Water Markets Intermediaries – Code and Statutory Trust Accounting Regulations

This submission responds to the July 2024 Policy Proposal Paper – Water Markets Intermediaries – Code and Statutory Trust Accounting regulations, and in particular:

• the request for feedback¹ on whether the Water Markets Intermediaries Code should apply to regulated persons such as solicitors; whether solicitors are already sufficiently regulated, and the risk of harm to clients if solicitors were not covered by the Code compared with the additional regulatory burden if solicitors were covered by the Code; and
• the exception to application of the statutory trust accounting framework when an eligible water markets intermediary maintains a statutory trust account in accordance with a law of a State or Territory.

The Law Council of Australia recommends:

1. An exemption from the proposed Water Markets Intermediaries Code where a water markets intermediary service is provided as a legal service by an Australian legal practitioner or law practice under a law of a State or a Territory that regulates the legal profession and provision of legal services.
2. Regulations be made under the Water Act 2007 (Cth) prescribing a statutory trust account maintained by a legal practitioner or law practice under a law of a State or a Territory that regulates the legal profession and provision of legal services.

The Law Council considers that amendments to the Water Act 2007 made by the Water Amendment (Restoring Our Rivers) Act 2023 (Cth) will lead to unnecessary and undesirable dual regulation of water markets intermediary services when those same services are provided by legal practitioners and law practices as legal services regulated under State and Territory laws regulating the legal profession and the provision of legal services.

The Law Council appreciates the recognition by the Department of Climate Change, Energy, the Environment and Water that dual regulation is an important policy issue to be addressed in regulations relating to the proposed Water Markets Intermediaries Code and Statutory Trust Accounting regulations.

Read the full submission below.

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Last Updated on 22/11/2024

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