Financial Products Design and Distribution Obligations and ASIC Intervention Power – Draft Legislation

By David Jacobson The Government has released an exposure draft of the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018 which will amend the Corporations Act and the National Credit Act to introduce:
financial products design and distribution obligations under the Corporations Act to ensure that products are targeted at the right people; and
a temporary financial product intervention power under the Corporations Act and a temporary credit product intervention power under the National Credit Act for the Australian Securities and Investments Commission (ASIC) when there is a risk of significant consumer detriment.
The Design and Distribution Obligations will require issuers …read more

Source:: Bright Law

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