The Government has committed to modernising certain laws so that they are ‘technology neutral’, to enable easier communication between businesses, individuals and regulators.
The first phase of legislative reform will focus on key areas raised by stakeholders which are implementation-ready (ideally by the end of 2021), including:
- Expanding the range of documents that can be validly signed electronically;
- Increasing the range of documents that can be sent electronically to shareholders and amending requirements to contact lost shareholders;
- Improving flexibility for customers when changing address and consenting to electronic communication with credit providers;
- Removing prescriptive requirements for notices to be published in newspapers, where suitable alternatives have been identified; and
- Addressing provisions in Treasury legislation where only non-electronic payment options are in place.
Subsequent phases will consider reforms in additional areas that could benefit from greater technology neutrality, including communication with regulators, and product disclosure and recordkeeping requirements.
Please contact our team on 03 9708 8801 or email info@rvpartners.com.au if you have any queries in relation to your record keeping requirements.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. The information contained within this document is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Robinson Voss Partners (RV Partners) strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.
