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The Commonwealth Attorney-General has released a Consultation Regulation Impact Statement which investigates possible options to streamline access to information about enduring powers of attorney (EPOA) and reduce the uncertainty regarding whether a document, as presented, can be relied upon as the basis for financial transactions. Background.  A national register would provide a single avenue to search, in real-time, an authoritative record of EPOAs to identify if a document, as presented, is the most recent…
Treasury has released an exposure draft of the National Consumer Credit Protection Amendment (Mandatory Credit Reporting) Regulations 2020 for consultation. The Regulations provide detail on the implementation of the National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Bill 2019. Background.  The mandatory CCR regime requires a large authorised deposit-taking institution to supply 50 per cent of its consumer credit information within 90 days of 1 April 2020 to all credit reporting…
If you look at your Australian Financial Services Licence authorisations to see whether you can provide a financial service or product you will see that the first two headings are usually “Provide Financial Product Advice” and “Deal in a Financial Product” and that “Deal in a Financial Product” is usually divided into “Deal in a financial product” and “Arrange for a person to deal in a financial product”. What does “Arrange for a person to…
The Treasury Laws Amendment (2018 Measures No. 2) Bill 2019 has been passed by both houses of Parliament and is awaiting Royal Assent. The Bill allows fintechs to test new financial and credit products and services for 24 months, subject to conditions, without first obtaining a financial services licence or a credit licence from ASIC. Background. The purpose of providing an exemption is to reduce barriers to new product development by reducing the time…
The Treasury Laws Amendment (2020 Measures No. 1) Bill 2020 has been introduced into the House of Representatives to provide permanent relief from CGT liabilities to superannuation funds in the event of fund mergers and transfer events’. Under current law this relief will expire on 1 July 2020. The transfer of assets from one superannuation fund to another, under a merger between the two funds, will typically trigger a CGT event. Therefore, the asset transfer…
On 6 February 2020 the Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures)) Bill 2019 was passed by both Houses of Parliament. The Act is awaiting Royal Assent. Background. It addresses four recommendations from the Financial Services Royal Commission, including a best interests duty for mortgage brokers , banning unfair contract terms in standard insurance and applying consumer protection provisions to funeral expenses policies. Mortgage brokersSchedule 3 to the Bill amends the…
On 6 February 2020 the Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures)) Bill 2019 was passed by both Houses of Parliament. The Act is awaiting Royal Assent. Background. It addresses four recommendations from the Financial Services Royal Commission, including a best interests duty for mortgage brokers , banning unfair contract terms in standard insurance and applying consumer protection provisions to funeral expenses policies. Mortgage brokersSchedule 3 to the Bill amends the…
The ACCC is seeking views on a proposed revised timetable for the commencement of consumer data sharing by the non-major Authorised Deposit-Taking Institutions (ADIs) in the Consumer Data Right (CDR) regime. Background. Consumer data sharing obligations in banking will become mandatory for the major banks on 1 July 2020. Consumers’ mortgage and personal loan data will be able to be shared after 1 November 2020. It is proposed that non-major ADI’s can voluntarily accept…
The ACCC is seeking views on a proposed revised timetable for the commencement of consumer data sharing by the non-major Authorised Deposit-Taking Institutions (ADIs) in the Consumer Data Right (CDR) regime. Background. Consumer data sharing obligations in banking will become mandatory for the major banks on 1 July 2020. Consumers’ mortgage and personal loan data will be able to be shared after 1 November 2020. It is proposed that non-major ADI’s can voluntarily accept…
On 5 February 2020 the Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 was passed by both Houses of Parliament. The Act is awaiting Royal Assent. Background. The Act amends the Corporations Act 2001 to create phoenixing offences and other rules about property transfers to defeat creditors. It also prohibits directors from improperly backdating resignations or ceasing to be director when this could leave a company with no director and allows the Commissioner of…