Category Archives: Financial Services

Unconscionable conduct regulation

Treasury has prepared an issues paper concerning various options for clarifying the scope of the unconscionable conduct provisions of the Trade Practices Act 1974 (TPA). The issues paper is part of a process which will examine two options for clarifying the application of the TPA’s unconscionable conduct provisions: The first option is the introduction in […]

Personal Property Securities Bills passed

The Personal Property Securities Bill and the Personal Property Securities (Consequential Amendments) Bill 2009 were passed by Parliament on 26 November 2009 and are awaiting assent. The new law will set up a national register of personal securities and change security types and procedures. It will replace more than 70 different pieces of Commonwealth, State […]

Ripoll report on financial products and services released

The Parliamentary Joint Committee on Corporations and Financial Services (chaired by Bernie Ripoll MP) has released its report into the issues associated with recent financial product and services provider collapses, such as Storm Financial, Opes Prime and other similar collapses, with particular reference to: the role of financial advisers; the general regulatory environment for these […]

Corporations Legislation Amendment (Financial Services Modernisation) Act 2009 assented to

financial services modernization

The Corporations Legislation Amendment (Financial Services Modernisation) Act 2009 received royal assent on 6 November 2009. It is expected that Schedule 1 (margin lending), Schedule 2 (trustee companies) and parts of Schedule 3 (debentures) will commence by 1 January 2010. The rest of the Act commenced on 6 November 2009. Draft regulations and example PDS