Commonwealth Parliament has adjourned for its winter break and will resume on 3 August 2021.

Here is an update on the Bills we are tracking and new Bills:

• The Treasury Laws Amendment (2021 Measures No. 4) Bill 2021 which expands ASIC’s product intervention powers has been passed by both houses and is awaiting Royal Assent. Background. UPDATE: Royal Assent given on 30 June 2021.
• The Financial Regulator Assessment Authority Bill 2021 has been passed by both houses and is awaiting Royal Assent. Background.
• National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020
  This Bill is still in the Senate.
• Treasury Laws Amendment (2020 Measures No. 4) Bill 2020
  This Bill is still in the Senate. It has been amended to reintroduce a temporary mechanism for responsible Ministers to change arrangements until 31 December 2021 for company meeting information and documentary requirements under Commonwealth legislation, including requirements to give information and produce, witness and sign documents.

New Bills

• The Sex Discrimination and Fair Work (Respect at Work) Amendment Bill 2021 has been introduced in the Senate. This Bill would insert a new provision in Division 3 of Part II of the Sex Discrimination Act to make it clear that it is unlawful to harass a person on the ground of their sex. Sex-based harassment would be defined as unwelcome conduct of a seriously demeaning nature by reason of the person’s sex in circumstances in which, in line with the existing test for sexual harassment, a reasonable person would have anticipated that the person harassed would be offended, humiliated or intimidated.
• The Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Bill 2021 has been introduced in the House of Representatives. The Bill implements the following:
  • expands the role of the Financial Services and Credit Panel within ASIC to operate as the single disciplinary body for financial advisers to ensure that less serious misconduct does not go unaddressed;
  • creates new penalties and sanctions for financial advisers who have breached their obligations under the Corporations Act;
  • introduces a new registration system for financial advisers to improve the accountability and transparency of the financial services sector; and
  • transfers functions from FASEA to the Minister responsible for administering the Corporations Act and to ASIC to streamline the regulation of financial advisers. The Bill has been referred to the Senate Economics Legislation Committee for reporting by 28 July 2021.

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