Comlaw has published a consolidated Australian Securities and Investments Commission Act incorporating new sections 12CB and 12CC made by the Competition and Consumer Legislation Amendment Act 2011 in relation to unconscionable conduct in connection with financial services.

The sections simplify the unconscionable conduct provisions of the Australian Securities and Investments Commission Act 2001 by including a list of interpretative principles and remove the distinction in the existing provisions between unconscionable conduct affecting businesses and those affecting consumers. It does not apply to listed public companies.

The changes commenced 1 January 2012.