Australian Government refinements to financial services regulation

The Federal Government released its Financial Services Regulation (FSR) Refinements Proposals Paper on 2 May 2005. The paper is intended to address issues on the practical operation of FSR. In this News Alert, we summarise these proposals, with initial comments in italics.

Overall, the proposed changes are welcome. However, one concern is that the Government has referred a number of issues to the Australian Securities & Investments Commission (ASIC) for consideration rather than proposing regulatory change. There are also significant issues not addressed, such as corporate superannuation.

Submissions are due by 3 June 2005 and the proposals will be introduced as soon as possible after that.

See full MinterEllison Analysis.