Securities, Futures, Derivatives and Markets

AH lawyers are regularly called upon to assist in the design and acceptance by regulators and the market of new types of securities. Examples include News Corporation's non-voting shares (limited voting preferred shares), now adopted by a number of other companies, Ten Network's "see through" ordinary shares, and various innovatory unit trust, convertible note and other debt securities. We have also been closely involved in the origination and refinement of new forms of derivatives.

Perhaps recognising the firm's expertise and familiarity in this area, the assistance of the firm's lawyers has been regularly sought when fundamental issues or controversy arise in the securities, futures and derivatives markets. This occurred, for example, in relation to various investigations conducted by the ASIC and its predecessors in the operation of various parts of equities and bond markets over the last 20 years, the demutualisation of the Australian Stock Exchange and the restructure of the Sydney Futures Exchange.