Financial services companies are in line to get a competitive edge after senators approved new legislation yesterday.

The Incorporated Segregated Accounts Companies Amendment Act amended 2019 legislation to clarify that an incorporated segregated account qualified as a company at the time of registration.

John Wight, an independent senator who also sits on an advisory council for the insurance and reinsurance industries, said: “The market will be extremely pleased that this has been brought forward.”

The legislation also streamlined the process for registration of a digital asset business as an ISAC.

Senators also approved the related Segregated Accounts Companies Amendment Act, which was designed to remove regulatory burdens.