[Open – closing date: 20 April 2023] Competition in the provision of clearing and settlement services

The Australian Government has released a draft legislation that amends the Corporations Act 2001, the Competition and Consumer Act 2010, and the ASIC Act 2001 to promote competition in the provision of clearing and settlement services for financial markets.
The draft legislation grants the ASIC powers to enforce requirements for a monopolistic provider of CS services to operate in a way that ensures competitive outcomes and promotes safe and effective competition in the event of a competitor.
The draft legislation also empowers the ACCC to conduct binding arbitration to settle disputes over CS services access.
The government invites stakeholders to provide feedback on the draft legislation until 20 April 2023, with submissions accepted through electronic means in Word or RTF format.
All information submitted will be publicly available on the Treasury website unless specifically marked as confidential in a separate attachment. Legal requirements may affect the confidentiality of submissions. View the Australian Gouvernment’s submission guidelines for further information.