Part of a package of three bills to establish the Carbon Farming Initiative, the bill amends the:
Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to provide that financial institutions and other persons who buy Australian carbon credit units (ACCUs) are subject to reporting and other obligations;
Australian Securities and Investments Commission Act 2001 and
Corporations Act 2001 in relation to the regulation of financial services for ACCUs;
Australian Securities and Investments Commission Act 2001,
Competition and Consumer Act 2010 and
National Greenhouse and Energy Reporting Act 2007 to provide for the appropriate exchange of information between administrators; and
National Greenhouse and Energy Reporting Act 2007 to extend the arrangements for reporting transfer certificates beyond 30 June 2011.