Recent Financial Services Acts

The latest sitting of Parliament passed three financial services Acts which received Royal Assent on 28 October 2019.

Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Act 2019 
The Act amends the Corporations Act from 1 January 2021 to end the grandfathering arrangements for conflicted remuneration in relation to financial advice provided to retail clients. The Act also enables the making of regulations to provide for a scheme under which amounts that would otherwise have been paid as conflicted remuneration are rebated to affected customers. Background.

Treasury Laws Amendment (2019 Measures No. 2) Act 2019 
Amongst other things, the Treasury Laws Amendment (2019 Measures No. 2) Bill 2019 creates a requirement that consumer data rules include an obligation on accredited data recipients to delete CDR data in response to a request from a CDR consumer for that CDR data. Background.

Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Act 2019 
This Act authorises the Australian Taxation Office (ATO) to disclose business tax debts to credit reporting bureaus when certain conditions and safeguards are satisfied. Background

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