King Irving

As we welcome 2025, we extend our heartfelt thank you to all of our clients. Here’s to a New Year filled with success, growth, and great opportunities. Happy New Year from King Irving 🥂 

From all of us at King Irving, we wish you a joyous Christmas and a season of peace and abundance! 🎄 💫

We wrapped up the year in style! 🎉 Our end-of-year lunch was a wonderful chance to reflect on the achievements of 2024 and celebrate the incredible King Irving team. Here's to a prosperous and successful 2025! 💼✨ Kate Mulligan Neda Khademazad Sempatike (Sempa) Kwizera Ishaan Rana

𝗔𝗠𝗟/𝗖𝗧𝗙 𝗥𝗲𝗳𝗼𝗿𝗺𝘀: 𝗡𝗲𝘄 𝗢𝗯𝗹𝗶𝗴𝗮𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀 The Australian Government has introduced significant reforms to the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) frameworks, with wide-reaching effects for industries handling high-risk services. Here’s a quick breakdown: 📌 𝗞𝗲𝘆 𝗖𝗵𝗮𝗻𝗴𝗲𝘀: • 𝗘𝘅𝗽𝗮𝗻𝗱𝗲𝗱 𝗖𝗼𝘃𝗲𝗿𝗮𝗴𝗲: New sectors including real estate, precious metals dealers, and professional service providers (like lawyers, accountants, and conveyancers) are now subject to the AML/CTF Act. • 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗖𝘂𝗿𝗿𝗲𝗻𝗰𝘆 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻: The reforms strengthen regulation of the virtual assets sector, including services like safekeeping and transfers of virtual assets on behalf of customers. • 𝗦𝘁𝗿𝗲𝗮𝗺𝗹𝗶𝗻𝗲𝗱 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲: New, simplified rules for customer due diligence (CDD), allowing for more flexible risk mitigation and enhanced compliance. • 𝗔𝗨𝗦𝗧𝗥𝗔𝗖 𝗣𝗼𝘄𝗲𝗿𝘀: The reforms grant AUSTRAC greater powers to obtain information and enforce compliance with AML/CTF laws, ensuring tighter controls on financial crimes. 🎯 𝗪𝗵𝗮𝘁 𝗧𝗵𝗶𝘀 𝗠𝗲𝗮𝗻𝘀 𝗳𝗼𝗿 𝗬𝗼𝘂: • New reporting requirements for high-risk businesses and industries. • Tighter due diligence and risk management practices, especially in the growing digital asset space. • Increased regulatory oversight for financial institutions. These changes will affect all businesses involved in financial services, virtual assets, and high-risk sectors. Make sure your AML/CTF compliance programs are up to date to meet these new obligations. #AMLCTF #RegulatoryReforms #FinancialServices #AntiMoneyLaundering #CryptoRegulation

We’re very happy to introduce our new team member 🥳🎉 Ishaan Rana is the new Para-legal at King Irving. He has a keen interest in the law with aspirations to learn and grow with King Irving. He is currently studying at University of Technology Sydney, completing a Bachelor of Laws in 2027! Welcome onboard, Ishaan!

We’re excited to introduce our new team member 🥳🎉 Pierce is the new Law Graduate at @King Irving. He has a strong personal and intellectual interest in financial law and is particularly looking forward to helping clients establish funds. Pierce has previously worked as a legal research intern in the corporate law space.   He holds a Bachelor of Laws from Macquarie University and is currently undergoing Practical Legal Training. Welcome onboard, Pierce!

The Australian Government has passed major reforms for Buy Now Pay Later (BNPL) services, bringing them under the National Credit Consumer Protection Act (NCCP). Here’s what you need to know: 💼 𝗪𝗵𝗮𝘁’𝘀 𝗖𝗵𝗮𝗻𝗴𝗲𝗱? • BNPL services are now classified as Low-Cost Credit Contracts (LCCCs). • Providers will be subject to the same licensing requirements as other credit providers, which means you must apply for an Australian Credit License (ACL) if you haven’t already. •Existing ACL holders may need to amend their licenses to cover BNPL activities. 🔐 𝗞𝗲𝘆 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗢𝗯𝗹𝗶𝗴𝗮𝘁𝗶𝗼𝗻𝘀: •Responsible Lending: Providers must adopt responsible lending practices, either by following the existing framework or opting into a modified one with less stringent requirements. • Conduct Requirements: You’ll need to: - Act efficiently, honestly, and fairly. - Maintain risk management and dispute resolution systems. - Ensure customer protection and compliance with NCCP provisions. These changes will impact all BNPL providers, so it’s crucial to assess your licensing and compliance frameworks to ensure you're ready. #BNPLReforms #Compliance #FinancialServices #AustralianLaw #CreditLicense

A Guide for New Fund Managers: AFS Licensing and the 2/20 Exemption    Navigating the Australian Financial Services Licensing (AFSL) landscape can be daunting for new fund managers. Fortunately, the “2/20 exemption” offers a simpler path for those starting out with small-scale operations.    What is it?  The 2/20 exemption provides a regulatory carve-out for small-scale fund activities. It’s a popular option for launching a Managed Investment Scheme (MIS) without the upfront licensing burden.    Key conditions include: Investment cap: maximum of $2 million can be raised within any rolling 12-month period Investor limit: no more than 20 investors in the fund  No commercial fees: fund managers cannot charge management or performance fees, making this exemption suitable for personal or non-commercial pursuits.   Why consider this exemption?  This exemption allows fund managers to validate their investment strategy without the cost and complexity of obtaining an AFSL. It’s an excellent way to test the business case for your fund to see if it is viable as an ongoing fund.    The fine print  While the 2/20 exemption is useful, it comes with notable constraints:  No fee revenue: fund managers cannot earn income through fees, which may limit sustainability.  Small scale: the $2 million cap restrict growth opportunities, making it suitable only for early-phase ventures. Wholesale investors only: only wholesale investors can participate, excluding retail and sophisticated investors.  Compliance obligations: Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations remain mandatory Aggregates with other vehicles: A once off shot; you must aggregate the $2m and 20 investors with your or an associates other investment vehicles.    🟣 How King Irving can assist you    At King Irving, we specialise in financial services law, empowering fund managers with the knowledge and tools to navigate regulatory challenges confidently. Our team is passionate about supporting the next generation of industry leaders through education and tailored legal guidance. Whether you’re exploring the 2/20 exemption or preparing to scale with a full AFSL, we’re here to ensure you achieve the right outcomes. Contact us to learn more about how we can help your venture succeed: https://lnkd.in/dx7upS8Q

King Irving is proud to have supported Admiralty Capital Group (ACG) on their successful fund launch, navigating the regulatory and administrative complexities of fund establishment with confidence and precision. Congratulations to Ryan Holsheimer and the entire ACG team on reaching this important milestone! 🎉🚀 #KingIrving #AdmiraltyCapitalGroup #FundLaunch #FinancialExcellence #InvestmentSuccess

#TBT to an memorable evening at the 23rd Annual Hedge Funds Rock! 🤘🎉 King Irving had the privilege of hosting a table where we joined some of our special clients and friends. This incredible event was about more than recognition — it was about giving back. The funds raised went towards supporting local charities, showcasing the power of philanthropy alongside industry achievement. A special thank you to Susan Watts, Kaan Yuksel, Anthony Hammond, Mukhtader Mohammed, Sempatike (Sempa) Kwizera, Neda Khademazad, Jessica Machin, Lachlan Davies, and Kate Mulligan for joining us at King Irving’s table and contributing to a night that blended celebration, charity, and rock 'n' roll! 🎸 Looking forward to next year’s event!