Bill
Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2019
passed, as at 2019-04-05. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2018-09-20
- second reading — 2018-09-20
- second reading — 2018-10-24
- second reading — 2019-04-02
- second reading — 2019-04-02
- committee — 2019-04-02
- third reading — 2019-04-02
- introduced — 2019-04-03
- second reading — 2019-04-03
- third reading — 2019-04-03
- passed — 2019-04-03
- royal assent — 2019-04-05
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2018-09-20.
This bill would make issuers and distributors of financial products more accountable by setting new rules for how those products are designed and sold.
It would also give the Australian Securities and Investments Commission (ASIC) the ability to step in and ban or restrict financial products that harm consumers.
The new design and distribution rules would start two years after the bill becomes law, while the product intervention power would start immediately.
- It would require issuers to define who a product is for and to publish that definition for free.
- It would ban distributors from selling a product unless that definition is current.
- It would let ASIC issue stop orders and ask courts to make orders for consumers harmed by breaches.
- It would create a new offence for ignoring an intervention order.
- It would allow people who lose money because of a breach to sue for compensation.
Financial product issuers, distributors, and consumers, as well as ASIC and the Minister.
Sources
em
em supp
em revised
billhome
frl act