Funds & Financial Services Regulation Lawyers
End‑to‑end governance, compliance & documentation support from our specialist funds & financial services lawyers.
- Wholesale licence governance frameworks tailored to your business model
- Complete policy suites, registers & training systems
- RG 166 financial resources planning for responsible entities & licence holders
- Fund strategy, disclosure & document stacks designed for private credit & property funds
Our Funds & Financial Services Regulation Services
GRM LAW designs, documents & maintains governance frameworks for wholesale funds, AFSL licensees, responsible entities & trustees. Our core services include:
01. AFSL Governance Programs
We build end‑to‑end governance programs so your AFSL or wholesale licence is backed by a coherent framework, not standalone documents.
- Designing wholesale licence & responsible entity compliance frameworks
- Structuring compliance, investment & risk committee charters and meeting templates
- Establishing CAR / AR reporting templates for corporate & individual Authorised Representative agreements and reporting structures
- Aligning governance structures with your actual products, investors & business model
02. Policy Suite, Registers & Training Systems
We draft & maintain the policy suite, registers & training systems ASIC expects to see behind a well‑run licence or fund.
- Drafting policies including incident & breach reporting, IT resources, conflicts (including gifts), complaints, conflict of interest, training and others
- Preparing credit (lending) policies, enterprise borrowing policies, responsible investment policies & document retention policies
- Developing risk management plans, data breach response plans & running risk management workshops
- Building skills matrices, training plans, training registers, policy‑specific registers & compliance committee minute templates
- Establishing critical event calendars so recurring obligations are diarised & acted on
03. RG 166 Financial Resources & Capital Planning
We help boards understand & plan for RG 166 financial resource obligations so capital buffers remain robust over time.
- Preparing financial resources policies & RG 166 (NTA & cash) templates for responsible entities & licence holders
- Modelling minimum & target NTA positions under concessional & non‑concessional calculations
- Stress‑testing capital buffers against growth, new products & annual indexation
- Designing breach reporting templates & escalation pathways linked to financial resource triggers
04. Fund Strategy & Product Design
We refine how your fund strategy & offer are documented so they are clear to investors and aligned with your licence conditions.
- Working through fund strategy, mandate settings & investment guidelines for private credit & property funds
- Drafting & iterating investment policies, including unlimited discussions to get settings right
- Preparing Information Memoranda & 2‑page fund summaries that accurately describe the offer
- Assisting with fund‑specific training for boards & executives outside core CAR training
- Providing general commercial advisory around product positioning, fees & portfolio construction
- Assisting with liquidity and redemption stress testing
05. Marketing Collateral & Offer Governance
We put structure around how you describe & promote your funds so marketing materials stay consistent with your legal documents & obligations.
- Designing marketing collateral sign‑off checklists & approval processes
- Reviewing presentations, pitch decks & other promotional materials for consistency with IMs & related contracts and agreements
- Aligning fund summaries, websites & investor updates with your strategy, documents & governance settings
- Setting up stakeholder & investor reporting templates so disclosures remain clear & repeatable
06. Core Fund & Licensee Agreements
We curate & align the core agreements that sit under your AFSL and fund structure so they operate as a coherent stack.
- Drafting & reviewing Investment Management Agreements between managers & trustees / responsible entities
- Preparing Corporate Authorised Representative & Sub‑Authorised Representative agreements
- Reviewing & updating trust deeds, constitutions & subscription deeds for wholesale funds & syndicates
- Negotiating registry, custody, authorised intermediary & fund administration agreements
- Documenting proper instruction frameworks from investment managers to trustees
07. Lending & Credit Documentation For Funds
We help lending funds ensure their credit frameworks & loan documents align with their investment mandate, disclosures & licence obligations.
- Drafting or refining credit (lending) policies & enterprise‑level borrowing policies for funds
- Reviewing loan agreements & security packages used by private credit & property funds
- Checking that credit terms, security arrangements & enforcement mechanics are consistent with fund documents & investor disclosures
- Advising on how fund‑level lending policies interact with AFSL conditions & risk frameworks
08. Modelling, Feasibility & Liquidity Analysis
We support managers with modelling that tests whether fund strategies are commercially and operationally sustainable.
- Building funds management models to test fee structures, deployment profiles & return targets
- Preparing property development feasibility models for proposed projects within funds
- Undertaking property fund liquidity modelling to assess redemption / liquidity risk
- Working with your internal teams to refine assumptions until models are adopted for governance use
09. Ratings, Reporting & Expert Support
We assist funds aiming for ratings, improved reporting or expert input in complex matters.
- Analysing corporate & fund track records and preparing materials for ratings house engagement
- Managing the ratings house preparation & liaison process alongside your team
- Designing stakeholder & performance reporting templates and iterating until adoption
- Providing expert witness services in funds management, AFSL governance & wholesale product disputes, billed on an hourly basis
Who We Act For
GRM LAW’s funds & financial services lawyers act as long‑term counsel to a broad range of wholesale fund operators, trustees & licensees, including:
Private Credit & Debt Funds
Managers running secured lending, bespoke credit facilities & debtor finance strategies for wholesale investors.
Property & Development Funds
Sponsors raising wholesale capital for site acquisitions, construction & development projects.
Responsible Entities & Trustees
Entities operating registered & wholesale schemes and holding scheme property on trust for investors.
AFSL Licensees & Their CARs/ARs
Licence holders running networks of corporate & individual authorised representatives under an AFSL.
Family Offices & Private Fund Platforms
Private wealth groups pooling family capital into bespoke wholesale funds & co‑investment vehicles.
Real Estate & Alternative Investment Funds
Syndicators pooling investors into land subdivisions, property assets & alternative investment exposures.
IDPS & CCIV Operators
Operators managing investor directed portfolio services or CCIV structures for wholesale investors.
Institutional & Sophisticated Co‑Investors
Institutions & high‑net‑worth investors co‑investing alongside managers in complex fund structures.
Discuss Your Fund Governance & AFSL Obligations
Our funds lawyers will contact you to discuss your structure & outline next steps.
What Our Clients Say
How The Process Works
01.
Scoping & Current State
We clarify your licence profile, fund structures, policies, registers and RG 166 position in a focused 30‑minute call.
02.
Governance & Gap Review
We review your governance, policies and key documents to identify gaps against ASIC expectations.
03.
Framework & Document Design
We design or update your governance framework, policies and core agreements so they operate as a coherent, licence‑aligned system.
04.
Implementation & Training
We help embed the framework by rolling out policies and registers, delivering training and setting up reporting and committee processes.
05.
Review & Regulatory Updates
We review and update your framework as ASIC guidance and regulatory settings change so your arrangements stay aligned with expectations.
Discuss Your Fund Governance & AFSL Obligations
Our funds lawyers will contact you to discuss your structure & outline next steps.
Why Choose GRM LAW
01. Integrated Funds, Lending & Corporate Capability
We combine deep banking & finance, private credit, property and corporate experience with funds management and AFSL governance so your policies, fund documents and lending frameworks work together.
02. Wholesale‑Focused Regulatory Insight
We focus on wholesale funds, private credit and property funds, responsible entities and AFSL licensees – not retail planners – so our advice reflects ASIC’s expectations for your specific segment.
03. RG 166, Capital & Financial Resources Expertise
We understand RG 166 financial resource requirements and how they interact with your business model, helping boards design financial resources policies and capital buffers that withstand growth and annual indexation.
04. End‑To‑End Governance & Policy Frameworks
We design complete governance frameworks, policy suites, registers, training systems and critical event calendars that your compliance and risk teams can operate day‑to‑day.
05. Product & Marketing Governance Capability
We align fund strategy, Information Memoranda, and marketing collateral so product design, disclosure and promotion meet ASIC expectations.
06. Modelling, Ratings & Expert Support
We support sophisticated managers with funds management, feasibility and liquidity modelling, ratings house preparation, stakeholder reporting templates and expert witness work in funds and financial services disputes.
07. Partner‑Led Boutique With National Reach
Gavin McInnes personally supervises all funds and financial services work, ensuring senior‑level judgement, commercial focus and fast turnaround for clients across Australia.
Meet Gavin McInnes
Gavin is an award‑winning corporate, commercial, banking & finance, funds and property lawyer. For nearly 20 years, he has advised key players in banking, private credit, property and funds management across Australia.
Gavin is an Accredited Specialist in Business Law & is consistently featured in Doyle’s Guide, Lawyers Weekly & the Global Fund Awards, including recognition for funds management & corporate work.
Recognition & Awards
Funds & Financial Services Regulation Essentials
AFSL, Governance & Policy Frameworks
ASIC expects AFSL holders and wholesale licence operators to have governance arrangements that match the scale and nature of their business. That usually includes clear compliance and risk frameworks, a tailored policy suite, registers, training programs and committee oversight – not just a licence on the wall or generic templates.
RG 166 Financial Resources & Capital Buffers
RG 166 sets minimum NTA and cash requirements for responsible entities and certain licensees, with annual indexation now baked in for some licensees. Capital buffers that once felt comfortable can quietly erode over time if capital levels stay static. Boards need to understand how RG 166 applies to their structure and plan financial resources accordingly.
Fund Structures: MIS, Wholesale Funds & CCIVs
Registered managed investment schemes, unregistered wholesale funds and CCIVs sit under different regimes for disclosure, governance and investor protections. Choosing the wrong structure at the outset can lock you into unnecessary compliance burdens or limit who you can raise from. Getting the structure right is foundational for private credit and property funds.
Product Disclosure & Marketing Governance
Funds and platform operators need consistency between their fund strategy, Information Memoranda, investor summaries and marketing collateral. Where products are offered to retail clients or DDO applies, clear target market determinations and distribution controls are critical to avoid ASIC stop‑orders and misleading‑promotion risk. Treating disclosure and marketing as ongoing governance work, not one‑off documents, is essential.
Discuss Your Fund Governance & AFSL Obligations
Our funds lawyers will contact you to discuss your structure & outline next steps.
Legal & Compliance Insights
Frequently Asked Questions
Do We Need An AFSL Or Can We Rely On Wholesale Exemptions?
Whether you need an AFSL depends on the services you provide, who you deal with and how your products are structured. We review your model, explain where exemptions genuinely apply and where relying on them becomes too risky, then map a licensing and governance path from there.
What Does A ‘Governance & Policy Framework’ Actually Include?
A proper framework goes beyond a single compliance manual. It ties together your compliance plan, risk management plan, AFSL policy suite, registers, training, committee charters and critical event calendar so day‑to‑day operations match your licence conditions and ASIC’s expectations.
How Does RG 166 Affect Our Board’s Capital Planning?
RG 166 sets minimum NTA and cash requirements that must be maintained at all times, with thresholds now indexed annually for some licensees. We help boards understand which limb bites, model their financial resources position and design capital buffers that will withstand growth and regulatory scrutiny.Â
What Documentation Does A New Wholesale Private Credit Or Property Fund Need?
At a minimum you will need a trust deed or constitution, Information Memorandum, Investment Management Agreement, custody/registry/admin arrangements, an investment policy and an AFSL‑aligned governance framework. We design and document that stack with you before you start raising capital.
Can You Help With Marketing Governance?
Yes. We assist with aligning IMs, fund summaries and presentations with related requirements and accompanying agreements, and putting in place marketing sign‑off and review processes that reduce misleading‑promotion risk.
Do You Review Our Fund’s Loan And Credit Documentation As Well?
For private credit and property funds we can review and curate loan agreements, credit policies and enterprise‑level borrowing frameworks so they line up with your fund strategy, investor disclosures and AFSL obligations.
How Do You Work With ASIC Reviews Or Enforcement Concerns?
We support licensees and fund operators through ASIC surveillance, notices and remediation programs – from documenting your current position and proposed fixes through to implementing changes across policies, RG 166, documents and reporting.
How Does An Engagement With GRM LAW Typically Start And How Do You Charge?
Most engagements start with a scoping call followed by a governance and document gap analysis. We then scope a fixed or staged fee around specific deliverables – such as a policy suite build‑out, RG 166 or fund modelling, or fund‑document suite – so you know the likely cost before committing.
Books By Gavin McInnes
Practical guides on structuring, asset protection and private credit in Australia.
Protect Your Assets
A plain‑English guide to protecting your home, business interests and investments under Australian law. Written for business owners, professionals and families who want to keep what they’ve built safe from avoidable risk.Â
Private Credit In Australia (Coming Soon)
A forthcoming guide to structuring, documenting and managing private credit transactions in the Australian market, written for lenders, sponsors and their advisers.Â
Explore Our Other Practice Areas
Deep expertise across corporate, banking & finance, property and related commercial work.
Private Lenders & Non‑Bank Finance
Strategic loan, security & enforcement advice for private credit funds, family offices & non‑bank lenders across Australia.Â
Property Development & Projects
End‑to‑end legal support for property developers from site acquisition & approvals through to construction, sales, leasing & disputes.Â
Business Acquisitions & Disposals
Buy‑side & sell‑side advice on business and share sales, from initial structuring and due diligence through to completion.
Corporate & Commercial Advisory
Ongoing corporate, governance & commercial contracts advice for private companies, family businesses & investors.
Structuring & Asset Protection
Structuring businesses, investments & personal wealth to manage risk, protect assets and support long‑term succession.
Franchising
Establishing, growing & restructuring franchise networks, including franchise agreements, disclosure, compliance & exits.
IP & Technology
Protecting and commercialising intellectual property, software & technology through tailored licensing, development & sale agreements.Â
Cyber & Privacy Law
Legal‑first breach response, privacy compliance, AI governance & cyber risk advisory for boards, directors & businesses across Australia.
Request Free Consultation
Not sure which matter or service is right for you? Leave your details & our lawyers will contact you to discuss your situation & outline next steps.
Enquire Now
Tell us briefly what you need help with & we’ll reply within 1 business day.
Black Shard