Since the last update to KWM’s Corporate Governance Regulatory Tracker in November 2024, there have been numerous updates, reforms, amendments, and commentaries on crucial aspects of Australia’s corporate governance framework. Many of these developments have been recorded in the latest edition of the Regulatory tracker, as at 11 March 2025.
A summary of the changes we have updated in the tracker include:
Mandatory Climate Reporting: Specifically, monitoring the updated guidance on the mandatory climate reporting regime, including the release of draft RG 000 and Consultation Paper 380 (CP 380) on 7 November 2024, the revised CP 380 on 12 November 2024, and the public consultation for CP 380, which concluded on 19 December 2024.
Modern Slavery: Tracking the progress of law reform to Australia’s modern slavery regime, including:
- The Modern Slavery Amendment (Australian Anti-Slavery Commissioner) Act 2024 coming into force on 7 November 2024;
- The Appointment and commencement of Chris Evans as Australia’s first Anti-Slavery Commissioner, on 11 November 2024 and 2 December 2024 respectively;
- The release of the Australian Government’s response to the statutory review of the Modern Slavery Act 2018 on 2 December 2024; and
- The passing of the Justice Legislation Amendment (Civil) Bill 2024 on 13 February 2025.
Anti-Money Laundering and Counter-Terrorism Financing: Tracking the continued reform to Australia’s AML/CTF regime, including:
- The introduction of the Anti-Money Laundering and Counter-Terrorism Financing Amendment (Making Gambling Businesses Accountable) Bill 2024 on 18 November 2024;
- The passing of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 on 29 November 2024;
- The public consultation for AUSTRAC’s proposed update to the AML/CTF Rules from 11 December 2024 to 14 February 2025;
- The amendments to the ‘tipping off’ prohibitions coming into effect from 31 March 2025; and
- The proposed timeline for finalisation of the AML/CTF rules, core guidance, and tranche 2 sector-specific guidance throughout 2025.
Consumer Data Right: Tracking Treasury’s continued development of the Consumer Data Right, including:
- The release of the updated draft amendments to the Competition and Consumer (Consumer Data Right) Rules 2020 on 26 November 2024;
- The consultation period for the ‘Competition and Consumer (Consumer Data Right) Rules 2020 – non-bank lending and banking data scope consultation’, which ended 24 December 2024; and
- The release of the Competition and Consumer (Consumer Data Right) Amendment (2025 Measures No 1) Rules 2025 (CTH) on 28 February 2025.
Continuous Disclosure: Specifically, the release of ASX’s note regarding its revised approach to monitoring and enforcing compliance with Listing Rule 3.1 on 5 March 2025.
Privacy and AI: Specifically, tracking the Privacy and Other Legislation Amendment Bill 2024’s receipt of Royal Assent on 10 December 2024, as well as noting the timelines for some of the key enforcement and reform dates, including serious invasions of privacy by 10 June 2025, and both automated decision-making obligations and the Children’s Online Privacy Code by 10 December 2026.
What’s next for the Regulatory Tracker?
In addition to the updates above, we also created a new category for tracking other updates, beginning with tracking the Scam Prevention Framework Bill 2025’s, which passed both Houses of Parliament on 13 February 2025 and received Royal Assent on 20 February 2025.
A larger update to the Regulatory tracker is planned for mid-2025, where new and emerging regulations for FY 2025-2026 will be tracked. If you have any corporate governance regulations that you would like to see us track, feel free to contact Tim Bednall or Jack Wheatstone.
We are continuing to track changes to these regulations so please continue to check the Regulatory Tracker for further updates. Please reach out to KWM or Owl Advisory by KWM if you would like to discuss navigating these regulations further.