Timetable For FSR Regulations

The Minister for Financial Services & Regulation, Joe Hockey, today outlined the timetable for the release of draft regulations under the Financial Services Reform Bill .

The regulations, which flesh out the operation of the Bill, will be released in instalments with the first tranche covering financial markets and clearing and settlement facilities made public in the week beginning 6 August.

Regulations covering the licensing of financial service providers and product disclosure will then be released over the following weeks and will be posted on the Treasury website (www.treasury.gov.au/fsr_regs/).

"I want to make sure that everyone has an opportunity to have their say on the regulations. Written public submissions are welcome within 14 days of the release of each tranche," the Minister said.

Meetings will also be convened with the Implementation Consultative Committee (ICC) to discuss the regulations,' the Minister said.

The ICC has been set up to help develop the regulations and is made up of practitioners from key financial services interest groups.

Meetings of the ICC will be held about 7 days after the release of each batch of regulations.

The Bill is scheduled for debate in the Senate in the week starting 20 August and the Government is committed for the Bill to commence on 1 October this year.

ASIC has released for consultation Policy Proposal Papers in April and June covering licensing and disclosure obligations.

"The Bill is the culmination of extensive work and consultations stretching back to 1997. Once enacted the legislation will generate significant efficiencies for players in the industry as well as support an effective regime for the protection of consumers."

3 August 2001

Media contact: Matthew Abbott, Minister's office, 02 6277 7230, 0413 076 213

Interim members of the Implementation Consultative Committee