I don't want to read between the lines too much here, but my reading of that is that there's a gamut of issues on which we've been negotiating with the law societies. Those touch on record keeping, client ID, and reporting requirements.
I don't think this recommendation is specifically saying there should be reporting requirements. I think it's saying, please come to an agreement on what you're going to do about reporting requirements. At least that's how I read it, but I don't want to speak for the Senate.