Water Amendment (Water Markets Intermediaries Code and Trust Accounting Framework) Regulations 2025.

The Water Amendment (Water Markets Intermediaries Code and Trust Accounting Framework) Regulations 2025 introduces a regulatory framework aimed at improving transparency, integrity, and accountability in Australia's water markets, particularly within the Murray–Darling Basin. The regulations amend the Water Regulations 2008 by prescribing a Water Markets Intermediaries Code and establishing a statutory trust accounting framework for intermediaries. These changes are part of the government's broader Water Market Reform Roadmap, which responds to the 2021 ACCC inquiry into water markets. The Code sets out standards of conduct for intermediaries who facilitate water trades. It requires them to act in the best interests of their clients, maintain confidentiality, and follow lawful instructions. It also introduces obligations around record keeping and professional conduct, with civil penalties for non-compliance. The trust accounting framework mandates that intermediaries must use trust accounts when handling client funds. It outlines requirements for maintaining these accounts, preparing statements, and undergoing audits. Exceptions are provided for intermediaries already subject to equivalent state or territory laws. The Australian Competition and Consumer Commission (ACCC) is tasked with enforcing the Code and monitoring compliance. The regulations also incorporate the Australian Auditing Standards by reference and include privacy protections for personal information collected under the framework.