Our banking and finance lawyers have over 15 years of experience in credit and financial services licensing, having advised some of the world’s largest financial institutions on the regulatory requirements that apply in Australia – including advising on Australian licensing requirements, the extra-territorial application of the Corporations Act 2001 (Cth), banking laws, payment regulations, AML/CTF and privacy laws.
We are here to support you – whether you are simply wanting to understand what licence authorisations may apply to your business, need help applying for or varying an existing licence, or want assistance setting up compliance documents to ensure you comply with your regulatory obligations as a licensee.
Are you wanting to understand whether your business requires an ACL or AFSL to operate in Australia? Perhaps you just need help with applying or varying your licence? Get in touch with us today!
How we can help
We offer a wide range of comprehensive licensing services tailored to you, including the following:
We advise many clients on the licensing implications of new and innovative product/service offerings in Australia, both in the financial services and credit industries. This will generally involve a consideration of jurisdictional matters (for example, the extra-territorial application of our Australian laws), what licensing authorisations may be required to offer the product/service in Australia and whether any licensing exemptions can be relied upon.
We provide a full-service offering, which includes:
- Assessing potential responsible managers against ASIC’s knowledge and experience requirements
- Assisting with the preparation of proof documents for ASIC
- Preparing and submitting the application on your behalf
- Acting as point of contact with the ASIC assessor considering the application
ASIC will generally impose a “key person condition” on an AFSL or ACL if the licensee is heavily dependent on the expertise of one or more responsible managers. We assist licensees with having this condition removed (for example, this often occurs when a licensee is adding additional responsible managers to reduce the dependence on the existing key persons) by way of a variation application
Licensees are required to have documented compliance procedures. We can assist you with preparing these documents and implementing the procedures into your business
We are here to help with all of your AFSL and ACL licensing needs!
Experience
Our expert banking and finance lawyers have assisted many businesses successfully obtain the licenses required to offer their products and services in Australia. In addition, our lawyers have provided extensive licensing advisory services to many global organisations, as follows:
[Confidential] Advised a large North American bank on the launch of an industry-first digital payment solution in Australia. This matter involved advising the bank on the application of Australian licensing laws and engaging with ASIC in relation to a relief application
[Confidential] Advised the US Bank on its proposed expansion into Australia to offer an innovative business lending product to be made available to the Australian film/ movie industry
Advised PayPal on its acquisition of a cryptocurrency business for an undisclosed fee in 2020. This deal involved a consideration of the regulation of crypto assets under Australian financial services licensing laws
[Confidential] Advised one of the largest retailers in the world on the launch of an integrated payment platform in Australia, including a consideration of the licensing implications and in particular, reliance on the ‘single-payee’ exemption set out under the Corporations Regulations 2001 (Cth)
Advised many lenders on exemptions available under the National Consumer Credit Protection Act 2010 (Cth), including those seeking to offer buy-now-pay-later (BNPL) products without requiring an Australian credit licence
Get in touch
Our banking and finance lawyers are highly regarded in industry and know the ins and outs of the complex world of financial services and credit laws. Get in touch to see how we can look after your licensing compliance requirements so that your business can focus on innovation, growth and success.