The Minister for Revenue and Assistant Treasurer, Peter Dutton, released a today the discussion paper Streamlining Prudential Regulation: Response to ‘Rethinking Regulation’ for public comment.
The discussion paper contains a number of proposals to further streamline prudential regulation legislation for authorised deposit-taking institutions, general and life insurers and superannuation entities.
The proposals contained in the paper are in response to recommendations regarding prudential regulation contained in the Rethinking Regulation report of the Taskforce on Reducing Regulatory Burdens on Business released earlier in the year, as well as outstanding recommendations of the HIH Royal Commission and issues raised directly by industry.
The proposals are aimed at addressing many of the financial services sector’s concerns by removing regulatory overlaps, providing greater flexibility for APRA to tailor prudential requirements, removing unnecessary or out of date legislation and improving APRA’s independence and accountability for its decisions.
The Government invites interested parties to provide comments on the proposals by
Friday, 15 February 2007.
Submissions can be made to the Streamlining Prudential Regulation Project at SPRsubmissions@treasury.gov.au or the following address:
Streamlining Prudential Regulation Project
Financial System Division
The Treasury
Langton Crescent
PARKES ACT 2600