78227 Financial Services Law and Compliance in Australia
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particular session, location and mode of offering is the authoritative source
of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.
Subject handbook information prior to 2017 is available in the Archives.
Credit points: 6 cp
Result type: Grade and marks
Requisite(s): ( 78101 Postgraduate Legal Research OR ((94 credit points of completed study in spk(s): C04236 Juris Doctor OR 142 credit points of completed study in spk(s): C04250 Juris Doctor Master of Business Administration) AND 70106c Principles of Public International Law AND 70107c Principles of Company Law) OR ((22 credit points of completed study in spk(s): C04147 Master of Legal Studies OR 22 credit points of completed study in spk(s): C07074 Graduate Diploma Legal Studies OR 22 credit points of completed study in spk(s): C04264 Master of Legal Studies OR 22 credit points of completed study in spk(s): C07122 Graduate Diploma Legal Studies) AND 70211 Contracts) OR (94 credit points of completed study in spk(s): C04320 Juris Doctor Graduate Certificate Professional Legal Practice AND 70106 Principles of Public International Law))
The lower case 'c' after the subject code indicates that the subject is a corequisite. See definitions for details.
There are course requisites for this subject. See access conditions.
Anti-requisite(s): 78228 Financial Services Law and Compliance in Australia
Description
Financial services is one of the fastest growing sectors of the Australian economy. Following an extensive review, Australia has put in place an overarching system for regulating all financial services, replacing a system that was based on separate regulation of products in individual industries. This is an essential subject to understand this new regime, focusing on the implications of the new system for retail clients as financial citizens, and addressing the regulatory structure and legislative framework, including the new regulatory bodies. Licensing requirements for entering the financial services market and the new obligations for marketing or offering financial services to the public are also examined.
On completion of this subject, students should have developed an understanding of the law governing the regulation of financial services transactions; the effect of financial services law and other related legislation on particular financial services issues; and particular aspects of financial services law in depth.
Subject learning objectives (SLOs)
Upon successful completion of this subject students should be able to:
| 1. | identify the legal rights and available remedies involved in obtaining and maintaining an Australian Financial Services License; |
|---|---|
| 2. | appreciate the legal and commercial factors that influence the interaction between an AFSL holder, key regulators and consumers of financial products and services; |
| 3. | apply the relevant legal principles from financial services law to common fact scenarios involving the offer and distribution of financial products; |
| 4. | identify relevant legal materials and evaluate how these materials affect the relationship between an AFSL holder and consumers of financial products and services. |
Course intended learning outcomes (CILOs)
This subject also contributes specifically to the development of the following graduate attributes:
- Legal Knowledge
An advanced and integrated understanding of a complex body of legal knowledge including the Australian legal system, social justice, cultural and international contexts, the principles and values of ethical practice, and contemporary developments in law and its professional practice (1.0) - Critical Analysis and Evaluation
A capacity to think critically, strategically and creatively including an ability to identify and articulate complex legal issues, apply reasoning and research to generate appropriate theoretical and practical responses, and, demonstrate sophisticated cognitive and creative skills in approaching complex legal issues and generating appropriate responses (3.0) - Communication and Collaboration
Effective and appropriate professional communication skills including highly effective use of the English language, an ability to inform, analyse, report and persuade using an appropriate medium and message and an ability to respond appropriately (5.0)
Teaching and learning strategies
Strategy 1 - Seminar discussions: This course will be taught intensively over 3 consecutive weekends. There will be 2 (3hour) seminars per day. Each will include a lecture component and small and large group discussions on pre-assigned problems and discussion questions.
Strategy 2 - Class presentations: Each student will prepare a practical case study based on a pre-assigned topic to analyse the operation of the legal and commercial issues. This will be presented to the class for group discussion and submitted as a short written assignment.
Strategy 3 - Practitioner speakers: The course will feature several practitioners as guest speakers which will provide a practical focus on the application of the law.
Content (topics)
Topic 1 - The financial citizen and the market.
Topic 2 - The Regulatory Structure
Topic 3 - CA Ch 7: Core concepts.
Topic 4 - Licensing financial services providers
Topic 5 - The role of disclosure
Topic 6 - Conduct of a financial services business
Topic 7 - Managed investment schemes
Topic 8 - Investment: from consumer to investor
Topic 9 - Insurance
Topic 10 - Consumer Credit Regulation
Topic 11 - Superannuation
Topic 12 - Compliance, Enforcement and Remedies
Assessment
Assessment task 1: Research Assignment
| Objective(s): | This task contributes specifically to the development of the following graduate attributes: 1.0, 3.0 and 5.0 |
|---|---|
| Weight: | 45% |
Assessment task 2: Class Presentation and Paper
| Objective(s): | This task contributes specifically to the development of the following graduate attributes: 1.0, 3.0 and 5.0 |
|---|---|
| Weight: | 35% |
Assessment task 3: Mid-Semester Exam
| Objective(s): | This task contributes specifically to the development of the following graduate attributes: 1.0 and 3.0 |
|---|---|
| Weight: | 20% |
Required texts
Pearson G, Financial Services Law and Compliance in Australia, Cambridge University Press, 2009.
Corporations Legislation 2012. All 3 major publishers (Thomsonreuters, LexisNexis Butterworths and CCH) publish annual editions of the Corporations Act 2001 (Cth). The LexisNexis and Thomsonreuters version have annotations.
Recommended texts
- Horgan S, Horgan’s Law of Financial Services (Lawbook Co, 2003)
- Horgan S, Finance Law of Australia (Butterworths, 2001)
- Hutley P and Russell P, An Introduction to the Financial Services Reform Act 2001 (LexisNexis Butterworths, 2005)
- Mallesons, Australian Finance Law (6th ed, Lawbook Co, 2008)
- McLaren J, Simpson M and Toohey M, Law of Investments (3rd ed, 2012, Lawbook Co)
- Austin R and Ramsay I, Ford’s Principles of Corporations Law (14th ed, LexisNexis Butterworths, 2010)
- J Harris, A Hargovan and M Adams, Australian Corporate Law (3rd ed, LexisNexis Butterworths, 2012)
- Robertson S, von Nessen P and Wiedman T,A Practical Guide to Managed Investments (3rd ed, Lawbook Co, 2007)
- Redmond P, Companies and Securities Law: Commentary and Materials, (5th ed, 2009, Lawbook Co)
References
Journals
- Australian Corporate News (available on CCH online)
- Australian Journal of Corporate Law (hard copy and LexisNexis AU)
- Company and Securities Law Journal (hard copy and Lawbook Co Online)
- Company Director (available on APA full text)
- Journal of Banking and Finance Law and Practice (available on Lawbook online)
- Journal of Corporation Law (US law- available on LexisNexis)
- Keeping Good Companies (available on APA full text)
Legislation Reference
- Austin and Black's Annotated Corporations Act (available on LexisNexis AU)
- Barrett (ed),Robson's Annotated Corporations Act (available on LegalOnline)
- Harris and Mirzai, The Annotated Personal Property Securities Act (2011, CCH)
Specialist works
- ASIC Releases (available on CCH online and ASIC website)
- ASX Listing Rules (available on LexisNexis AU)
- Australian Corporations Law Principles and Practice (available on LexisNexis AU)
- Butler L et al, Financial Services (not held at UTS, USyd Law Library has hard copy)
- Wappett et al, Personal Property Securities in Australia (available on LexisNexis AU)
- Harris and Mirzai, The Australian Personal Property Securities Law Reporter (CCH)
**In addition, most major commercial law firms have regular newsletters on securities financial services**
