The Parliamentary Secretary to the Treasurer, Chris Pearce, has announced an extension of time for comments on the Corporate and Financial Services Regulation Review Proposals Paper.
Mr Pearce last month unveiled the most broad-ranging package of proposed corporate law reform since the Corporate Law Economic Reform Program (CLERP). “I am placing a great emphasis on stakeholder comments. I also want to acknowledge requests for more time, accordingly, I am extending the consultation period from 22 December 2006 to 19 January 2007,” said Mr Pearce.
Mr Pearce keenly welcomes comments from consumers and industry on the proposed regulatory reforms. “I cannot overstate the value of these submissions and the importance of hearing from stakeholders. Their submissions and comments will contribute to shaping functional proposals that will ultimately achieve the goal of simplifying the regulatory system,” said Mr Pearce.
To date, there has been a good response to the proposals. The submissions received are comprehensive and have provided a thorough consideration of the key issues.
The reforms arising from the Corporate and Financial Services Regulation Review Consultation Paper will principally be implemented through the Simpler Regulatory System Bill. Following receipt of all submissions, Treasury will engage with stakeholders on key technical issues and draft provisions will be released after comments on the proposals have been taken into consideration.
Please visit www.treasury.gov.au for a copy of the Corporate and Financial Services Regulation Review Proposals Paper and for details on how comments may be submitted.
20 December 2006
MELBOURNE
Contact:
Conor O’Brien - 03 9887 3890 or 0402 970 515