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New restrictions set to impact legal profession
The Legal Services Council has called for an inquiry into new managed investment scheme restrictions, which are set to come into effect next year.
Emma Musgrave
The LSC has called for financial services law expert Professor Pamela Hanrahan from UNSW to inquire into the “likely impact of changes to the Legal Profession Uniform Law”, which are “due to impact the profession from 1 July 2018”.
“The changes are contained in Section 258 of the Uniform Law. They were enacted in 2014 but their commencement was deferred until 1 July 2018,” Professor Hanrahan said.
“Some firms may not have them on their radar, or think they are only relevant to solicitors who conduct mortgage businesses, but this is not the case.
“Nor is it just about managed investment schemes that must be registered with ASIC under the Corporations Act.”
Professor Hanrahan noted that the new rules have the potential to change some internal firm structures, and may impact on some multidisciplinary practices that include a financial services component.
In addition, the professor noted that there will be new restrictions on providing legal services in certain circumstances, including where lawyers or staff have investments in a scheme.
The inquiry, led by Professor Hanrahan, will report to the LSC by 30 September 2017, with recommendations on new rules to be made under the section.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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