Regulatory Radar Q4 2024
In our final edition of Regulatory Radar for the year, we provide an update on the most significant regulatory updates from the last quarter and look ahead to major reforms in 2025 and beyond.
Navigating Australia’s Regulatory Landscape
In this edition we cover:
- Mandatory climate-related risk disclosure regime starting January 1, 2025
- Privacy Act reforms to enhance Australia's privacy framework and align with international laws, with staged commencement dates starting from December 11, 2024 and into 2025-2026 for certain reforms
- Informed consent obligations for commissions for retail clients for personal advice starting July 10, 2025
- New Australian merger control regime starting January 1, 2026
- Updates relating to the three-yearly independent review of the General Insurance Code of Practice. The second phase of the review, focusing on flood-related matters, is anticipated by June 30, 2025
- AI regulation developments, including the Australian government’s consultation on proposed mandatory guardrails for high-risk AI use cases and the issue of Voluntary AI Safety Standards.
Additionally, updates to the General Insurance Code of Practice are expected, with over 100 recommendations made under the first phase of the three-yearly review of the Code. The second phase of the review, focusing on flood-related matters, will report by June 30, 2025. AI regulation will also be a focus in 2025, with the government consulting on mandatory guardrails for high-risk AI use cases.
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This publication constitutes a summary of the information of the subject matter covered. This information is not intended to be nor should it be relied upon as legal or any other type of professional advice. For further information in relation to this subject matter please contact the author.
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