Chris Pearce MP, Parliamentary Secretary to the Treasurer, today welcomed the Corporations Legislation Amendment (Simpler Regulatory System) Bill 2007 and related legislation being passed by the Parliament last night.
Stakeholders including the Australian Bankers’ Association, the Insurance Council of Australia, the Investment and Financial Services Association and the Business Council of Australia (BCA) welcomed the reforms when they were introduced into the Parliament last month.
BCA Chief Executive, Ms Katie Lahey, said, “This is a good example of a review of existing legislation to determine whether it remains effective and efficient, with amendments to ensure that unnecessary costs are not imposed on business”.
On 19 June, the Parliamentary Joint Committee on Corporations and Financial Services recommended the Simpler Regulatory System Bills be passed without amendment.
“I am very pleased that the Government has been successful in delivering passage of this legislation during the Winter session of Parliament. This will enable many of the benefits that will flow from a reduction in the regulatory burden to be available from 1 July 2007, in particular the improved facility for distribution of the 2006–2007 annual reports over the Internet and electronic registration of charges,” said Mr Pearce.
Some aspects of the package, particularly changes to streamline regulation of financial advice, require supporting regulations which will be issued in the coming weeks. There will also be regulations to refine the financial services provisions to, among other things, allow disclosure documents to incorporate supplementary material by reference, thereby making them shorter and easier for consumers to understand.
“With the cooperation of stakeholder groups, we have made Australia’s corporate and financial services regulatory framework simpler and more efficient. The Government looks forward to delivering further major reform packages in the future that will deliver benefits to consumers and business for the long-term benefit of all Australians,” Mr Pearce said.
22 June 2007
CANBERRA
Contact: Conor O’Brien 0402 970 515 or 02 6277 2088