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ARTICLE · 12 FEBRUARY 2024

Funds Update – 2 February 2024

Herbert Smith Freehills Kramer LLP
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On 12 January 2024, Treasury released the Treasury Laws Amendment Bill 2024: Climate-related financial disclosure (Exposure Draft Legislation)...

AustraliaFinance and Banking
Fiona Smedley
Fiona Smedley

In this Funds Update for 2 February 2024:

  1. Treasury releases exposure draft legislation on climate-related financial disclosure
  2. ASIC consults on 5 'sunsetting' managed investment scheme class orders
  3. HSF's global FSR outlook for 2024

Treasury releases exposure draft legislation on climate-related financial disclosure

On 12 January 2024, Treasury released the Treasury Laws Amendment Bill 2024: Climate-related financial disclosure (Exposure Draft Legislation), building on the second consultation paper published by Treasury in June 2023.

The Exposure Draft Legislation seeks to amend parts of the Corporations Act 2001(Cth) (Corporations Act) and the Australian Securities and Investment Commission Act 2001 to introduce mandatory requirements for large businesses and financial institutions (including large registered schemes) to disclose their climate-related risks and opportunities. The proposed requirements will be phased-in over the next three years.

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