The Government has completed its initial consultation on its December 2006 discussion paper Streamlining Prudential Regulation: Response to ‘Rethinking Regulation’, which canvassed options to simplify and streamline prudential regulation in response to issues raised by the Taskforce on Reducing Regulatory Burdens.
Response to ‘Rethinking Regulation’ attracted a great deal of interest from across the financial sector, reflected in the number of submissions received. While these submissions were broadly supportive of the Government’s approach, some concerns were expressed about the Government’s proposals in relation to reviewing APRA’s administrative decisions.
In light of industry comments, the Government has decided to introduce a court-based process for decisions to disqualify individuals under APRA‑administered legislation, similar to the disqualification framework used by the Australian Securities and Investments Commission. The Government will consult further with industry on the implementation of this measure and on options for removing Ministerial consent from, and expanding the availability of, merits review for APRA’s decisions.
The Government will continue to progress the other proposals canvassed in Response to ‘Rethinking Regulation’, with the aim of having legislation ready for introduction in the Winter 2007 sittings. The Government expects to be able to consult on draft legislation shortly.