Banking and finance are essential parts of the commerce and trade industry. The economic development of any country is majorly dependent on a country’s banking and finance sector. Moreover, a country’s banking system is essential to international economics.
Banks serve as a bridge between financial institutions and investors. Additionally, banks are also responsible for maximising the investors’ satisfaction with investment return; thus, they are also called financial intermediaries.
Banking and finance are terms used when it comes to managing money by investing it in financial institutions or banks. These terms, different yet co-related, are used to refer to the services that financial institutions and banks offer to their customers. Finance, on the one hand, refers to the management of money. On the other hand, banking refers to the stabilisation of financial systems.
Finances are challenging to manage not only because of a lot of financial institutions opening up but also due to the legal acts and laws involved. Such matters need someone experienced to handle. This is where banking and finance lawyers come into play.
If you are skeptical about whether to hire a banking lawyer, then keep reading this article to learn about what banking and finance lawyers do and how they can help you.
Who Are Banking And Finance Lawyers?
A banking and finance lawyer are similar to other lawyers however with different roles and responsibilities. They handle property, loans, money and finance matters. They provide legal assistance and work for both individuals and business entities.
Work Of A Lawyer In The Finance And Banking Sector
A lawyer in the financial and banking sector has multiple roles besides legal assistance or handling lawsuits. Here are some of the significant roles and responsibilities of this type of lawyer:
- A banking and finance lawyer helps arrange loans for a company or helps in financing a new business venture. They also provide legal advice and work on all finance-related matters.
- These lawyers plan a meeting with the client to understand their matter. For instance, a lawyer may assist a client in helping him set up a new business.
- The lawyer also assists the client in the documentation related to banking, such as credit card numbers, tax identification numbers and bank accounts.
- These lawyers also represent the client in court during the trial. They may present a client’s case in court by cross-examining the witnesses, making arguments, questioning experts, and providing supporting evidence.
Now that you know what do banking and finance lawyers do, let’s understand why you need them.
Why Do You Need A Finance Lawyer?
Everyone wants to be financially secure, but for many, planning and managing the finances is a difficult task. Additionally, the legal aspects of finance complicate matters even further. Therefore, the majority of people, even businesses, fall victim to the vicious cycle of loans, debt and investment. A banking and finance lawyer steps in to provide assistance in handling these matters..
All legal issues involving money are handled by a banking and finance lawyer. In order to protect the finances and resources and build a sustainable future, they provide legal assistance.
Here are a few reasons why you should hire a banking and finance lawyer:
To Assist with Tax Management
Banking and finance lawyers can assist with tax management by advising on the tax implications of various financial transactions and structures, such as loan agreements and securitisations. They can also assist with the drafting and negotiation of documents related to tax-efficient investment vehicles, such as real estate investment trusts (REITs) and master limited partnerships (MLPs).
In terms of scheme documentation, they can assist with the drafting and review of documents related to the formation and operation of investment schemes, such as private equity funds and hedge funds, and ensure compliance with relevant laws and regulations.
To Safeguard Your Assets
Losing hard-earned money to scammers is the biggest nightmare for anyone. However, protecting assets without prior experience and legal knowledge is challenging. In this case, finance lawyers help safeguard your assets from people who can claim rights due to debts, accidents or any other reasons.
To Handle Your Estate Plan
Today, real estate is the asset that people trust the most. This is why it is important to consider an estate plan to pass on your assets in the unlikely event of your death or permanent disability. Additionally, the legal ramifications of real estate deter people from investing in it. This area of law is constantly changing, making it difficult to comprehend without a finance lawyer’s assistance. A banking and finance lawyer can help you create your will and make sure that it is duly signed and legally binding.
To Help with Legal, Compliance, and Risk Management
Banking and finance lawyers can help financial service companies with their regulatory obligations imposed by the Australian Securities and Investments Commission (ASIC), the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Prudential Regulation Authority (APRA). They can provide advice on compliance with laws and regulations related to financial services, including anti-money laundering (AML) and countering the financing of terrorism (CFT) laws, as well as the Corporations Act 2001, Banking Act 1959 and the National Consumer Credit Protection Act 2009.
Banking and finance lawyers can help develop and implement compliance programs and policies and assist in the development of risk management strategies to identify and mitigate potential regulatory and reputational risks. Furthermore, these lawyers can provide advice on regulatory investigations, enforcement actions, and disputes, and represent companies in dealings with regulators. Additionally, they can provide guidance on the development of internal controls and governance systems to ensure compliance with regulatory requirements and to minimise the risk of breaches.
To Manage Your Loans
Sometimes you are required to take loans for emergencies, education and housing or for your business. Without any expert advice on loans, you might fall into the trap of debt and will be required to pay a heavy interest rate. In this situation, a finance lawyer can help you with the following:
- A finance lawyer knows about market trends and can help you in finding the best option.
- They can help you in understanding the technicalities and terms of paying the loan back.
- They can analyse your finance portfolio and tell you the size of loan that you can afford.
- They will also safeguard you from debt collectors and ensure that they do follow the collecting rules.
- These lawyers also help in filing cases against someone to whom you have lent money from you and hasn’t paid back.
To Maintain Your Financial Privacy
Financial data is a valuable asset that needs to be safeguarded. Your financial information could be compromised by even a small error, costing you all of your hard-earned money. The Internet’s inversion has made it simpler for unauthorised parties to access all financial information or records. A finance lawyer is best positioned to protect your financial information and help you avoid scams or untoward action from these parties.
How Madison Marcus Can Help You
The banking system is important for the economy of a country and an individual as a whole. However, the laws and sections related to finance are complicated, so it can be difficult to understand them.
If you need banking and finance lawyers to assist you in financial matters, we can help you. At Madison Marcus, we offer services related to banking and finance, ranging from tax management to scheme documentation for registered and unregistered schemes. We also advise on a full range of legal, compliance and risk management solutions for financial service companies relating to their extensive ASIC, AUSTRAC and APRA regulatory obligations.
If you feel that you or your business needs a banking and finance lawyer, contact us to find out how we can help.
For all enquiries, contact us here.