Banking and Finance
Australia’s banking space was once completely dominated and controlled by the Big Four banks. However, over the past 10 years Australia has seen a shift in that landscape towards alternative funding and emerging finance technologies. A resulting outcome of these changes is the significant need for increased services to be provided to individuals and companies within this space. With this, it is important to have lawyers who can give you the assistance and advice that you need along the way.
At Paysonberg, our banking and finance lawyers have a deep understanding on how this industry operates, what is needed to keep it going, and what clients need to ensure they can maintain operations.
AFSL & ACL holders
For Australian Financial Services Licence (AFSL) and Australian Credit Licence (ACL) holders, we can provide advice on proper compliance, responsible lending, risks of non-compliance, and how best to deal with matters involving ASIC. We have previously acted for a broad range of licence holders including both retail and wholesale licence holders, Small Amount Credit Contracts (SACC) and Medium Amount Credit Contracts (MACC) providers, brokers, aggregators, managed investment schemes, litigation funders, and deposit holders.
Transaction matters
As a firm with over 50 lawyers under the Longton umbrella, we are well placed to be able to provide advice for both sides of the lending spectrum. Our team can offer advice to borrowers and guarantors on mortgage documentations as well as guarantees, advising on letters/deed of priority and consents to second mortgage. Our lawyers have acted both for and against some of the most well-known non-bank lenders with successful outcomes on both sides. Additionally, we are able to provide advice to lenders on due diligence and security structuring under loans. Our transaction documents have been drafted with input from some of the most leading banking and finance lawyer teams in the country.
Security enforcement
We can provide assistance on recovery of funds and enforcement of securities as well as the range of procedural options available based on the circumstances and fact. Our services include commencing enforcement proceedings in Australia, and advising on the Personal Property Securities Act 2009 (Cth) so that you can obtain your security interest if the grantor defaults or goes out of business. Our lawyers have a deep understanding on how priority disputes arise with security holders, what elements may result in a mortgage being void, and how to deal issues surrounding security registration.
Litigation funding
Litigation funding has been around for decades in Australia but is an area that is filled with intricate and technical elements that must be overcome in order to provide valid funding. In recent years, we have seen sweeping changes in how litigation funding is governed and what type of options funders have at specific points in time during proceedings. Our lawyers are well versed in acting for and providing advice to ligation funders and have previously acted for funders in both the startup and established stages. Longton Legal has previously acted for boutique funders with investment in claims between $500,000 to $50,000,000, some of which remaining ongoing before the Courts.
AML & CTF
The areas, Anti-Money Laundering and Counter-Terrorism Financing are heavily regulated in Australia which, if breached, can result in serious consequences including criminal prosecution and regulatory enforcement. Our team can provide advice on registering with AUSTRAC, what obligations are applicable to you, advise you on or draft relevant AML/CTF programs, and provide advice and assistance on KYC, OCDD, training, and obligations to report suspicious activity.