The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has today released an exposure draft of regulations which support the legislation that transfers responsibility for supervision of Australia's financial markets to the Australian Securities and Investments Commission (ASIC).
Mr Bowen said the release of the regulations meant the handover of supervisory responsibilities remained on track for the third quarter of this year.
"As I have previously indicated, the transfer of market supervision will take place in the third quarter of this year. On current indications, we anticipate ASIC will be in a position to assume responsibility for supervising market participants in August," Mr Bowen said.
"The transfer will not take place, however, until I am completely satisfied that all the necessary preparations have been made and systems are in place to ensure as smooth a handover as possible."
The regulations provide the details of how the transfer of supervisory responsibility to ASIC will work, including the additional powers ASIC will have to enforce the new market integrity rules.
The proposed regulations:
- provide details of the infringement notice and enforceable undertaking regime;
- provide for transitional and grandfathering arrangements to ensure the smooth transfer of supervisory responsibility to ASIC;
- allow for specified markets to be exempt from ASIC supervision on day one of the transfer of responsibility; and
- make other minor consequential changes.
Submissions may be lodged electronically, by post or facsimile to:
Market Supervision Regulations
Corporations and Financial Services Division
The Treasury
Langton Crescent
PARKES ACT 2600Fax: 02 6263 2770
Email: marketsupervision@treasury.gov.au
The closing date for submissions on the draft regulations is 11 June 2010.
Regulations to support the Corporations Amendment (Fees) Act 2010 are currently being finalised. These regulations, which detail how the costs of supervision will be recovered, will be released for consultation once drafting has been completed.
Further information on these reforms is available at www.treasury.gov.au.
13 May 2010