The proposed client money reforms to the OTC derivatives market continue to move swiftly through the Australian Parliament.

The Treasury Laws Amendment (2016 Measures No.1) Bill (“the Bill”) contains the proposed retail client money reforms. The House of representatives (lower house) passed the Bill on 13 February 2017.

It is important to note that the rules will not apply to wholesale client money.

The Bill was introduced to the Australian Senate (upper house) on 14 February 2017. The Bill had its first and second readings on the same day. The Bill is likely to be debated by the Senate at the next available opportunity.

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Sophie Gerber

Sophie is the director of both Sophie Grace Legal Pty Ltd and Sophie Grace Pty Ltd. Sophie has worked with some of Australia’s largest financial services organisations in compliance, legal and operational roles. She has also worked with small businesses to provide tailored solutions with a strong understanding of business practicalities as well as obligations to regulators.