On 8 November 2017 the Government committed to implementing the recommendations of the inquiry into Reforms for Cooperatives, Mutuals and Member-owned Firmed, conducted by Greg Hammond OAM.
The Government has today released for public consultation an exposure draft of the Treasury Laws Amendment (Mutual Entities) Bill 2018 and explanatory materials.
The Bill introduces a definition of a mutual entity and removes the uncertainty for transferring financial institutions and friendly societies in respect of the demutualisation provisions in Part 5 of Schedule 4 of the Corporations Act 2001.
You can submit responses to this consultation up until 1 November 2018.
Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
How to respond
Address written submissions to:
Financial Innovation & Payment Unit
Parkes ACT 2600