Overview of Financial Services Regulation

This paper aims to provide the lawyer with an overview and framework from which to analyse a client's activities to determine whether those activities may be caught by the financial services regulation and if caught, the implications. It is based on the state of the law at 30 June 2011. All section and chapter references are to the Corporations Act 2001 (Cth) and references to regulations are to the Corporations Regulations 2001.

This paper considers the questions to address when analysing a financial services issue, namely:
(a) is there a financial product involved?
(b) if so, is a financial service being provided in relation to that financial product?
(c) if so, is the person involved in carrying on a financial services business?
(d) if so, the person will need to obtain an AFSL unless an exemption applies - is there an applicable exemption?
(e) is the client retail or wholesale? Some retail obligations may still apply even if no AFSL is required.

Presented by Ann Newbrun, Mallesons Stephen Jaques, on Tuesday 26 July 2011.

Ann Newbrun is a Special Counsel in the Sydney office of Mallesons Stephen Jaques, providing corporate, commercial and regulatory advice to the general insurance industry.

Ann has been involved in the reform of the financial services industry since it was first considered in the Wallis Report. This included assisting an industry body in formulating responses to Treasury as the draft legislation progressed and discussions with ASIC as to its application. Ann has been involved in licence applications, exemptions, distribution arrangements and disclosure.

Ann is a fellow of the Australian & New Zealand Institute of Insurance & Finance and an associate of the Financial Services Institute of Australasia.

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