Exposure Draft - Financial Sector Legislation Amendment (Simplifying Regulation & Review) Bill 2007

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The Minister for Revenue and Assistant Treasurer, the Hon Peter Dutton, has announced the release of an exposure draft of the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill 2007 (the draft Bill).  The draft Bill would implement proposals outlined in the Minister’s paper released on 4 December 2006, including proposals to:

• streamline breach reporting;
• enhance flexibility through exemption powers, enforceable undertakings and discretion under prudential standards;
• simplify processes for appointing actuaries and auditors and enhance cooperation between the Australian Prudential Regulation Authority and professional bodies; and
• simplify the Life Insurance Act 1995 and the Superannuation Industry (Supervision) Act 1993.

The proposals address Government commitments in response to the prudential aspects of the report of the Taskforce on Reducing Regulatory Burdens on Business, Rethinking Regulation, and further streamline and simplify prudential regulation in a manner that is consistent with the Taskforce’s findings.

A guide to the draft Bill is attached to assist stakeholders in examining how the proposals canvassed in Streamlining Prudential Regulation have been developed in the legislation.

The draft Bill also includes amendments implementing the Government’s response to the Review of Part 23 of the Superannuation Industry (Supervision) Act 1993.

The Government invites interested parties to comment on the draft Bill.  Submissions may be lodged electronically, by post or facsimile.

Submission closing date:  30 May 2007.

Address written submissions to:

Streamlining Prudential Regulation Project
Financial System Division
The Treasury
Langton Crescent
PARKES ACT 2600
Fax:  02 6263 3866

Email:  SPRsubmissions@treasury.gov.au

Inquiries about the draft legislation may be directed to:

Prudential Policy - Superannuation and Insurance Unit
Financial System Division
The Treasury
Ph: 02 6263 3067

Documents Available:

 Acrobat (PDF)

 Microsoft Word (RTF)

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