Funds management, superannuation and financial intermediation are growth industries in Australia and internationally. The superannuation industry alone exceeded $1.23 trillion as at 30 June 2010, and as a result Australia’s funds management industry is one of the largest in the world. Financial services is also a highly-regulated area, and subject to constant legislative change, for which entities often require specialist legal expertise.
Our team's work in this area has included, assisting new and innovative financial services enterprises to navigate the legal and regulatory landscape. We cover all aspects, from applying for an Australian Financial Services Licence, to preparing disclosure documents and dealing with regulators.
We also guide our clients in the establishment of funds, the preparation of compliance plans and systems, the implementation of risk management systems and other regulatory requirements.
The funds management industry in Australia has the largest pool of funds under management in the Asia-Pacific region and the fourth largest in the world. Continued inflows are assured because of Australia’s compulsory superannuation system which is almost fully outsourced to the private sector.
Our work in this area includes:
- Establishment of new funds and products
- Advising on compliance with the Corporations Act
- Negotiating fund documentation and outsourcing agreements
- Preparing and reviewing offer documentation
- Advising on restructures, including trustee retirements and appointments, MIS deregistrations and novation of agreements
Because of our cross-over expertise with the superannuation industry, we can offer specialist input advising fund managers on unique regulatory issues presented by super fund investors.
The Australian superannuation industry is unique and world-class. Successive governments over the last 20 years have had a clear public policy objective to mandate employer contributions and to encourage personal saving for retirement to ease the demand on government-funded age pensions. As a direct result of this policy, the superannuation industry exceeded $1.23 trillion as at 30 June 2010 and it continues to grow. It is also an enormously complex and highly-regulated industry because of its interconnection with the taxation system, and the necessity to ensure that private sector funds are prudently managed consistent with the public policy.
Given the complex and dynamic nature of the industry, trustees, fund administrators and employers alike turn to us for assistance with the constant changes to the legislative and regulatory environment. Through our broad range of clients and depth of experience, we offer a comprehensive understanding of the legal issues in the industry and have developed a reputation in the superannuation industry that is second to none.
We have expertise in almost all legal matters that can affect a participant in Australia’s superannuation industry, including:
- advising on all legislation affecting the industry, including the Superannuation Industry (Supervision) Act 1993, the Corporations Act 2001, the Superannuation (Resolution of Complaints) Act 1993, anti-money laundering legislation, Family Law Act 1975 orders and agreements, privacy legislation;
- obtaining and complying with Registrable Superannuation Entity licences and Australian Financial Services licences;
- representing entities in their dealings with regulators, including breach notifications, exemption applications, investigations and contested enforcement actions;
- advising on trust law issues and fiduciary responsibilities;
- drafting and negotiating fund documentation, such as trust deeds, amendments, outsourcing agreements, transfer deeds, indemnities, investment management agreements and asset custody agreements;
- reviewing communication materials to product holders, including content compliance as well as navigating ASIC policy on proactive communications such as seminars, calculators and benefit projections;
- advising boards, including fit and proper training, reviewing board papers and minutes, advising on corporate governance practices, and preparing director deeds of indemnity and access;
- advising on all types of insurance arrangements relevant to funds and trustees, including professional indemnity, group life and disability and group salary continuance, as well as advising on insurance tools made available to members on fund websites;
- fund transfers and mergers, including for complex multi-employer sponsored defined benefit funds;
- litigated member claims for total and permanent disablement benefits and administration errors; and
- advising on arrangements with financial planning groups.
We also have specialist expertise in advising employers on all aspects of compliance with the Superannuation Guarantee (Administration) Act 1992, including application of ATO policy on ‘ordinary time earnings’, how to handle Superannuation Guarantee shortfalls and compliance with the ‘choice of fund’ regime including interaction with industrial awards and agreements. We also advise companies effecting mergers and acquisitions to draft provisions of business sale/purchase agreements dealing with employees’ superannuation arrangements.
Lander & Rogers provides a full range of legal services to participants in the Australian Real Estate Investment Trust (A-REIT) funds sector. Due to our familiarity with the legal needs and requirements of both listed and unlisted A-REIT funds, we are able to assist you to:
- structure and establish new A-REIT funds;
- prepare offer documents for new A-REIT funds;
- establish relationships for the provision of custodial and management services for A-REIT funds;
- understand and comply with your responsibilities under the Corporations Act (Cth) and the regulatory and listing requirements of stock exchanges;
- restructure, merge and acquire A-REIT funds; and
- deal with all aspects of stapled security structures.
Whatever your interest in A-REIT funds, our dedicated team of professionals is available to contribute its knowledge and experience of A-REIT funds to help you navigate through the myriad of legal issues associated with participation in this sector of the Australian financial services market.
We work with a variety of financial intermediaries, such as financial planners, insurance brokers and securities dealers. We assist our clients in meeting their regulatory obligations and effecting commercial arrangements with product issuers which appropriately allocate risk and return.
Our work in this area includes:
- Preparing and reviewing authorised representative agreements
- Credit representative agreements
- Compliance procedures
Our team was involved at an industry level with the development and introduction of the new AML/CTF regime and we have been influential in helping to shape Australia’s and New Zealand’s AML/CTF laws.
Read more about our work in relation to AML/CTF.