On 20 July, the Government has released for public consultation a revised exposure draft of the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018 (Bill) and an Exposure Draft Explanatory Materials. Treasury also released an Information Note summarises the key changes from the previous version of the Bill.
The revised exposure draft of the Bill has been developed in response to the feedback received during the Government’s previous round of consultation.
The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer, stated that the Design and Distribution Obligations and the Product Intervention Power will ensure that financial products are targeted and sold to the right consumers, and where products are inappropriately targeted or sold, ASIC will be empowered to intervene in the distribution of the product to prevent harm to consumers.
The consultation closes on 15 August.