Key Documents
The government has released exposure draft legislation amending the Corporations Act 2001, the Competition and Consumer Act 2010 and the ASIC Act 2001 to facilitate competitive outcomes in the provision of clearing and settlement (CS) services for Australia’s financial markets.
The draft legislation provides the Australian Securities and Investments Commission (ASIC) with powers to implement and enforce requirements for a monopoly provider of CS services to operate in a way that achieves competitive outcomes, and ensure safe and effective competition in clearing and/or settlement should a competitor emerge.
It also provides the Australian Competition and Consumer Commission (ACCC) with the power to conduct binding arbitration to resolve disputes regarding access to CS services.
The government welcomes comments or feedback from stakeholders on the draft legislation and explanatory materials.