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