THE WRAP - MARCH 2016

It is an exciting time to be working in the financial services industry. Cognitive science, innovation and change are currently powerful forces in financial services, driving fundamental and permanent structural shifts in the industry and how it is regulated.

Financial services regulators are taking a central role in driving change. Through behavioural economics, ASIC continues to develop insights into how and why people behave the way they do, which is influencing regulation. They are also consulting industry participants on how review and remediation programs should operate.

The rapid pace of change can be seen everywhere. The implementation of recommendations from the Financial Services Inquiry continues to drive regulatory change. In this edition of The Wrap, we explore one of the recommendations, looking at improving key areas of how managed investment schemes are regulated.

The dispersion of technology into financial services is increasing exponentially. We are seeing first-hand how innovation and disruption are transforming financial services businesses. No players are immune, with FinTech start-ups through to large and mature institutions looking to harness the latest technological innovations. It is important this structural shift in the industry is embraced as consumers' needs change.

As the environment changes, financial regulators must ensure that the financial system can adapt in the face of innovation. Many of the laws and regulations which guide the industry were devised before current service and product delivery channels had been conceived.

In this edition of HDY's The Wrap we explore all these themes, and more.

Nikki Bentley

I understand the financial services industry and thrive on helping our clients in this industry succeed.

Nikki Bentley Partner

Nikki is a leading investment funds advisor specialising in financial services and corporate law.  She specialises in business establishment and structuring, fund establishment, funds merger and acquisition, product disclosure and distribution. Nikki leads HDY's corporate group which combines expertise from the Financial Services, M&A and Tax areas.

Nikki provides advice to leading Australian and global fund managers on a full range of corporate, commercial and regulatory issues facing their businesses. She has considerable experience in assisting clients with fund establishment (onshore and offshore), disclosure and distribution. Nikki regularly advises clients on establishing, buying, selling and restructuring their businesses. She also regularly assists clients responding to regulatory enquiries and investigations.

With more than 15 years funds management experience in private practice, government and as an in-house lawyer, Nikki's practice spans the range of funds management products, with particular expertise in hedge funds, property funds and equities.

Nikki is regularly involved in industry and government discussions on regulatory reforms impacting the Australian funds management industry. Nikki is a passionate advocate for the development of a new corporate collective investment vehicle because of the opportunities it could provide to grow the funds management industry. She is the Honorary Legal Counsel and Chair of the Regulatory Committee for the Australian branch of the Alternative Investment Management Association (AIMA) and is a regular participant on the Financial Services Council (FSC) working groups.

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Cameron Cheetham Partner

Cameron focuses on Australian and worldwide restructuring and insolvency matters. He is uniquely qualified having practised for 20 years in Australia, London and New York. He has extensive experience in complex formal restructurings and out-of-court reorganisations for public, portfolio and private debtor companies, creditors, equity sponsors, strategic investors and related contentious disputes. He is widely acknowledged as bringing a depth of practical experience and energy to matters, which he combines with his exceptional understanding of formal insolvency regimes. Cameron is widely regarded as driving sensible, commercial outcomes and is a regular lecturer in Australia and the U.S. on international restructuring issues.

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Jon Ireland

I constantly strive for technical excellence and commercial outcomes that add real value for my clients.

Jon Ireland Partner

Jon provides advice to leading Australian and international financial services clients on the full range of corporate, commercial and regulatory issues facing these businesses. He has considerable experience advising them on establishing, buying into, selling and restructuring their businesses.

Jon regularly advises on funds management issues including fund structuring, disclosure, investment management and outsourcing arrangements. He has particular expertise in the area of investment distribution and has advised on key projects for platform operators and advice providers.

Recently, Jon has advised on the establishment of a fully digital investment platform, the negotiation of a material outsourcing arrangement for a global investment bank and a scheme modernisation project for a leading Australian fund manager. Jon has also recently advised on the establishment of the Australian operations of a global diversified financial services business, including regulatory and corporate issues related to its expansion.

Jon's clients value his advice on recent law reforms, including around product disclosure statements and the digital provision of financial services. Jon is consulting to the Committee for Sydney and is a regular participant on Financial Services Council working groups.

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Matthew McMillan

I am about delivering excellence and what matters most to our clients. I am not constrained by traditional ways of thinking.

Matthew McMillan Partner

Matthew advises his clients on the myriad of commercial arrangements which make up the dynamic technology industry. This includes large-scale outsourcing transactions, projects involving new delivery platforms such as cloud computing, and mobile and digital initiatives. His clients include leading financial institutions, government agencies and blue chip corporates across a wide range of industries including IT, communications, financial services, gaming and transport and infrastructure.

Matthew's primary focus is on the financial services industry and he has particular interest in how the players in the industry leverage technology and data assets to drive innovation, and customer engagement and loyalty to deliver a competitive advantage. His clients often call upon him to advise them on technology commercialisation initiatives and m-commerce ventures, including in relation to mobile payment systems and delivery channels.

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Claudine Salameh Partner

Claudine is a banking and insolvency litigation and regulatory expert. She acts for the major Australian financial institutions in relation to matters involving customer disputes, fraud, regulatory and compliance issues, security enforcement and debt recovery. She also acts for insolvency practitioners in formal receiverships, voluntary administrations and liquidations.

Claudine is well known for her ability to manage risks posed by litigation and regulatory inquiries and investigations. She is particularly attuned to reputational and business risks.

Claudine is highly strategic and creative and is recognised by her clients for being able to achieve the perfect balance between legal arguments and commercial and practical outcomes.

Claudine is currently assisting a financial institution in a review and remediation scheme and in a large scale recovery matter against a religious organisation. She is also involved in advising financial institutions in relation to their compliance with regulatory obligations.

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Vinod Kumar

I aim to exceed expectations with commercial, innovative and engaging legal advice.

Vinod Kumar Senior Associate

Vinod specialises in regulated and unregulated corporate transactions, funds management and financial services regulation. Vinod also provides general corporate advice on matters such as Corporations Act, ASX and regulatory compliance, corporate governance and disclosure.

Vinod's experience includes:

  • advising on a range of listed and unlisted funds, inbound and outbound investment and complex investment products including expertise in superannuation funds
  • foreign financial institutions establishing businesses in Australia
  • assisting clients to establish wholesale and retail funds (managed investment schemes and trusts). Assisting clients to apply for, vary, and administer Australian Financial Services Licences and Australian Credit Licences
  • advising trustees and responsible entities on governance, financial and operational requirements. Developing, implementing and reviewing compliance and risk management policies and procedures
  • advising on trust restructures and schemes, mergers and acquisitions of funds, fund investments and divestments
  • advising on financial services regulations including the Corporations Act 2001 (Cth), Superannuation Industry (Supervision) Act 1993 (Cth) and related regulations
  • launching new financial products including preparing information memoranda, product disclosure statements and advising on disclosure obligations generally, including under the ASX Listing Rules.

 

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Jonathon Turner Senior Associate

Jonathon is a banking, financial services and corporate insolvency litigation expert. He is dual-qualified having been admitted as a solicitor in England and Wales.

He advises a range of clients including leading financial institutions, insolvency practitioners and corporates on a wide variety of contentious and non-contentious matters. He has particular experience of advising on corporate insolvency litigation, commercial litigation, contractual disputes, fraud related matters, breach of director duty litigation, corporate restructuring, security enforcement and cross-border insolvency law.

Prior to joining HDY in December 2015, Jonathon practiced as an associate in the disputes resolution group at Linklaters LLP, London where he specialised in corporate insolvency, banking and financial services litigation. During his time in London he acted in a number of high profile and complex matters arising out of the global financial crisis in 2008. Jonathon has acted in matters before the UK Court of Appeal and UK Supreme Court.

He has produced a number of articles on insolvency, litigation and recovery matters.

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Matthew Farnsworth

It's rewarding to partner with clients to find solutions that add value and help them succeed.

Matthew Farnsworth Special Counsel

Matthew advises leading Australian and international financial services clients on transactional and regulatory matters.

Clients look to Matthew to assist them to establish, offer and operate retail and wholesale investment funds. He advises on Australian financial services licensing, fund governance, offer documents and fund restructures, including managed investment schemes and other collective investment vehicles (CIVs).

He also advises on outsourcing arrangements, compliance issues and on ongoing regulatory developments in the financial services sector.

Matthew is experienced in the full range of asset classes and has particular experience in the property funds sector, including fund establishment, capital raising and restructures.

He is also experienced in a wide range of transactions in the financial services sector, joint ventures and funds M&A.

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