On 26 September, the Government released for public comment draft Treasury Laws Amendment (ASIC Enforcement) Bill 2018(Bill) aimed at strengthening penalties for corporate and financial sector misconduct.

According to the Exposure Draft Explanatory Materials, the Bill amends the Corporations Act, ASIC Act, National Consumer Credit Protection Act 2009 (Cth) and Insurance Contracts Act 1984 (Cth) to introduce a stronger penalty framework in response to a number of recommendations from the ASIC Enforcement Review Taskforce report.

The draft legislation is open for comment until 23 October.