Corporations Amendment (Litigation Funding) Regulations 2021 (F2021L01608)

Schedule 1   Amendments

Part 1   Licence conditions

Corporations Regulations 2001

2   At the end of subregulation 7.6.04(1)

Add:

; (l) if the financial services licensee provides funds or indemnities as mentioned in paragraph 7.1.04N(3)(e) in relation to a litigation funding scheme mentioned in subregulation 7.1.04N(3) - a condition that:

(i) the licensee maintain, for the duration of the scheme, adequate practices for ensuring that a lawyer providing services in relation to the scheme, and any immediate family member of such a lawyer, do not have or obtain a direct or indirect material financial interest in the licensee; and

(ii) for the duration of the scheme,either no lawyer providing services in relation to the scheme has or obtains a direct or indirect material financial interest in the licensee or, if such a lawyer does have or obtain such an interest, the licensee meets the requirement in subregulation (2A); and

(iii) for the duration of the scheme,either no immediate family member of a lawyer providing services in relation to the scheme has or obtains a direct or indirect material financial interest in the licensee or, if such a person does have or obtain such an interest, the licensee meets the requirement in subregulation (2A).