Revised Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Josh Frydenberg MP)General outline and financial impact
Design and distribution obligations
Schedule 1 to this Bill amends the Corporations Act to introduce design and distribution obligations in relation to financial products.
Date of effect: Two years after the Bill receives the Royal Assent
Proposal announced: The Government announced these obligations as part of its response to the Financial System Inquiry.
Financial impact: Nil.
Human rights implications: The Schedule does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 4.
Product intervention power
Schedule 2 to this Bill amends the Corporations Act and the Credit Act to introduce a product intervention power for ASIC to prevent or respond to significant consumer detriment.
Date of effect: The day after the Bill receives the Royal Assent
Proposal announced: The Government announced the product intervention power as part of its response to the Financial System Inquiry.
Financial impact: Nil.
Human rights implications: The Schedule does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 4.
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