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

The Minister for Revenue and Assistant Treasurer, the Hon Peter Dutton has introduced the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill 2007 into Parliament.

The Bill contains a number of measures that are in keeping with the “Rethinking Regulation” Report from the Taskforce on Reducing Regulation Burdens on Business.  

The Bill includes measures to:

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

UPDATE: The Senate Economics Committee Report is due on 31 July 2007