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Senators back legislation drawn up to boost business

Arianna Hodgson (File photograph)

Financial services companies are in line to get a competitive edge after senators approved new legislation yesterday.

The Incorporated Segregated Accounts Companies Amendment Act amended 2019 legislation to clarify that an incorporated segregated account qualified as a company at the time of registration.

John Wight, an independent senator who also sits on an advisory council for the insurance and reinsurance industries, said: “The market will be extremely pleased that this has been brought forward.”

The legislation also streamlined the process for registration of a digital asset business as an ISAC.

Senators also approved the related Segregated Accounts Companies Amendment Act, which was designed to remove regulatory burdens.

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Published October 08, 2021 at 8:00 am (Updated October 10, 2021 at 5:38 pm)

Senators back legislation drawn up to boost business

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