Corporate and Financial Services Regulation Review – Consultation Paper

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Abstract:

On 7 April 2006, the Parliamentary Secretary to the Treasurer released a Consultation Paper entitled Corporate and Financial Services Regulation Review.

The Government would like to consult with industry and consumer representatives on the issues raised in the paper, with a view to formulating proposals which should be taken forward to address regulatory concerns. The intended outcome is to improve the operation of corporate and financial services regulation and to implement the Parliamentary Secretary to the Treasurer’s aim for A Simpler Regulatory System.

The Consultation Paper contains a variety of corporate and financial services regulatory issues that reflect the feedback that has been provided to the Government, as well as information which has been gathered through specific reviews. The paper covers the areas of financial services regulation, company reporting obligations, auditor independence, corporate governance, fundraising, takeovers, collective investments and dealing with regulators.

Through consultation on the issues raised in the paper, the Government intends to develop definite proposals to achieve the following objectives:

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

Submission closing date: 19 May 2006

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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