The Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 has been passed by both the House of Representatives and the Senate.
Amongst other things the Bill amends the Corporations Act 2001 to:
- establish a national regulatory regime for margin loans ;
- require that promissory notes valued at $50,000 or over are subject to the same regulatory regime as debentures;
- require the establishment of a public register of debenture trustees.
It is now awaiting assent.