“Legislation to cut redtape for the financial services sector by streamlining prudential regulation was introduced into Parliament this morning” the Minister for Revenue and Assistant Treasurer, the Hon Peter Dutton said today.
“The Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill 2007contains a number of measures that are in keeping with the “Rethinking Regulation” Report from the Taskforce on Reducing Regulation Burdens on Business” Mr Dutton said.
The Bill includes measures to:
- streamline breach reporting;
- provide greater flexibility through exemption powers, enforceable undertakings and discretion under prudential standards;
- simplify processes for appointing actuaries and auditors and enhanced cooperation with professional bodies; and
- simplify the Life Insurance Act 1995 and the Superannuation Industry (Supervision) Act 1993.
“In particular, the changes to breach reporting will make processes simpler and in doing so will reduce costs, duplication and effort for the financial services sector,” Mr Dutton said.
This Bill also includes measures to amend Part 23 of the Superannuation Industry (Supervision) Act 1993 so that where the fund has suffered loss as a result of fraudulent conduct or theft, financial assistance is available on a more equitable basis. The Bill also amends various legislation as a consequence of the enactment of the Legislative Instruments Act 2003.
“I would like to thank those individuals and organisations that have provided input throughout the consultation process. This Bill is further evidence of the Government’s commitment to cutting redtape for the financial services sector ” Mr Dutton said.