Scott McKerrow
Scott is a senior associate in Herbert Smith Freehill Kramer’s leading Australian Financial Services Regulatory practice.
Scott has broad financial services regulatory experience which includes advising on regulation concerning financial and credit products, financial service and credit licensing approvals and obligations, payment systems and schemes, major regulatory change projects, crypto-assets, AML/CTF and white-collar crime, and licensee compliance and breach reporting matters.
Scott has also worked on high profile regulatory investigations and proceedings involving Australia’s financial services, consumer credit and corporate regulator, ASIC, the anti-money-laundering and counter-terrorism financing regulator, AUSTRAC, and the competition and consumer regulator, the ACCC.
Scott previously worked at ASIC and National Australia Bank Limited (NAB) as an in-house lawyer advising on non-contentious financial services regulatory matters.
Experience & capabilities
Selected matters
- advised on AML/CTF obligations and assisting clients to implement appropriate AML/CTF compliance frameworks including banks, fintech companies and other corporates
- advised on financial services license applications, license conditions and authorisations and licensee obligations for credit providers, authorised deposit taking institutions, buy now pay later providers and investment funds
- updated terms and conditions and loan documentation, including small business lending and credit card documents
- advised on the application of financial services laws to crypto-assets and related crypto-products
- involved in a major uplift to consumer and small business contracts for a large bank to comply with new unfair contract terms (UCT) laws
- advised on potential misconduct and breach reporting by financial services and credit licensees
- drafted legislative instruments and guidance for ASIC, for example instruments granting individual relief from licensing obligations
- involved in several high-profile ASIC investigations and court proceedings concerning breaches of financial services and corporations laws, including ASIC’s investigation into and proceedings against a large managed investment scheme and its responsible entity for allegedly misappropriating investor funds, making false and misleading statements, defective disclosure and conflicted remuneration
- involved in a significant AUSTRAC investigation concerning potential breaches of obligations relating to AML/CTF programs and compliance that led to AUSTRAC issuing civil penalty proceedings
Sectors
Background
Scott holds a Bachelor of Laws (Honours) and Bachelor of Arts (Philosophy) from Monash University. He is admitted to the High Court of Australia and the Supreme Court of Victoria.
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