Australian Government Moves Quickly to Implement Client Money Reforms

This article was written by Sophie Gerber, Director at Sophie Grace and TRAction Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term.

The Australian Government is working swiftly to introduce Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term reforms to the OTC derivatives market. The Treasury Laws Amendment (2016 Measures No.1) Bill (“the Bill”) containing the proposed client money reforms was one of the first to be considered by the House during the first sitting of the Australian Parliament on 7 February 2017. The Bill was read for the second time and the debate in the House of Representatives commenced.

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During the debate, a small number of speeches were made with respect to the Bill. A motion was made to adjourn the session before the debate was concluded. The debate of the Bill will resume at the next available opportunity. There has been little opposition to the proposed reforms in the House so far.

The Bill was first introduced to the Australian Parliament on 1 December 2016 and was read for the first time. We will continue to provide updates as the Bill progresses through Parliament.