Australia: Norton Rose’s inaugural Financial Institutions global summit
Last Updated: 26 November 2012

Norton Rose held its inaugural financial institutions global summit on November 5, 2012.

The summit, which was hosted by partners James Bateson (London), Global head of Financial Institutions and Andrew Fleming (Toronto), Canadian head of Financial Institutions, gave clients an opportunity to hear from guest speakers as well as our subject matter experts from six continents. It also gave members of Norton Rose's global financial institutions team an opportunity to interact with a variety of our banking, insurance, wealth management, markets and finance contacts; hear about their pressing issues; make new contacts and introductions.

The Summit was held in Toronto, an increasingly influential global financial centre and marked the two-year anniversary of the announcement of Norton Rose's combination with Canada's Ogilvy Renault LLP.

One week later, we announced our next combination, this time with leading U.S. law firm Fulbright & Jaworski L.L.P. (set to take effect June 1, 2013) — forming Norton Rose Fulbright, an enlarged practice with 55 offices internationally, including 11 offices and close to 800 lawyers in the USA.

After introductions, the day kicked off with a keynote address from Sir David Lewis, Lord Mayor of the City of London during the height of the financial crisis and now Legal Consultant to Norton Rose. Sir David's presentation reflected on his role as UK's ambassador for financial services as well as on key developments in the five years since the onset of the crisis — giving context to a number of today's 'hot button' issues. His key themes centred on "ethics" and "service," both of which were key to the restoration of confidence in financial services.

Guest speaker Professor Janice Gross Stein, Director of the Munk School of Global Affairs, Belzberg Professor of Conflict Management in the Department of Political Science at the University of Toronto and one of Canada's most respected political commentators, discussed trends that included EMEA uncertainty and how geopolitical risk is impacting our increasingly politically-driven investment landscape; Asian demographics and their impact on global and regional economic patterns; and the unexpected and far reaching consequences of a digitized universe on global economic performance.

The morning concluded with a plenary panel chaired by Global Head of Corporate David Stannard (Hong Kong) and included partners Patrick Bourke (Dubai/Abu Dhabi/Bahrain), Jonathan Herbst (London), Tessa Hoser (Sydney), Paul Humphreys (Sydney), Jake Robson (Singapore) and Lynn Yang (Shanghai). The panel touched on a variety of topics including: new finance, doing business in Asia and the Middle East, the expanded global regulatory environment and the changing face of deal structures.

The afternoon included nine sessions, running three at a time; covering a variety of current topics and trends impacting financial institutions both in Canada and around the world:

Buying and selling debt

Dr. David Goldman (Sydney), Tony Reyes (Toronto), Dr. Rüdiger Litten (Frankfurt) and Patrick Bourke (Dubai/Abu Dhabi/Bahrain) discussed how the ongoing economic malaise was leading to new opportunities for the buying and selling of debt, as well as the importance of maintaining a global perspective of the debt market and key themes in various markets, such as: motivations for trade; structuring trades; documenting trades; tricks and traps; and opportunities in the different markets.

Download the presentation (pdf 337kb)

Competition regulation

Elisabeth (Lisa) DeMarco (Toronto), Denis Gascon (Montréal), Peter Scott (London) and Neil O'May (London) presented on competition regulation: what increased global enforcement means for the treatment of confidential documents and legal privilege. The panel reviewed the implications the heightened enforcement environment emphasizing how to protect legal privilege and the confidentiality of records and documents in the context of global government investigations. They also discussed best practices for effective operating protocols and compliance programs.

Download the presentation (pdf 1.8MB)

The changing face of insurance regulation

David Whear (London) and Marc Duquette (Montréal), presented on the changing face of insurance regulation, covering the recent international regulatory developments reshaping the insurance industry and offering insight into how insurers can best navigate this turmoil.

Download the presentation (pdf 1.92MB)

Investing in growth and distressed economies

Grant Jameson (Ottawa) chaired a panel discussing investing in growth and distressed economies. Glenn Faass (Bogotá), Raj Karia (Africa/London), Jake Robson (Singapore), Lynn Yang (Shanghai), Nick Dingemans (Moscow) and Richard Sheen (London) joined Grant in discussing key topics within international M&A; providing our audience with the on-the-ground perspective of the issues affecting investing in China, Latin America, Africa, Southeast Asia, India, Central and Eastern Europe and Western Europe.

Download the presentation (pdf 551kb)

Brochure: Investing in the Canadian oil and gas industry: Ten things to know (pdf 905kb)

Brochure: M&A law in Asia Pacific (pdf 2.48MB)

Compensation plans in the international context

Charles Hurdon (Ottawa) and Laure Joncour (Paris) spoke on compensation plans in the international context. Discussing recent cases with far reaching impacts and examining issues with respect to compensation plan enforceability in bonus determination, restrictive covenants and claw backs.

Understanding the changes to banking regulations

Jonathan Herbst (London), Dorian Drew (London) and Marc Duquette (Montréal) presented on understanding the changes to banking regulations, discussing the political and regulatory drivers behind the global proposals on restructuring the banks and splitting their activities; the G20 commitments on derivatives trading; and the new tougher global approach to regulatory enforcement. The goal of this session was to identify the underlying issues at the heart of the proposed/pending radical changes to global banking regulation and to raise and address questions necessary for both domestic and global banks in deciding how to develop their business.

Download the presentation (pdf 627kb)

Evolving global trends in taxation

Adrienne Oliver (Toronto), Carlos Fernandez (Caracas), Paul Humphreys (Sydney) and Uwe Eppler (Hamburg), members of our international tax team, discussed evolving global trends in taxation, providing our audience with the 'need to know' information on new approaches to preserving the "tax base," including the impact on cash flows and returns on investments. The session also discussed recent developments regarding withholding taxes and other approaches to taxing offshore shareholders, beneficial ownership, and general anti avoidance rules.

Download the presentation(pdf 259kb)

Business method patents

Jonathan Ball (London), Mike Knapper (London) and Allyson Whyte Nowak(Toronto) spoke about the strategic options financial institutions need to understand in respect of business method patents, canvassing the current state of the law in Canada, the United States and Europe and discussing options available in responding to this important and rapidly evolving phenomenon.

Download the presentation (pdf 282kb)

Brochure: Business method patents (pdf 2.46MB)

Class actions

Christine Carron(Montréal), Patrick Bourke (Dubai/Abu Dhabi/Bahrain), Sylvie Rodrigue (Toronto/Montréal), Peter Scott (London), Donald Dinnie (Johannesburg) and Abigail McGregor (Melbourne), members of Norton Rose's international class actions team reviewed trends in the EU, South America, Australia and South Africa, evaluating how expanding legislation, coupled with the increased globalization of products and services, carries a greater risk of international or cross-border litigation and best practices in this context.

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