Corporations Point-in-Time Service Updates

The Corporations Point-in-Time Service has been updated to include the Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers) (Mortgage Brokers) Regulations 2020 (Cth) and the Corporations and Bankruptcy Legislation Amendment (Extending Temporary Relief for Financially Distressed Businesses and Individuals) Regulations 2020 (Cth).

Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers) (Mortgage Brokers) Regulations 2020

These Regulations, together with Schedule 3 to the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2019 Measures)) Act 2020 implement the Government’s response to Recommendation 1.3 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, to address conflicted remuneration for mortgage brokers.

The Regulations amend the National Consumer Credit Protection Regulations 2010 to prescribe circumstances under which a benefit is and is not conflicted remuneration. They also prescribe circumstances under which conflicted remuneration must not be accepted and circumstances in which conflicted remuneration must not be given.

Corporations and Bankruptcy Legislation Amendment (Extending Temporary Relief for Financially Distressed Businesses and Individuals) Regulations 2020

The purpose of the Regulations is to extend measures expressed in Schedule 12 to the Coronavirus Economic Response Package Omnibus Act 2020 beyond their initial six month application period so that they apply until the end of 31 December 2020.   

These amendments have been updated in the Point-in-Time Corporations Service current to 30 September 2020. (NB: subscription required).

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