The Minister for Revenue and Assistant Treasurer, the Hon Peter Dutton has introduced the
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill 2007 into Parliament.

The Bill contains a number of measures that are in keeping with
the “Rethinking Regulation” Report from the Taskforce on Reducing Regulation Burdens on Business.
 

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.

UPDATE: The Senate Economics Committee Report is due on 31 July 2007