Draft Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill 2007 released

The Minister for Revenue and Assistant Treasurer, the Hon Peter Dutton, has released an exposure draft of the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill 2007 for industry comment.

The Bill contains a number of proposals to streamline and simplify prudential regulation in a manner that is consistent with the findings of the Bank’s Inquiry Report, including  

• streamlined breach reporting;
• flexibility through exemption powers, enforceable undertakings and discretion under prudential standards;
• simpler processes for appointing actuaries and auditors and enhanced cooperation with professional bodies; and
• proposals simplifying the Life Insurance Act 1995 and the Superannuation Industry  (Supervision) Act 1993.

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

Comments on the draft Bill may be made up to 30 May 2007.

UPDATE 21 June 2007: Bill introduced