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Bill Fuggle

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Bill Fuggle is a partner in the Sydney office of Baker McKenzie where he is a leading adviser in innovative listed investment products, fintech and neobanks, financial services regulatory advice, fund formation and capital markets.

There has been further progress towards a new Foreign Financial Services Providers (FFSPs) framework in Australia. The Treasury Laws Amendment (Streamlining and Improving Economic Outcomes for Australians) Bill 2022 (Bill) was introduced to Parliament on 17 February 2022. This bill is very similar to the exposure draft released for consultation in December, discussed here. The Bill continues to propose three key exemptions for FFSPs: the professional investor exemption, the comparable regulator exemption and the fit and proper person test exemption and although largely unchanged there are some important new requirements that we consider are important to highlight.

The Australian Government has released the Treasury Laws Amendment (Measures for Consultation) Bill 2021: Licensing Exemptions for Foreign Financial Service Providers (“Draft Legislation”), outlining the updated exemptions for certain foreign financial service providers (FFSPs) from the requirement to hold an Australian financial services license (AFSL). In particular, the Draft Legislation proposes three exemptions: the professional investor exemption, the comparable regulator exemption and the fit and proper person test exemption. Each of these exemptions has the objective of promoting diversified investment opportunities for Australian investors and attracting additional investment to Australian markets.

The recent increase in value of cryptoassets as an investment class along with media coverage associated with high profile large investors has resulted in regulators warning investors to be cautious of the associated volatility risk. Against the background of these recent developments, we’re seeing increasing demand for legal advice in this area.

A series of briefings that take a ‘bite-size’ look at international trends in financial services regulation, drawing on the expertise of Baker McKenzie’s experienced practitioners located across the globe. Insight | Legal Alert Bite-size Briefings: Culture and Conduct A series of briefings that take a “bite-size” look at international trends…

Baker McKenzie’s Duties and Liabilities of Directors of Australian Companies is a comprehensive and timely guide for directors of Australian companies. Newly launched in September 2020, it reflects key issues for directors to consider in the current corporate governance landscape, while outlining their core legal obligations. Matters covered in this guide include…

New regulations to expand the regulatory sandbox for Fintechs have received royal assent and are set to commence 1 September 2020. The Regulations introduce a sandbox with few restrictions than the exemptions currently available which are stated to encourage and support the design and delivery of new financial services in…

As the COVID-19 pandemic continues to have a profound impact on businesses, companies have started to focus on navigating the medium- to long-term implications of this crisis. While disruption may pose challenges, we have also seen how various sectors are embracing and accelerating digital transformation as a way to achieve…

ASX has issued some helpful and pragmatic guidance in relation to continuous disclosure obligations in the COVID-19 environment. Key aspects of the guidance are: ASX recognises the challenges for listed companies in satisfying their disclosure obligations in this rapidly evolving and highly uncertain situation. The key issue remains that disclosure…

As COVID-19 continues to spread and market uncertainty surrounding it persists and intensifies, a number of ASX-listed companies have taken the unusual step of withdrawing, deferring payment of, or reducing, their previously announced dividends in order to preserve cash for the uncertain times ahead. Last week, for example, saw companies…