The Parliamentary Joint Committee on Corporations and Financial Services (Committee) has released the recommendations from its inquiry into the Corporations Legislation Amendment (Derivative Transactions) Bill 2012 (Cth) (Bill).
The Committee was tasked with inquiring into and reporting on the Bill (please view our October 2012 article Government introduces derivatives bill). It receivedsubmissions from stakeholders, and has released six recommendations based on those submissions and the Committee's findings.
The Bill is yet to be passed, but it is intended that initial phases of the derivatives trading framework will be in place by early next year. In particular, the regulators are hoping to encourage participants in the derivatives markets to start moving to the new derivatives framework prior to any rules being made. If you would like help with preparing your derivatives trading business for the new framework, please do not hesitate to contact one of our experienced financial services lawyers.
Please see full alert below for more information.
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