Treasury Laws Amendment (Modernising Business Communications and Other Measures) Bill 2022 (Provisions) Inquiry
This submission has been prepared on behalf of the Financial Services Committee and the Corporations Committee (collectively, the Committees) of the Business Law Section of the Law Council of Australia in response to the Inquiry into the Treasury Laws Amendment (Modernising Business Communications and Other Measures Bill 2022 (Cth) (the Bill). On 24 November 2022, the Senate referred the Bill to the Senate Economics Legislation Committee for inquiry and report.
The Committees seek only to comment on those of the legislative changes within the Bill covering subject matters in which Committee members have expertise and wish to comment.
The Bill appears to amalgamate a number of Bills which were previously released in exposure draft form for consultation. Where one or both of the Committees responded to previous consultation on relevant provisions, a copy of the relevant submission is attached to this letter for reference. This is intended to assist the Senate Economics Legislation Committee to assess the extent to which previous feedback which the Committees provided in response to consultation has been reflected in the Bill before Parliament.
Treasury released an exposure draft Treasury Laws Amendment (Modernising Business Communications) Bill 2022 and Explanatory Memorandum for consultation on 29 August 2022.
The Committees made a submission to Treasury’s Market Conduct Division in response to the Treasury consultation process on 27 September 2022. A copy of that document is attached as Annexure 1.