One of the largest litigation funders, Omni Bridgeway, is the first to have become licensed under the new Government-imposed requirement to hold an Australian Financial Services License (AFSL).
Omni Bridgeway has announced to the Australian Securities Exchange (ASX) that it had been granted an AFSL by the Australian Securities and Investments Commission (ASIC) allowing it to fund new class actions in Australia.
The company said it believed it was the first dispute financing company to be issued with a license by ASIC and was pleased with the speed and efficiency with which its license application was handled by the regulator.
The new regulatory regime requiring litigation funders to hold an AFSL came into law on 22 August removing the prior exemptions from the managed investment schemes (MIS) regime.
