Refinements to Financial Services Regulation - Proposals Paper May 2005

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On 2 May 2005, the Parliamentary Secretary to the Treasurer released a Proposals Paper entitled Refinements to Financial Services Regulation. The proposals contained in the paper respond to concerns raised by the community with the Government relating to aspects of the practical operation of the changes brought about by the Financial Services Reform Act 2001. The paper outlines a series of proposals aimed at addressing these concerns.

The Government will consult with industry and consumer representatives on the proposed refinements to the regulatory framework put forward in the proposals paper, prior to preparing the necessary changes.

While written comments on the paper are welcomed, the primary means of consulting is through meetings between the Government (represented by the Treasury and, where appropriate, the Parliamentary Secretary to the Treasurer) and industry and consumer representatives.

Anyone who is either not a member of a representative body, or who would like to be separately represented at a consultation meeting, should contact the Treasury – see details below. While every effort will be made to accommodate requests for individual representation, it may not be possible in all cases, in order to ensure that the consultation process remains manageable.

The Government is looking to introduce any refinements to financial services regulation as soon as practicable.

Submission closing date: 3 June 2005

Address written comments to:

FSR Refinements Project
Corporations and Financial Services Division
The Treasury
Langton Crescent
PARKES ACT 2600

Fax: 02 6263 2770

Email: FSRcomments@treasury.gov.au

Inquiries about the proposals paper or the further consultation process may be directed to:

Manager — Investor Protection Unit
Corporations and Financial Services Division
The Treasury
Ph: 02 6263 3962

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