Financial Sector Reform update

As noted here , the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Bill 2007 and the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill 2007 were reviewed by the Senate Economics Committee.

The Committee has now delivered its reports here and here respectively.

The Committee recommended that both Bills be passed.

The report on the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill 2007 contains an interesting discussion on the new prudential whistleblower provisions and their difference from the Corporations Act provisions.

UPDATE 26 September. Act as passed: Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007

UPDATE 27 September. Act as passed: Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007