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Funds

Our experienced Funds legal team regularly publishes articles and updates – the full list of publications appears below. These publications provide a snapshot of the latest legislation, court cases, policy changes and contentious issues affecting Funds. If you'd like to be notified when we add new Funds 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.

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Funds Publications

  • Unravelled: The BEAR has dropped, where to from here?

    9 November 2017

    The commencement date of the BEAR legislation is fast approaching and institutions should start planning how to comply with the regime. We look at the changes made to the BEAR legislation following industry submissions, the timing for implementation and key steps to take.

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  • Unravelled: The beginning of the end of the unit trust's monoploy? CCIV legislation and ASIC guidance

    9 November 2017

    Avid readers of Unravelled over the past few years cannot have failed to notice that there are moves afoot to introduce two new forms of collective investment vehicle, each promising a shiny, tax-neutral alternative to the unit trust and, hopefully, saving Australian lawyers a lot of sleepless nights and migraines attempting to explain the finer points of trust law to overseas counterparties and their advisers.

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  • Unravelled: Productivity Commission on super system competitiveness and efficiency

    7 August 2017

    With all the media attention on the Government's surprise announcement of its proposed package on improving accountability and member outcomes in super last week, you would be forgiven if the Productivity Commission's latest issues paper on competitiveness and efficiency in the super system had slipped under your radar.

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  • Unravelled: Approved product lists and FoFA adviser duties

    7 August 2017

    The FoFA duties that apply to personal advice given to retail clients have been operating for over four years now. ASIC has enjoyed some recent success in the courts in cases brought on the basis of those duties. In this context, it is worth revisiting approved product lists and whether they assist, or impair, compliance with the FoFA duties.

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  • Unravelled: Australian Government proposes new foreign bribery offences

    7 August 2017

    Australia's lack of enforcement of foreign bribery legislation has attracted increasing criticism in recent years, but the Federal Government is expected to soon table legislation proposing wide-ranging reforms. We look at two key proposed changes for Australian companies.

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  • Client Update: Australia's foreign investment regime - regulatory burden reduced

    3 July 2017

    Significant changes to Australia’s foreign investment regime came into effect on 1 July 2017, intended to address concerns regarding this regime raised since its introduction in December 2015. The amendments reduce the regulatory burden in a number of key ways and will impact a range of foreign investors in Australia. Partner Wendy Rae and Senior Associate Nick Kefalianos report on how these significant changes will affect you.

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  • Client Update: Australia's foreign investment regime - Budget changes

    23 May 2017

    The Australian Government flagged a number of changes to Australia's foreign investment regime in the 2017 Budget. In a welcome development, the changes seek to simplify an otherwise complex regime and encourage foreign investment in Australia. Partner Wendy Rae and Associate Nick Kefalianos examine the most significant changes.

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  • Client Update: Lessons from Singapore's new collective investment vehicle

    13 April 2017

    The Monetary Authority of Singapore recently sought public consultation on the features of its proposed new vehicle for collective investment, the Singapore Variable Capital Company. Partners Marc Kemp and Charles Armitage, and Senior Overseas Practitioner James Kanabar review the key elements of the new vehicle and consider the lessons which might be gleaned in relation to the introduction of a new Australian corporate vehicle for collective investment, announced by the Federal Government as part of the 2016-17 budget and scheduled (perhaps somewhat optimistically) to be introduced by 1 July.

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  • Report: Our look ahead to the private equity market in Australia

    3 April 2017

    With the current exit cycle coming to an end for many sponsors, and large amounts of dry powder waiting to be deployed, we’re expecting an uptick in new investment activity in Australia by private equity sponsors. There are some key trends and sectors to look out for in 2017. The Private Equity team at Allens reports.

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  • Client Update: Treasury consultation paper flags changes to stapled structures

    28 March 2017

    Stapled structures have been used as an investment platform in the property and infrastructure sectors for decades, and more recently have been deployed into renewable energy, agriculture and other areas. Through the issue of its Taxpayer Alert on stapled structures on 31 January 2017, the ATO indicated that it had serious tax integrity concerns with the proliferation of stapled structures. The Commonwealth Treasury has now revealed that it has also been concerned at the increasing impact of stapled structures on the corporate tax base by releasing a Consultation Paper calling for submissions on potential policy options in relation to stapled structures, the taxation of real property investments and the recharacterisation of trading income. Partner Martin Fry and Senior Associate Igor Golshtein report.

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  • Client Update: Australia's foreign investment approval (FIRB) regime: what you need to know

    15 March 2017

    Australia's foreign investment approval regime is increasingly a major political issue that is often highlighted and discussed in the media. Our foreign investment law experts have summarised the key information you need to know about Australia's FIRB regime.

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  • Unravelled: Clearing the way for social impact investing

    10 March 2017

    The Commonwealth Treasury is seeking feedback on how to kickstart social impact investment in Australia.

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  • Allens insights: Australia - Fund Finance 2017, 1st Edition

    24 February 2017

    Fund financing facilities have continued to flourish in Australia, providing sponsors, general partners and trustees with additional funding flexibility and liquidity. Allens Partner Tom Highnam, Managing Associate Rita Pang, and Associate Victoria Johns provide an overview of the funds sector, current funding options and structuring, the prevalence of sovereign wealth funds and what new developments may be expected over the next twelve months.

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  • Client Update: Implications of the Critical Infrastructure Centre for foreign investment in Australia

    24 February 2017

    The Australian Government's Critical Infrastructure Centre, launched earlier this year, is part of the government's plans to manage national security concerns arising from foreign investment in Australian critical infrastructure. The Centre has released a discussion paper calling for input into how it can best work with governments, industry and investors to manage these risks. This paper provides greater insight into the Centre's role but there remain areas to be clarified. Partners Wendy Rae and Jeremy Low, Mergers & Acquisitions Counsel Andrew Wong and Associate Nicholas Kefalianos examine this issue from the perspective of Australia's foreign investment framework.

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  • Allens insights: Trends over the past year in the Australian projects and infrastructure sectors

    8 February 2017

    A substantial pipeline of both private and public infrastructure projects has attracted a variety of local and offshore project finance providers wishing to gain exposure to returns from these attractive Australian investment opportunities. Allens Partners Nick Adkins, Scott McCoy and Rob Watt look at how this is unfolding, the increase in non-bank lenders competing for projects, the various funding models at play, and the opportunities available in the near future.

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  • Client Update: A framework for CIPRs or just more work for super trustees?

    16 December 2016

    Yesterday, Treasury released a paper seeking feedback on a framework for Comprehensive Income Products for Retirement (CIPRs). It will permit trustees to offer members on a 'soft default' basis 'mass-customised, composite retirement income products' and, to encourage trustees to do what some might think they can already do, trustees will have no liability to a member who sues them because the CIPR was not in the best interests of the member. It is all most surprising, and for trustees it is a whole new kettle of fish. CIPRs are meant to be available from 1 July 2018, but there is a long way between the cup and the sip as they say and we suspect much of it won't make it into law. The Allens superannuation team reports.

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  • Unravelled: Are super funds and managed investment schemes the next frontier for shareholders with activist agendas?

    7 October 2016

    A recent Federal Court appellate decision highlights the fundamental tension in the Corporations Act between shareholders' power to propose resolutions at members' meetings and the proposition that a company is to be managed by its Board of directors.

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  • Unravelled: Not better late - the Prime Trust appeal judgment

    6 September 2016

    The main Prime Trust appeal judgement is relatively well known, but a trust's responsible entities and their officers should look at what the appeal court had to say on other related matters.

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  • Unravelled: Conflicts of interest and the duty to manage them

    9 August 2016

    The Corporations Act 2001 (Cth) was amended in 2004 to include an additional obligation for Australian financial services licensees to have in place adequate arrangements for the management of conflicts of interest that may arise in relation to the activities undertaken by the licensees in the provision of financial services. Conflicts were an afterthought, coming a couple of years after the Financial Services Reform Act (Cth) in 2001. At the time, it didn't seem to be a particularly onerous obligation, and so it has proved. The regulators and various enquiries and committees have criticised financial services providers for letting conflicts of interest get in the way of their customers' interests, but the Corporations Act obligation to have adequate arrangements for managing conflicts is a poor basis for requiring licensees to put their customers' interests first'

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  • Client Update: Revisions to FIRB Guidance Note 23: clarity for foreign government investors

    26 May 2016

    Recent reforms to the Foreign Acquisitions and Takeovers Act 1975 (Cth) introduced new provisions that deem foreign government investors of the same country to be 'associates' of each other. These provisions have created practical difficulties for foreign government investors who risk unintentionally breaching the Act because they are unaware of the existence and extent of holdings of other foreign government investors from the same country. Revisions to Guidance Note 23 released by the Foreign Investment Review Board have sought to address these practical issues. Partner Wendy Rae and Associate Nicholas Kefalianos review the key changes to the Guidance Note.

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  • Client Update: ASIC's guidance on conflicts in vertically integrated funds-management businesses

    24 March 2016

    ASIC has released a report looking at the way 'vertically integrated' funds management businesses deal with conflicts of interest. The report summarises the findings of ASIC's recent review of a number of businesses, and sets out some good practice recommendations. Partner Marc Kemp and Senior Associate Simun Soljo look at the report.

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  • Focus: FIRB shines the spotlight on tax issues

    23 February 2016

    The Australian Government has announced that in applying the national interest test to future foreign investment applications it will be requiring investors to satisfy a series of tax compliance and disclosure obligations relating to the tax implications of the proposed investment, and the requirement will apply to both the foreign investor itself and its associated entities. In some cases, the new obligations will extend to requiring the foreign investor to furnish documents or information held offshore, and for the foreign investor to engage with the Australian Tax Office in obtaining an advance pricing arrangement or tax ruling. Partners Martin Fry and Wendy Rae and Senior Associate Shaun Cartoon report.

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  • Allens insights: Opportunities in infrastructure - 2015

    16 December 2015

    The World Bank has released its Benchmarking Public Procurement 2016 report, which provides comparable data on regulatory environments that affect the ability of private companies to do business with governments in 77 economies. Allens Partner Leighton O'Brien and Linklaters Counsel Julia Voskoboinikova were among the contributors to the report.

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  • Client Update: Major overhaul of Australia's foreign investment laws: what's new?

    4 December 2015

    The new package of legislation overhauling Australia's foreign investment laws, the first major revision in 40 years, commenced on 1 December 2015. While many features of the previous regime have been retained (and sometimes re-named), there are also a number of significant changes. Partners Jeremy Low, Wendy Rae and Richard Kriedemann and Senior Associate Eve Regnard review the key new elements.

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  • Focus: Mergers & Acquisitions: changes to Australia's foreign investment framework

    7 May 2015

    The Australian Government has announced wide reaching changes to Australia's foreign investment framework that will apply from 1 December 2015. Partner Wendy Rae reports on the potential impacts of the changes, which include new fees, stricter enforcement and penalties, and increased scrutiny around foreign investment in agriculture.

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