In response to Statements of Expectations from the Commonwealth Government regarding its policies, the following regulators have now each issued Statements of Intent:
- Australian Accounting Standards Board
- Australian Competition and Consumer Commission
- Australian Energy Regulator
- Australian Prudential Regulation Authority
- Australian Securities and Investments Commission
- Australian Taxation Office
- Auditing and Assurance Standards Board
- Tax Practitioners Board.
The issue of “regulatory architecture” and the mandates and perimeters of regulators was discussed in the Financial System Inquiry Interim Report.
The Interim Report observes that “Regulators’ mandates and powers are generally well defined and clear; however, more could be done to emphasise competition matters.”
The Interim Report also suggested consideration be given to membership of the Council of Financial Regulators (CFR) being extended to include the ACCC, AUSTRAC and the ATO.
Currently CFR membership comprises the Reserve Bank of Australia (RBA), which chairs the Council; the Australian Prudential Regulation Authority (APRA); the Australian Securities and Investments Commission(ASIC); and The Treasury.
The Inquiry noted that the four existing CFR members do not have direct responsibility to address some objectives relevant to the financial system, for example:
•Anti-competitive behaviour — regulated by the ACCC
•AML and counter-terrorism financing — regulated by AUSTRAC
•Compliance-based regulation of SMSFs — regulated by the ATO.
A final report is to be provided to the Treasurer by November 2014.
The Competition Policy Review has also indicated it is looking at the role of regulators in competition policy.
It expects to issue its draft report by the end of September 2014 with its final report to be delivered to the Government in March 2015.
