On Mar. 27, AST GVT said it will introduce laws re finance and energy.
AST GVT said it will, on Mar. 27, introduce Treasury laws amendment (financial market infrastructure and other measures) bill to AST PRL, which is legislation aimed at maximizing economic opportunities of cleaner, cheaper and more reliable energy.
In addition, it said the bill is aimed at strengthening Australia’s financial system.
It will implement 2 important reforms; new mandatory climate reporting requirements.
Namely, for big companies; the second of these reforms is the implementation of a new regime to protect country's financial market infrastructure in the event of a crisis.
Climate Reporting
This bill will introduce standardized, internationally-aligned reporting requirements for businesses to ensure they are making high quality climate-related financial disclosures.
This will establish Australia’s climate risk disclosure framework, giving investors and firms the transparency, clarity and certainty they need to invest in new opportunities as part of net zero transformation; reporting requirements will commence per below.
Specifically, from Jan. 1, 2025 for Australia’s largest listed and unlisted companies and financial institutions and other large businesses will be phased in over time.
Financial Market Infrastructure
AST GVT said these reforms address a gap in Australia's financial system regulatory arrangements, and implement an important, longstanding AST CFR recommendation.
Bill will allow AST CB to step in and quickly resolve crises impacting critical financial market infrastructure and strengthens AST CB and AST ASIC's regulatory powers.
It will also ensure continuity of clearing and settlement services in the face of a crisis.
Apr. 11, 2024 AST FSC on Referral of Bill
On Apr. 11, 2024, AST FSC said the Treasury laws amendment (financial market infrastructure and other measures) bill, detailed above, has been referred to Senate Economics Legislation Committee for inquiry and report; report is due Apr. 30, 2024.
Apr. 22, 2024 AST GVT Press Conference
On Apr. 22, 2024, AST GVT held a press conference in the Blue Room in Canberra, which covered various matters including support for climate disclosure regime above.
AST GVT welcomed support from business community for the regime, said investors with over AUD 80trn in assets back AST GVT's plan strongly and unequivocally.
It also stated this regime will help investors play their part in making Australia a renewable energy superpower as part of a Future made in Australia, see #208853.
In Apr. 2024, AST ASIC spoke on mandatory climate disclosure regime, see #209589.
Regulators
AST FSC; AST GVT; AST PRL
Entity Types
Auditor; B/D; Corp; Exch
Reference
PR 4/22/2024; Art 78, 4/11/2024; Bill, Info, PR 3/27/2024; ESG
