The Parliamentary Secretary to the Treasurer, Chris Pearce, who has portfolio responsibility for corporate and financial services regulation, has again acted to further reduce the regulatory and compliance burden in Australia.
In announcing the most comprehensive package of ideas for improvement since the Corporate Law Economic Reform Program (CLERP) began, Mr Pearce continues his track record of delivering much needed simplification for Australian consumers and industry.
“Reducing the regulatory burden is a top priority for the Australian Government. Since my appointment in 2004, I have received large numbers of representations from consumers and industry about the complexity and volume of corporate and financial services regulation.
“In May 2005, I announced that we would refine Financial Services Regulation (FSR); in December 2005 I delivered on this commitment. The package that I am announcing today goes much further.
“I am asking consumers and business to comment on issues to determine the most effective and efficient way of addressing the regulatory burden. I have put particular emphasis on achieving continued consumer protection, minimised compliance costs, access to capital and enhanced accountability of regulators.
“This consultation paper outlines 56 issues. To ensure the best result I encourage all interested stakeholders to engage in a thorough analysis of this paper. As was the case with the FSR refinements last year, I want to hear from consumers and industry about their ideas as to whether the proposed changes are required and how we can achieve them.
Mr Pearce's consultation paper focuses on the following areas:
- further refinements to FSR;
- company reporting obligations;
- auditor independence;
- corporate governance;
- fundraising;
- takeovers;
- collective investments;
- dealing with regulators.
“These actions demonstrate my firm commitment to achieving A Simpler Regulatory System for the benefit of all Australians; this is something I believe needs to happen for continued economic prosperity,” Mr Pearce said.
Written comments on the consultation issues should be received by 19 May 2006 and may be submitted by mail, fax or email to:
Corporate and Financial Services Regulation Review
Corporations and Financial Services Division
The Treasury
Langton Crescent
PARKES ACT 2600
Fax: 02 6263 2770
CFScomments@treasury.gov.au
Please visit www.treasury.gov.au for a copy of the Corporate and Financial Services Regulation Review Consultation Paper.
7 April 2006
MELBOURNE
Contact: Andrew Conway 03 9887 3890