On 17 April, the Government released exposure draft regulations to support and improve the powers of ASIC to enforce the new client money regime in relation to over-the-counter derivatives products which commenced on 4 April 2018.

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer, stated that the new regulations would provide ASIC with alternatives to civil proceedings for breaches of the Client Money Reporting Rules 2017, including the ability to issue infringement notices and accept enforceable undertakings.

Consultation closes on 26 April 2018.