Authored by Jack Wheatstone
Since the launch of Owl Advisory’s Corporate Governance Regulatory Tracker in July 2024, we have continued to track the progress of updates, reforms, and amendments to key areas of Australia’s corporate governance framework.
As a summary of the changes we have tracked since the launch of the tracker, we have updates in:
The Financial Accountability Regime (FAR): Specifically, the amendment of the FAR Regulator Rules to include key functions for Insurance and Superannuation entities on 11 July 2024.
Mandatory Climate Reporting: Tracking the development of the Mandatory Climate Reporting regime, including:
The progress of the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 until it passed both Houses of Parliament and came into force on 9 September 2024; and
The release of the Australian Sustainability Reporting Standards on 20 September 2024.
Continuous Disclosure: Including the release of the Government’s Response to the independent review into Australia’s continuous disclosure regime on 12 August 2024.
Modern Slavery: Tracking the progress of law reform in Modern Slavery Australia-wide, including:
The lapsing of the Modern Slavery Legislation Amendment Bill 2023 [ACT] on 19 October 2024; and
The introduction of the Justice Legislation Amendment (Civil) Bill 2024 into the NSW Legislative Assembly on 23 October 2024.
Anti-Money Laundering and Counter-Terrorism Financing: Specifically, the introduction of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 into Parliament on 11 September 2024. We have also included the proposed application for various amendments under the Act targeted to 31 March 2026 and 1 July 2026.
Consumer Data Right: Tracking the progress of the development of the Consumer Data Right Amendment’s in Australia, including:
The Treasury’s announced ‘reset’ of the CDR regime on 9 August 2024; and
The passing of the Treasury Laws Amendment (Consumer Data Right) Bill 2022 on 15 August 2024; and
The deadline to submit for consultation on the proposed amendments to the CDR regime on 9 September 2024.
In addition to the updates above, we also began tracking a new key area: Privacy and AI, where we have currently captured:
The introduction of the Privacy and Other Legislation Amendment Bill 2024 into the House of Representatives on 12 September 2024; and
The introduction of the ‘Voluntary AI Safety Standards’ by the Australian Government on 5 September 2024; and
The release of the Australian Government’s proposed Mandatory guardrails for safe and responsible AI on 5 September 2024, with the consultation period closing on 4 October 2024.
We are continuing to track changes to this legislation and related regulations and regulatory documents, so please continue to check the Regulatory Tracker for further updates.
Please reach out to Owl Advisory if we can assist you on any of these contacts.
This publication is a joint publication from King & Wood Mallesons, and KWM Compliance Pty Ltd (ACN 672 547 027) trading as Owl Advisory by KWM. KWM Compliance Pty Ltd is a company wholly owned by the King & Wood Mallesons Australian partnership. KWM Compliance Pty Ltd provides non-legal compliance and governance risk advisory services for businesses. KWM Compliance Pty Ltd is not an incorporated legal practice and does not provide legal services. Laws concerning the provision of legal services do not apply to KWM Compliance Pty Ltd.