Regulatory Investigations

In this section

Today, businesses face a myriad of highly complex new regulations, increasing regulatory scrutiny and community activism.

Penalties for compliance failures and poor conduct are severe, and this is significantly impacting regulated firms' strategy and operations.

Investigations, whether initiated by the organisation or at the request of a regulator, must be handled appropriately and underpinned by firsthand knowledge of what sticks (and what doesn't) under regulatory scrutiny.

How can we help?

From advice on potential investigations to litigation resolution, we harness our client, industry and regulator insights to resolve investigations efficiently and effectively.

Our experience spans a range of issues and areas of law, including: fraud, insider trading and market manipulation allegations, continuous disclosure obligations, foreign corruption and bribery, alleged cartel conduct and tax related investigations.

Coordinating responses across jurisdictions

Given the increasing cooperation between regulators around the world, Allens' integrated alliance with Linklaters and its global presence enables us to coordinate responses to regulatory investigations across jurisdictions.

Strong relationships with regulators to resolve investigations effectively

Our team draws upon its strong relationships with relevant regulators and enforcement agencies, including:

  • Australian Securities and Investments Commission (ASIC);
  • Australian Stock Exchange (ASX);
  • Australian Prudential Regulatory Authority (APRA);
  • Australian Taxation office (ATO);
  • Australian Competition & Consumer Commission (ACCC);
  • Australian Transactions Reports and Analysis Centre (AUSTRAC);
  • Australian Federal Police (AFP);
  • Customs agencies;
  • Commonwealth Department of Foreign Affairs & Trade (DFAT); and
  • State and Territory-based agencies.

Market leading technology and resources combine to achieve the right outcomes quickly

Our team of in-house document production specialists find the information regulators require efficiently and review large volumes of electronic information to meet even the most stringent of deadlines.

Experience

ASIC: Bank Bill Swap Reference Rate

Acted for Westpac in relation to an ASIC investigation, and related proceedings, of potential manipulation of the Bank Bill Swap Reference Rate, known as BBSW and the Australia Equivalent of LIBOR. The BBSW investigation was the largest investigation ASIC has ever conducted.

ASIC

Acted for Macquarie Group in obtaining a stay of the conditions ASIC imposed on the financial services licences of a number of companies in the Macquarie Group. After proceedings in the AAT, we were successful in having the licence conditions removed by consent.

AFP & ASIC

Advised CIMIC on a range of matters arising from allegations of foreign bribery made by the Australian Federal Police and ASIC.

ASIC: add-on insurance products

Advised Allianz in relation to ASIC's ongoing industry-wide review into the sale of add-on insurance products through motor dealers.

Banking Royal Commission

Advised banks, superannuation funds and executives in relation to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

Royal Commissions and public inquiries related to natural disasters

Represented the Insurance Council of Australia Limited in relation to the 2009 Victorian Bushfires Royal Commission and acted for Seqwater in the Queensland Flood Royal Commission, where it has assisted the Commission in understanding the key decisions taken during the major flood event in January 2011.

ATO

Acted for multinationals and leading Australian companies in relation to audits and investigations conducted by the ATO and other revenue authorities, including in relation to transfer pricing, the general anti-avoidance provision, diverted profits tax and the research and development tax concessions.

ACCC: pharmaceuticals

Acted for Pfizer in successfully defending misuse of market power and exclusive dealing allegations in relation to the supply of medicines to pharmacies.

ACCC: FMCG

Acted for PZ Cussons in the first of its kind 'hub & spoke' cartel conduct case in relation to the supply of concentrated laundry detergents.

AFP

Conducted an internal investigation for a major European multinational manufacturing company into potential corrupt conduct undertaken by a recently acquired subsidiary in Asia, leading to a voluntary disclosure to the Australian Federal Police.

APRA & ASIC: superannuation

Assisted a Retail Banking Group with APRA and ASIC investigations into MySuper and employer super arrangements.

AUSTRAC

Advised numerous clients on Anti-Money Laundering (AML) compliance issues, including responding to AUSTRAC recommendations where non-compliance with AML laws have been alleged.