced income. Consultant Derek Heath and Senior Associate Amy Hoban report

02 February 2012

In response to some highly publicised retail investor losses, the Australian Securities and Investments Commission has introduced new disclosure benchmarks and principles applying to listed and unlisted infrastructure entities. Partner Susan Burns and Senior Associate Marc Kemp examine the changes

22 November 2011

Recently, the Australian Securities and Investments Commission issued a new class order that will change the financial requirements that apply to responsible entities of managed investment schemes. Partner Penny Nikoloudis, Senior Associate Marc Kemp and Lawyer Elizabeth Lee comment on the new requirements

13 October 2011

A recent NSW Supreme Court decision held that, in the context of a restructure, a responsible entity was not required to seek members' approval to amend the provisions of the scheme constitution dealing with the issue price of units. As Partner Penny Nikoloudis and Senior Associate Zoe Green report, although the case removes a great deal of uncertainty, it is still advisable for a responsible entity to proceed with caution before acting unilaterally

18 July 2011

New disclosure benchmarks and clarification of existing disclosure principles applying to unlisted property schemes are some of the changes the Australian Securities and Investments Commission has proposed to disclosure rules for unlisted property schemes offered to retail investors. Partner Penny Nikoloudis, Senior Associate Georgina Perry and Lawyer Evan Bendelstein examine the proposed changes and the effect that the changes, if implemented, could have on responsible entities of unlisted property schemes

15 July 2011

A recent decision of the Federal Court held that, in the context of a capital raising, a responsible entity was required to seek the approval of its members to amend the provisions of the scheme constitution dealing with the issue price of units. Partner Penny Nikoloudis, Senior Associate Marc Kemp and Lawyer Lisa Bau report

03 May 2011

The Federal Government has announced further details regarding its proposed Future of Financial Advice reforms regarding the provision of simple, limited personal advice to superannuation fund members. There are also some noteworthy new elements to the reform package. Partner Mark Cerche, Senior Associates Larissa Macpherson and Geoff Sanders and Lawyer Brendan Wood report

21 April 2011

The Australian Securities & Investments Commission has released an updated regulatory guide on governance and disclosure obligations with respect to related party transactions. Partner Jeremy Low and Lawyer Sean Cole take a look at what this means for public companies and responsible entities who are determining whether to seek member approval for related party transactions, and the impact the guidance will have on market practice for the disclosure of related party arrangements in disclosure documents

03 March 2011

The Australian Securities and Investments Commission has released a consultation paper that outlines proposals to require detailed additional disclosures to be made by Australian retail hedge fund (and fund of hedge fund) product issuers. In this Focus, Partner Susan Burns and Senior Associates Marc Kemp and Geoff Sanders look at the scope of the proposals and the impact they may have on an industry already facing increased world-wide regulatory scrutiny in the wake of the global financial crisis

14 February 2011

The European Parliament and the Council of Ministers have, after lengthy debate, reached political agreement on the text of a Directive on Alternative Investment Fund Managers, which may ultimately offer non-EU fund managers the ability to access institutional investors in EU markets that were previously off-limits. Partner Robert Clarke, Senior Associate Marc Kemp and Lawyer Lisa Bau report

22 September 2010

Issuers and sellers of financial products should be aware of changes to the Australian Securities & Investments Commission's regulatory guide on product disclosure obligations. Partner Susan Burns and Senior Associates Marc Kemp and Janna Vynokur take a look at Regulatory Guide 168, which was revised following a review of a number of product disclosure statements

31 August 2010

The Australian Securities & Investments Commission hopes that excessive jargon and unnecessary information that hampers investors making informed investment decisions will be limited under new corporations regulations on certain product disclosure statements. Partner Anna Lenahan and Senior Associate Marc Kemp look at the changes that mean some superannuation products and margin loans, as well as interests in simple managed investment schemes, may only be issued under a product disclosure statement limited to a certain number of pages

23 August 2010

Managers and advisers of investment funds with clients or assets in the United States may face new registration and reporting obligations with the US Securities and Exchange Commission. Partner Robert Clarke and Senior Associate Marc Kemp consider the impact of the US Dodd-Frank Wall Street Reform and Consumer Protection Act.

25 March 2010

Significant amendments to a proposed European Union Directive on Alternative Investment Fund Managers will have a major impact on Australian- and Asian-based funds and fund managers. Partner Robert Clarke, Senior Associate Marc Kemp and Lawyer Elizabeth Lee report

18 March 2010

The circumstances in which a responsible entity may amend a scheme constitution without member approval have been considered further in a recent decision of the Victorian Supreme Court. Partner Susan Burns and Senior Associate Penny Nikoloudis report on this decision

11 January 2010

Partner Susan Burns and Lawyer David Marcus consider how the proposed Australian Consumer Law will affect managed fund products.

25 November 2009

Commission-based remuneration for financial planners would be phased out and ASIC would be given new powers to ban incompetent or unlawful financial advisers under recommendations contained in a Parliamentary Joint Committee report released this week. The recommendations aim to enhance both the professionalism of the financial advice sector and consumer confidence and protection, as Partner Anna Lenahan and Senior Associate Marc Kemp report.

23 October 2009

In recent months, several hostile attempts to remove responsible entities have come before the courts. As a result, there has been sharper focus on the statutory regime for changing responsible entities, with many of the relevant provisions of the Corporations Act 2001 (Cth) having now been tested. Partner Susan Burns and Senior Associate Penny Nikoloudis examine the effect of recent case law on the procedures for removing REs

18 June 2009

In the wake of the financial crisis, the European Union is moving towards tighter regulation of alternative investment funds, in particular hedge funds and private equity funds, through a proposed Directive on Alterative Investment Fund Managers. The proposed directive would have considerable extra-territorial reach and may result in additional regulatory burdens for managers of alternative investment funds based outside Europe. Partner Tim Manefield, Senior Associates Marc Kemp and Charlie Harrison, and Lawyer John Henderson report

26 May 2009

The Senate Standing Committee on Economics has tabled a report which recommends that the Senate pass the Australian Business Investment Partnership bills. Partner Nicholas Cowie and Lawyer Andrew Selim take a closer look at the committee's findings

06 May 2009

A recent decision of the NSW Supreme Court provides important guidance on amending constitutions of registered managed investment schemes. Partner Matthew McLennan and Senior Associate Georgina Perry report

14 October 2008

In our Focus: Funds Management - July 2008, we looked at ASIC's proposals to improve disclosure to retail investors for unlisted property schemes. ASIC has now released its final regulatory guide that sets out what information must be applied to upfront and ongoing disclosures from 30 November 2008. Partner Anna Lenahan and Lawyer Gary Lo discuss the finalised disclosure principles and what needs to be done to comply with them

02 October 2008

The Australian Securities and Investments Commission has released a class order to facilitate the offering to Australian retail investors of collective investment schemes which have been authorised by the Hong Kong Securities and Futures Commission. Partner Susan Burns and Senior Associate Penelope Barclay look at a new regime where such schemes will effectively be governed by Hong Kong law, thereby reducing the Australian regulatory requirements which would otherwise apply

28 July 2008

ASIC has released a draft regulatory guide that aims to improve disclosure by the responsible entities of unlisted property schemes. The guide sets out eight disclosure principles that are to be applied to upfront and ongoing disclosures to retail investors. Partner Susan Burns and Lawyer Gary Lo report on the proposals

27 June 2008

Earlier this month, the Treasury Department of the Australian Government released a Green Paper on Financial Services and Credit Reform. Partner Susan Burns and team summarise and discuss the Paper

18 April 2008

The Australian Securities and Investments Commission (ASIC) is proposing exemptions to make it easier to provide some financial services information electronically. Partner Susan Burns and Senior Associate Penelope Barclay explain what is proposed

26 March 2008

ASIC has issued class order relief for certain share and interest sale facilities and related purchase facilities offered by issuers. Partner Susan Burns and Senior Associate Julian Donnan discuss the background to the class order, its conditions of relief and implications for issuers and operators.

05 February 2008

In our Focus: Funds Management - March 2007, we reviewed an ASIC consultation paper regarding a proposed policy on the regulation of buy-backs of interests in listed managed investment schemes. ASIC has now issued class order relief which enables the responsible entity of a listed scheme to buy back interests that are traded on the Australian Stock Exchange. Partner Lynne Jensen discusses the conditions of relief

21 December 2007

Consistent with its policy on foreign collective investment schemes, the Australian Securities and Investment Commission has released a class order that provides conditional exemptions allowing some Singaporean collective investment schemes to be offered in Australia. Senior Associate Rebecca Devon and Vacation Clerk Judith Hammerschlag report

03 October 2007

More regulations to give effect to measures implemented under the Federal Government's 'Simpler Regulatory System' legislation have now been made. Partner Susan Burns and Senior Associate Justine Woodford report on the latest developments

13 September 2007

The Federal Government has finally announced new regulations enabling financial services providers to incorporate by reference some of the information required to be included in retail disclosure documents. Consultant Derek Heath and Senior Associate Justine Woodford discuss the implications of this welcome development and the other measures introduced under these regulations

24 August 2007

Partner Victoria Poole and Lawyer Sue-Lyn Chan discuss ASIC's recent consultation paper that aims to address concerns, particularly about pooled mortgage schemes, that there is a mismatch between what investors are led to expect in disclosure documents regarding withdrawal rights and what can happen in practice. The proposals identify issues that responsible entities of registered managed investment schemes may need to consider to make sure they are carrying out their duties properly

20 July 2007

The Australian Securities and Investments Commission has issued a consultation paper setting out its proposed policy on granting financial services licensing relief to trustees of certain wholesale equity investment schemes. Partner Susan Burns and Lawyer Geoff Sanders outline the key elements of ASIC's proposals and some of the practical issues that remain outstanding

03 July 2007

Regulations to give effect to some of the measures implemented under the Federal Government's 'Simpler Regulatory System' legislation have now been made. Senior Associate Justine Woodford looks at some of the detail

29 June 2007

The Federal Government's 'Simpler Regulatory System' legislative reforms have now been given Royal Assent (on 28 June 2007). Senior Associate Justine Woodford explains

28 June 2007

The Federal Government's 'Simpler Regulatory System' legislative reforms for the corporate and financial services sector are intended to provide investors with improved access to, and participation in, corporate and financial markets, while also enabling industry participants to benefit from reduced compliance costs and streamlined and more efficient regulatory processes. Consultant Derek Heath and Senior Associate Justine Woodford summarise the legislation, which is awaiting Royal Assent.

28 May 2007

Australian financial services licence holders will need to review their general insurance arrangements in light of the Federal Government's proposed reforms to insurance business conducted in Australia by direct offshore foreign insurers. Senior Associate Rebecca Devon explains

16 April 2007

The long-anticipated draft Corporations Amendment Regulations were released by the Federal Government for public comment on 26 March 2007. Senior Associate Justine Woodford summarises the draft regulations and looks at where the review process is heading

12 February 2007

ASIC has amended the Class Order that regulates discounted issues by registered managed investment schemes. Senior Associate Penny Nikoloudis reports on the changes

12 February 2007

ASIC has released a consultation paper inviting public submissions on the review of the Electronic Funds Transfer Code of Conduct. Partners Peter Jones and Catherine Parr and Lawyer Katya Rozenblit report

12 December 2006

The 16 November 2006 release of the Corporate and Financial Services Regulation Review Proposals Paper is the Federal Government's latest strategy to improve and simplify the regulatory system in Australia's corporate and financial services sectors. Senior Associate Justine Woodford summarises the Government's latest proposals

15 August 2006

Following the release on 7 April 2006 of its Corporate and Financial Services Regulation Review consultation paper, the Federal Government yesterday announced the next stage for implementation of the reform proposals. This will occur through a combination of regulation and legislative changes (to be implemented in the short term) and further consultation on the more substantive issues raised in the consultation paper. Senior Associate Justine Woodford reports on the latest developments