The Government will introduce a financial sector regulatory initiatives grid, which it says is to make sure the standard business of regulation is carried out in a more coordinated way.
Minister for Financial Services, Stephen Jones, says in a statement that the grid will “…give financial services providers – particularly medium‑sized and smaller players – clear visibility of regulation that might impact their businesses and will support engagement with proposed reforms and their implementation.”
Jones says the grid will be modelled on the grid in place in the United Kingdom, which has proved a useful tool in coordinating regulatory effort.
“The grid will be a rolling, 24‑month forward program of regulatory initiatives that will materially affect the financial sector, including banking, credit, insurance, superannuation, investment, payments, and capital market entities, updated twice a year.”
He says the Government wants to make it simpler and easier to do business “…and that’s what this will help achieve in the financial services sector.”
Jones adds that by engaging with industry, the government believes it will get better outcomes “…and that’s what this is all about – promoting transparency, collaboration and engagement with the private sector is an important part of our economy.”
…a regulatory grid will help financial services businesses engage with the Government and regulators more effectively and allow regulators to avoid duplication, build shared strategic priorities, and focus on how to best implement reforms…
He says a regulatory grid will help financial services businesses engage with the Government and regulators more effectively and allow regulators to avoid duplication, build shared strategic priorities, and focus on how to best implement reforms.
“It will also allow entities to allocate their resources more efficiently when implementing regulation – reducing compliance burden and costs.”
The grid will be established and administered by Treasury and include proposed legislation, rule, and regulation and standard making, consultation processes, and data collection processes.
Jones says the grid will include initiatives of agencies including ASIC, APRA, the Australian Competition and Consumer Commission, the Reserve Bank and the Australian Taxation Office.
Treasury will continue to engage with financial sector stakeholders in the development of the grid.
