Summary

Amends the: Australian Securities and Investments Commission Act 2001, Corporations Act 2001 and 42 other Acts to implement certain recommendations of the Australian Law Reform Commission’s Financial Services Interim Reports A and B to: ‘unfreeze’ the Acts Interpretation Act 1901 so that the current version applies to the Australian Securities and Investments Commission Act 2001 and Corporations Act 2001; create a single glossary of defined terms in the Corporations Act 2001; repeal redundant definitions; address unclear or incorrect provisions; simplify unnecessarily complex provisions; and make consequential and contingent amendments; Insurance Acquisitions and Takeovers Act 1991, Insurance Act 1973, Insurance Contracts Act 1984, Life Insurance Act 1995 and Terrorism and Cyclone Insurance Act 2003 to implement findings of the thematic review of insurance instruments due to sunset on 1 October 2023; Corporations Act 2001 and National Consumer Credit Protection Act 2009 to move certain matters currently in legislative instruments into primary law. Also makes minor and technical amendments to 10 Acts in the Treasury portfolio and repeals the ASIC Corporations (Superannuation and Schemes: Underlying Investments) Instrument 2016/378.