Diary Entry

A Random Day in the Financial Markets & Regulation Team (in the office)

by Erika Serrano

Summer Clerk at King & Wood Mallesons

My Partner asks to meet me. She is compiling a best practice overview of cryptocurrency custody (essentially how to safely store online assets) for compliance in the Hong Kong market. As international regulators are still continuing to develop their digital asset regulatory regimes, she asks me to research the various custody requirements across various markets including the US, Bermuda and Singapore. She explains to me the fundamentals of ‘hot’ and ‘cold’ storage and sends me a list of the current Hong Kong Securities and Exchange Commission (SEC) requirements. She asks me to compile my ndings into an email memo.

Today is the day of our monthly ntech meeting where experts from across the rm discuss developments on crypto and derivative regulation in Australia. As someone who barely understands how crypto functions, this is a great way to learn by osmosis and pick up on what the key concepts are and take notes!

I receive an email from a solicitor. She explains that our clients are looking to update their internal documents to best re ect the SEC regulatory requirements. She sends me a draft Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) policy and asks me to compare the document with the SEC AML/CTF guidelines. She also asks me to proofread the document and mark-up any necessary changes.

Today’s team meeting is a brief one. We jump straight into a whip around the team where each person gives an update on what they will be working on for the day and what work they anticipate will come through.

Lunch with my buddy (a graduate lawyer in my team) before taking a walk outside to grab a co ee.

Head to the cafe to buy a pack of red frog lollies for an afternoon pick me up.

After having reviewed various policies during my rotation, a senior associate in the team asks me to have a rst-go at drafting a Con ict of Interest policy for our client. He explains our client’s company structure to me and provides me with an example from a similar matter. He notes that this policy is less urgent and that I have a few days to complete it, but I start working on it straight away.

I open the billing software and enter in my time for the day before heading out.

No matter what day of the week it is, there will always be someone looking for company at after work drinks. Today is no exception.

Head to page 66 for part 2: A Random Day in the Funds (Superannuation) Team (working from home)

A Random Day in the Financial Markets & Regulation Team (in the office)

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The team usually meets online every Monday, Wednesday and Friday morning to discuss capacity and current matters. As usual however, the majority of the meeting is spent discussing current a airs, everyone’s weekend plans and in my case, Phoebe Bridgers concert plans. Team meetings are also an opportunity for work to be distributed or for people to get involved in new matters.

In the team meeting, my Partner let me know that he would be pulling me into a client meeting. He sends through an email chain with some documents attached for me to read so that I can understand the context of the meeting. He asks that I take note of any action items that arise during the client meeting. I spend time reading the chain and attachments in preparation for the meeting.

I receive a Teams call from a special counsel in my team. Our client is in the process of updating their nancial adviser nomination forms and has asked us to review the documents. The special counsel explains that these documents will be used for individuals to nominate a nancial adviser to act on their behalf so they must be reviewed and simpli ed.

It is nally time for client meeting. My partner leads the meeting and our client walks us through the reporting structure they have in place for company executives, outlining the roles of directors and excutive o cers. They explain that they are unsure about how the reporting obligations imposed by the Australian Prudential Regulatory Authority a ect them and whether they are able to reassign certain position titles based on sta responsibilities.

I noted the client’s question from the meeting as an action item to follow up. My partner asks me to research this area of law with reference to the Superannuation Industry (Supervision) Act 1993 and relevant ASIC publications. I conduct some research and draft a short memo to be sent back to the client and discuss it with my partner.

After returning from lunch, I see an email from my Partner asking me to call him. I call him and he asks me to assist with drafting a voluntary disclosure letter based on letter prepared in a similar matter. He asks that I adapt the template and identify what information we need from the client in order to complete the letter on their behalf. I obtain the template and draft the letter, pre- lling information variables to assist the client with identifying the relevant information for their situation. I send the draft to my Partner for his review.

Another solicitor buzzes me on email. She explains that she would like an overview of the law in relation to bare trustees and an answer as to whether they owe any duciary duties under common law or statute. She asks me to identify Australia’s position and to see if any commentary exists in other jurisdictions. I draft a memo and provide her with case summaries form various Federal Court cases.

I open the billing software and enter in my times for the day before heading to the couch.