ASIC involvement marks new twist in Chameleon Mining case

In brief - Financial services licence exemptions do not have retrospective effect

ASIC has become involved in the case of International Litigation Partners Pty Ltd v Chameleon Mining NL, submitting to the court that exemptions from the need to hold a financial services licence do not have retrospective effect.

Litigation funding agreement is a financial product

As reported in our earlier article, Has the long-anticipated regulation of litigation funding finally arrived? the NSW Court of Appeal recently determined that because a litigation funding agreement is a "financial product" and International Litigation Partners (ILP) did not hold a financial services licence, Chameleon Mining was entitled to rescind the funding agreement.