As Parliament will most likely not resume before a May election, not all proposed changes to financial services and credit regulation have been passed.

Bills that were introduced but not passed by the Parliament before the election is called will lapse.

But some significant Bills were passed in the last days of the Parliament; some have already received Royal Assent and commenced and others are awaiting Royal Assent.

Bills passed

Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018. Passed both Houses on 3 April with amendments. Awaiting Royal Assent.

ASIC’s product intervention powers will commence on the day after Royal Assent.

Financial product providers’ obligations in respect of design and distribution of financial and credit products will commence 2 years later.

Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2019. Passed both Houses on 4 April and Royal Assent was given on 5 April. Most provisions commenced on 6 April.

Treasury Laws Amendment (Mutual Reforms) Bill 2019. Passed both Houses on 4 April. Royal Assent was given on 5 April. The Act commenced on 6 April.

Australian Business Securitisation Fund Bill 2019. Passed both Houses on 3 April 2019. Awaiting Royal Assent. The Act commences on the day after the Act receives Royal Assent.

Lapsed Bills

National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Bill 2018

Treasury Laws Amendment (Consumer Data Right) Bill 2019

Commonwealth Registers Bill 2019

Bankruptcy Amendment (Enterprise Incentives) Bill 2017

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