Migration Overview
Banking and finance law covers every aspect of the operations of banks and financial institutions. Lawyers in this area help clients abide by the intricate legal frameworks that govern transactions in both the domestic and global economy.
This involves drafting and negotiating contracts that set out the terms of various financial arrangements. Banking and finance lawyers also provide legal advice to organisations engaged in large transactions, such as mergers and acquisitions, initial public offerings, and even liquidations.
Features
Banking and finance law is a complex field of practice, with different financial activities regulated by specific pieces of legislation. For example, banks must abide by the Banking Act (1959) as well as a code of practice produced by the Australian Banking Association. When financial institutions violate the law, they’re liable to face investigation by regulatory bodies such as the Australian Prudential Regulatory Authority (APRA), the Australian Competition and Consumer Commission (ACCC), and the Australian Securities and Investments Commission (ASIC).
What are my career prospects in banking and finance law?
During the 2007–2008 global financial crisis (GFC), some of the world’s largest banking and finance institutions, despite appearing stable, suddenly collapsed or required government assistance. Consequently, there was a significant downturn in certain types of lending, and financial lawyers had to contend with new legislation designed to prevent future crises. The good news is that, after the recession, various alternative financial products and processes emerged to meet the regulatory requirements of the post-GFC world.
Banking and finance lawyers were valued for their expertise in interpreting and applying new laws in a way that allowed their clients to minimise loss and recover as quickly as possible. In this sense, they have an important role to play even during times of economic decline. You can be fairly certain then that a career in banking and finance is relatively stable. It also provides you with a range of possible roles, from managing transactions for a large organization while employed as an in-house lawyer, to representing a regulatory body in its investigation of a suspect financial matter.
Types of law practised
- Banking.
- Mergers and Acquisitions
- Capital markets
- Financial products and securitisation
- Contract
