“Lawyers bring an extra set of eyes to the business and can also help to set out and prioritise the issues, review processes and assist with strategy. However, litigators can be quite aggressive and adversarial and may not be well-suited to meeting with the regulator if they are not trying to resolve the issues, but want to fight on.
She says commercial lawyers, on the other hand, seek common ground upon which to forge a deal that both parties can live with.
“This style is better-suited for a frank discussion with the regulator.”
Ray also recommends self-reporting any potential regulatory issues.
“ASIC does not expect every business to exist without a breach, however, they like proactive stakeholders who deal with breaches as manageable occurrences. If in doubt, report it.”
Ray says taking a partnering approach with the regulator can also help businesses with the release of new products.
“Discussing the new product with the regulator can not only iron out any potential breach, but will also educate the regulator on the direction of products, technology and software.”