The Federal Opposition has accused the Treasurer, Peter Costello, of watering down the latest round of corporate law reform and ignoring the findings of the HIH Royal Commission, in favour of big business.

As the Government settled down for a long night thrashing out vital amendments to the Financial Services Reform Act, the deputy opposition leader in the Senate, Stephen Conroy, was on the offensive saying the final version of Clerp 9 broke earlier promises to implement all the royal commission recommendations.

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