Publications

SOURCES OF CAPITAL FOR START-UPS

Raising capital is a long hard process requiring considerable time, patience and shoe leather. Many start-ups underestimate the time and financial resources required to achieve a result. Many also do not comprehend that capital raising activities are rarely one-off activities.

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THE ENTREPRENEUR v THE FINANCIER

It is little wonder that only a small proportion of investment proposals ever successfully attract venture capital. The relationship between entrepreneurs and investors and bankers can sometimes be likened to the relationship between contestants in a boxing match, entering the ring from opposite corners, both adamant they are up against opponents, not potential allies, from the very first bell.

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Directors and Officers Fiduciary and Best Interest Duties – Navigating a Legal Minefield

‘Fiduciary’ and ‘best interest’ are commonly used terms interpreted differently in the law and often misunderstood by the legislature, media, in the investment chain and in corporate governance. Their heritage lies in equity, meaning a duty to give undivided loyalty to the vulnerable whom they serve. That is where divergence begins.

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Using Data Analytics, Robotic Process Automation, and Artificial Intelligence to Meet Modern Regulatory Director Responsibilities

Dr David Millhouse, the Senior Research Fellow at the Faculty of Law at Bond University, discusses how to utilise analytics, AI and robotic process automation to meet regulatory duties. He will be delving further into this topic at the upcoming In-House Counsel: CPD Compulsory Units taking place on Tuesday 1 December 2020.

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Directors and Officers - Strategic Leadership or Bondage?

Scholarly empirical analyses provide guidance to policy makers in Australia’s ascent from the viral abyss to entrepreneurial sunlit uplands on which post-COVID prosperity might be built. These analyses provide regulatory options which can substantially diminish or lengthen the damage inflicted by the present crisis. They are policy choices only exercisable by the federal government.

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W[h]ither Australia? Will Parliament Act?

Australia is replete with commissions and inquiries into egregious behaviour in its financial sector. This author has quantified the effects of those behaviours on individuals and the wider economy.1 These investigations include Heydon2 (elimination of unhealthy culture), Hayne3 (confluence of law and morality) and the Productivity Commission4 (trust).

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Doubts raised about validity of FASEA code and exam

Future boards of the Financial Adviser Standards and Ethics Authority (FASEA) will have no choice but to come to grips with the legal uncertainty inherent in the FASEA code of ethics, according to academic, Dr David Millhouse.

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BEST INTEREST DUTIES OF FINANCIAL ADVISERS - MORE LAW, MORE CONFUSION

ABSTRACT Best interest is a commonly used and misunderstood phrase interpreted differently in the law, media, legislature and throughout the investment chain, sometimes glibly. For investors, best interest has been confused with oft-misguided concepts of undivided loyalty to their economic interests. These differing interpretations influence every financial advice relationship, including process.

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AUSTRALIAN PRUDENTIAL REGULATORY AUTHORITY CAPABILITY REVIEW JULY 2019

For the record, to be absolutely clear, as advised to APRA in writing by counsel, this author has never been a director of any company when it was called “Trio”. Assertions to contrary are false, a factual mistake by APRA more interested in administrative convenience than fact, which remains uncorrected and potentially defamatory. Related Story - https://treasury.gov.au/publication/p2019-394057

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Empirical analysis supports the Hayne long run reform thesis

Australia has arguably benefited from its market based regulatory system and progressed toward its first objective of an entrepreneurial wealth creating society competing with its global peers; the second objective, being investment stability and risk mitigation, has for many people been an abject disaster. https://www.afr.com/chanticleer/kenneth-hayne-must-traverse-a-legal-quagmire-20190115-h1a3l

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From Campbell to Hayne: W[h]ither Australia?

Australian financial regulation and supervision at a cross-roads. Whilst the Hayne Royal Commission identified egregious behaviour in banks and large financial institutions, far greater economic damage has occurred in less well known sectors of the Australian financial system.

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THE REAL HAYNE - THE END OF THE BEGINNING

The Australian Government is in receipt of four landmark reports: the Heydon Royal Commission, Productivity Commission (superannuation and financial sector competition), and the Hayne Royal Commission. Each of them points to deep systemic and cyclical problems in the provision of financial products and financial services.

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David Appears on Your Money with Ticky Fullerton

Ticky Fullerton speaks with the chair of Household Capital Nick Sherry, Adam Creighton chats with Gabriel Sterne from Oxford Economics and CEO of the AIIA Ron Gauci. Plus, editor of YourMoney.com.au Aleks Vickovich speaks with the founder of Legal Analytics David Millhouse

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Kenneth Hayne must traverse a legal quagmire

The complexity of the legal reform task facing banking royal commissioner Kenneth Hayne is laid bare in the first rigorous and detailed analysis of all the corporate collapses and fraudulent financial activity that hit consumers and ended up in court between 1981 and 2018.

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