Bill
Corporations (Fees) Amendment (Hayne Royal Commission Response) Bill 2020
passed, as at 2020-12-17. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2020-11-12
- second reading — 2020-11-12
- second reading — 2020-12-09
- second reading — 2020-12-09
- third reading — 2020-12-09
- introduced — 2020-12-09
- second reading — 2020-12-09
- second reading — 2020-12-10
- third reading — 2020-12-10
- passed — 2020-12-10
- royal assent — 2020-12-17
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 2020-11-12.
This bill is part of a package that would give ASIC more power over industry codes of conduct.
It would let ASIC designate parts of voluntary codes as enforceable, with breach penalties of up to 300 penalty units.
The package would also create mandatory codes set by regulation, with breach penalties of up to 1,000 penalty units.
- ASIC could designate enforceable code provisions in approved voluntary codes of conduct.
- A mandatory code of conduct framework for financial services and consumer credit would be set via regulations.
- Breach of an enforceable code provision could attract civil penalties of up to 300 penalty units.
- Breach of a mandatory code provision could attract civil penalties of up to 1,000 penalty units.
The financial services and consumer credit industry, including providers regulated by the Corporations Act and the Credit Act.
Sources
em
billhome
frl act