Regulatory

Overview

Australia is an attractive market not only for investment, but also for businesses trading with Australia. It is a stable, sophisticated and rules- based jurisdiction with strong institutions, an independent judiciary and a mature regulatory system. But it is not a light- touch environment. Businesses engaging with Australia may need to navigate foreign investment settings, competition and consumer law, tax, customs and trade-related controls, privacy, employment, sector-specific regulation and financial crime compliance. Australia’s federal system also adds complexity, with Commonwealth, state and territory laws sometimes operating together.

Our practice advises Australian and international businesses, financial institutions, governments and regulators on the laws that govern market conduct, market access, compliance and commercial operations in Australia. We are instructed on licensing, investigations, enforcement, compliance and remediation programs and strategic advice on reform, often working alongside our Litigation, Financial Services, Competition, Data and Privacy, Environment and Planning and Tax teams to deliver a single integrated view.

Areas of expertise

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Bribery, corruption and financial crime exposure is a board level issue. Australian and foreign law can both apply and regulator appetite for enforcement continues to expand. We advise on the design and stress testing of anti-bribery and anti-corruption frameworks, third party risk, internal investigations, whistle blower disclosures, self- reporting decisions and the management of parallel regulator, police and foreign authority processes.

Our work includes advising boards and senior management on crisis response, privilege and document management during investigations, and on the preparation of responses to notices, statutory examinations and coercive information requests. Where proceedings follow, we litigate them.

Australia’s AML/CTF regime has entered a period of structural change. Tranche 2 reforms extend obligations to new industries, existing reporting entities face heightened expectations from AUSTRAC, and global groups must align Australian obligations with overseas frameworks. We advise reporting entities and prospective reporting entities on program design, risk assessments, customer due diligence, reporting obligations, governance, and the regulatory consequences of identified breaches.

Australia’s competition regime is administered by the Australian Competition and Consumer Commission (ACCC) and is central to major transactions, commercial arrangements and market conduct. We advise on merger clearance and authorisation, cartel risk, misuse of market power, exclusive dealing, access regimes and the interaction between competition law and sector regulation. For cross- border transactions we coordinate Australian analysis with overseas counsel to produce a single, workable clearance strategy.

Australian Consumer Law applies to almost every business that supplies goods or services in Australia, including offshore suppliers. Consumer guarantees, misleading and deceptive conduct, unfair contract terms, product safety and country- of- origin claims are actively policed by the ACCC and by state and territory regulators, and consumer claims are increasingly pursued as class actions.

We advise on compliance programs, advertising and labelling, product recalls, supply chain terms, franchising arrangements and cross- border commercial terms. When consumer law claims proceed to dispute, we defend them. We also advise on product liability issues in the automotive and building industries and on ACCC initiated proceedings.

Our Financial Services regulation practice advises major domestic and international banks, superannuation funds, insurers, reinsurers, trading houses, payments providers and digital asset firms on licensing, product design, governance, prudential obligations and ongoing compliance. We are regularly engaged by Parliament, Federal Treasury and the Australian Securities and Investments Commission to provide consultative feedback on proposed reform.

Sanctions, export controls and foreign investment settings are live compliance issues for any business with a cross- border footprint. Australia maintains autonomous and United Nations sanctions regimes, controls on the export of dual- use and defence- related goods and technology, and a foreign investment framework administered through the Foreign Investment Review Board. Offshore groups with Australian subsidiaries or Australian- sourced supply must also consider extraterritorial US, EU and UK regimes.

We advise on sanctions screening and compliance programs, licence applications, voluntary disclosures, transaction diligence, FIRB approvals and the structuring of inbound investment.

Our experience

Mercer Superannuation – Federal Court ASIC breach reporting proceedings

Defending Mercer Superannuation (A$70 billion fund) in Federal Court proceedings initiated by ASIC relating to Corporations Act breach reporting obligations and licence conditions, including responses to mandatory information requests and preparation of fact and penalty submissions for ASIC’s Enforcement Committee.

Corpay – ASIC licence conditions remediation and compliance uplift

Advising Corpay, a major global payments and foreign exchange provider, on a comprehensive remediation and compliance uplift program following the imposition of conditions on its Australian financial services licence by ASIC.

OSL / Banxa – Cross-border acquisition of Banxa

Advising OSL on its acquisition of Banxa, the largest public markets crypto transaction in Australian history, including Australian financial services regulatory aspects of the cross-border transaction across Australia, Hong Kong, the US, Canada and the Netherlands.

Tether, Binance, Kraken and OSL – Digital asset licensing and reform strategy

Advising leading digital asset platforms including Tether, Binance, Kraken and OSL on Australian financial services licensing, product classification and compliance strategy under Digital Asset Platform reforms and ASIC INFO 225.

Brighter Super, CareSuper and others – Financial Accountability Regime implementation

Advising major superannuation funds including Brighter Super and CareSuper on implementation of the Financial Accountability Regime, including accountable person mapping, accountability statements and governance framework design.

Credabl – AML/CTF Tranche 2 compliance program design

Advising Credabl on AML/CTF Tranche 2 compliance, including program design and reporting entity obligations.

Mitsubishi Motors Corporation – Fuel consumption labelling class action defence

Defending Mitsubishi Motors Corporation in the first Australian consumer class action concerning fuel consumption labelling, an assignment with industry-wide implications under the Australian Consumer Law and Australian Design Rules.

Lendlease – Barangaroo South planning and environmental approvals

Advising Lendlease on the Barangaroo South development, including ongoing planning law advice on one of Australia’s largest urban renewal projects, rezoning and state significant development approvals, and defence of environmental and judicial review challenges.

Licella Holdings – Advanced plastics recycling facility approvals

Advising Licella Holdings on environmental approvals, including EPA Victoria, and all development aspects of Australia’s first commercial advanced plastics recycling facility at Altona, Victoria.

Settlers Rise – Compulsory acquisition compensation appeal

Acting for Settlers Rise in a compulsory acquisition compensation appeal in the Land and Environment Court of New South Wales concerning the partial acquisition of a A$100 million residential aged care facility by Transport for NSW.

JOIN – First Australian investment and FIRB approvals

Advising JOIN (Japan Overseas Infrastructure Investment Corporation), the Japanese Government agency, on FIRB approvals, acquisition structure and Australian establishment for its first Australian investment, a co-investment in the Rozelle Village development with Mitsubishi Estate, Toho Gas and Meitetsu City Design.

DT MedTech – TGA cancellation internal review

Acting for DT MedTech on a section 60 internal review of the TGA’s decision to cancel the H3 Hintermann ankle devices, including issues arising at the intersection with the US FDA.

Medicinal cannabis company – TGA civil penalty enforcement proceedings

Acting as litigation counsel in the largest civil penalty proceedings brought by the TGA against a medicinal cannabis company, an assignment being watched by industry as a test of the TGA’s advertising and medicinal cannabis framework.

Smart Reporting – Therapeutic goods software classification advice

Provided advice to Smart Reporting, an international client, on new AI software to determine the type of product it is pursuant to Therapeutic Goods legislation and classification of the software.

Overview

Areas of expertise

Anti-bribery, corruption and financial crime

Anti-money laundering

Antitrust, competition and merger clearance

Consumer

Environment and planning

Financial services regulation

Sanctions and export controls

Our experience