Treasury has released the Regulatory Initiatives Grid – Edition 2 which lists publicly communicated regulatory reform priorities and initiatives that will materially affect the financial sector over the next 2 years.
The RIG divides the financial system into 8 sectors:
• Banking, credit and lending
• Collective management and investment management
• Financial advice
• Financial markets
• Insurance and reinsurance
• Payment services and digital assets
• Superannuation and retirement income
• Other
The RIG includes a table which outlines changes to the initiative name or to milestones between edition 1 and this 2nd edition of the RIG. In addition, several initiatives had the lead agency changes from Attorney General’s Department to Treasury or to Home Affairs due to the machinery of government changes.
The RIG has a strategic focus and is not intended to be exhaustive. It does not include day-to-day work undertaken by regulators. The RIG does not include:
• regulatory investigations relating to significant compliance or enforcement activities
• non-regulatory initiatives and activities (such as undertaking research, strengthening financial literacy, and engaging with the financial sector to explore opportunities to enhance existing systems)
• multi-agency simulation activities to test preparedness and crisis response
• standard or long-standing processes or activities that are well understood by industry stakeholders
• initiatives led by international bodies or international organisations, unless a contributing agency is responsible for implementing measures that satisfy the inclusion criterion.
The RIG is available in 3 formats: a report, a Microsoft Excel Workbook and an interactive dashboard.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
