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Exposure Draft Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Bill 2010 and Explanatory Material

Date:

Tuesday, 19 January 2010

Content ID:

1708

Abstract:

On 19 January 2010, the Hon Chris Bowen MP released an exposure draft of the Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Bill 2010, with explanatory material for public consultation.

The proposed reforms would enhance APRA's ability to regulate bodies in the financial sector in accordance with prudential laws. The Bill would ensure APRA has the powers necessary to take effective action to protect depositors and policy holders, to promote financial system stability in Australia, and to respond to emerging trends in the financial sector.

This Bill would also make amendments to the financial sector levies frameworks that have been recommended by the 2009 Report of the Review of Financial Sector Levies.

The Government welcomes submissions regarding the measures contained in the Bill or regulatory offsets that could be made which would result in a net reduction in the cost of regulation by 5pm Tuesday 16 March 2010.

Making a submission

Interested parties are invited to comment on the paper. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Tuesday, 16 March 2010

Address written submissions to:
General Manager
Financial System Division
The Treasury
Langton Crescent
PARKES ACT 2600

Email: FSLAbill@treasury.gov.au

For enquiries relating to insurance please contact Rhonda Luo (02) 6263 3933. For all other enquires please contact Kanwaljit Kaur (02) 6263 3717 or Matthew Bowd (02) 6263 2881.

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Exposure Draft  383.86kb
Explanatory Material  193.53kb
Report of the Review of Financial Sector Levies  143.15kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft  992.16kb
Explanatory Material  413.39kb
Report of the Review of Financial Sector Levies  388.60kb

Related Items:

Submissions: Exposure Draft Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Bill 2010 and Explanatory Material - 17/03/2010
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