This article was written by Sophie Gerber, Director at Sophie Grace and TRAction Fintech.
The Australian Government is working swiftly to introduce client money reforms to the OTC derivatives market. The Treasury Laws Amendment (2016 Measures No.1) Bill (“the Bill”) containing the proposed client money reforms was one of the first to be considered by the House during the first sitting of the Australian Parliament on 7 February 2017. The Bill was read for the second time and the debate in the House of Representatives commenced.
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During the debate, a small number of speeches were made with respect to the Bill. A motion was made to adjourn the session before the debate was concluded. The debate of the Bill will resume at the next available opportunity. There has been little opposition to the proposed reforms in the House so far.
The Bill was first introduced to the Australian Parliament on 1 December 2016 and was read for the first time. We will continue to provide updates as the Bill progresses through Parliament.