The Treasury Laws Amendment (2016 Measures No. 1) Bill, which amends the Corporations Act 2001 (Cth) to:
- introduce client money reforms which provide greater protection for retail client money and property held by financial services licensees in relation to over-the-counter derivative products by providing that financial services licensees may only use derivative retail client money and property to meet obligations incurred by the licensee in connection with dealings in the derivative where the entry into the derivative was or will be cleared through an authorised clearing and settlement facility and the licensee incurred the obligation under the operating rules of the facility; and
- ensure that employee share scheme disclosure documents for certain start-up companies (with an aggregated turnover not exceeding $50 million in the pre-lodgement year) are not made publicly available when they are lodged with ASIC,
has now passed through both Houses of Parliament and is awaiting Royal Assent.
See also media release by the Minister for Revenue and Financial Services dated 27 March 2017