Corporations Amendment (Litigation Funding) Regulations 2021 (F2021L01608)

Schedule 1   Amendments

Part 1   Licence conditions

Corporations Regulations 2001

3   After subregulation 7.6.04(2)

Insert:

(2A) If:

(a) a financial services licensee provides funds or indemnities in relation to a litigation funding scheme mentioned in subregulation 7.1.04N(3); and

(b) a lawyer providing services in relation to the scheme, or an immediate family member of the lawyer, has or obtains a direct or indirect material financial interest in the licensee;

the licensee must, immediately after becoming aware of the interest, take action to ensure that:

(c) the lawyer stops providing such services; or

(d) the lawyer or the lawyer's immediate family member, as the case may be, relinquishes the interest.