The Government has released exposure draft legislation to move matters in legislative instruments made by the Australian Securities and Investments Commission (ASIC) into the primary law and regulations. This will provide greater certainty making it easier for stakeholders to identify their rights and obligations under the financial services law.
The draft legislation forms part of the Treasury Law Improvement Program, which supports the regulatory stewardship of Treasury portfolio legislation, and also includes Treasury’s regular minor and technical amendments process. The Government intends to pursue regular improvement and maintenance opportunities under this Program to ensure that Treasury laws remain current, fit‑for‑purpose and transparent.
Amendments relating to the Australian Law Reform Commission’s Interim Report A are also being consulted on, and are available on the Treasury website.
The Government welcomes comments or feedback from stakeholders on the draft legislation and explanatory materials.