Corporate and Financial Services Regulation Review – Proposals Paper

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Abstract:

On 16 November 2006, the Parliamentary Secretary to the Treasurer released the Corporate and Financial Services Regulation Review Proposals Paper. The proposals, which reflect the views presented during consultation on the April 2006 Corporate and Financial Services Regulation Review Consultation Paper, include suggestions to simplify and improve regulation in the areas of:

• financial services;
• company reporting obligations;
• auditor independence;
• corporate governance;
• fundraising;
• takeovers; and
• compliance.

On 7 August 2006, the Parliamentary Secretary announced that the reforms arising from the April 2006 Corporate and Financial Services Regulation Review Consultation Paper will principally be achieved through the Simpler Regulatory System Bill, which is intended to be introduced into Parliament in 2007.

The proposals maintain the Government’s commitment to achieving the following objectives:

• Continued protection of consumers.
• Minimising compliance costs for business.
• Removing regulatory overlap.
• Facilitating access to capital.
• Enhancing the accountability of regulators.

The Government is consulting with industry and consumer representatives on the proposals contained in the paper, particularly with respect to the merit of taking the proposals forward and whether there are any major concerns with the proposals in their current form. It is expected that further consultation on the details of the proposals will be undertaken in the course of drafting legislation to implement the proposed regulatory amendments.

Submission closing date: 19 January 2007

Address written comments to:

Corporate and Financial Services Regulation Review
Corporations and Financial Services Division
The Treasury
Langton Crescent
PARKES ACT 2600

Fax: 02 6263 2770

Email: CFScomments@treasury.gov.au

Enquiries about this paper may be directed to:

Regulation Review Project Team
Corporations and Financial Services Division
The Treasury
Ph: 02 6263 3971

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