The Treasurer has announced that the Government will introduce a financial sector regulatory initiatives grid to help financial services businesses to plan for change, 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.

The grid will give financial services providers visibility of regulations that might impact their businesses.

It will be modelled on the United Kingdom Regulatory Initiatives Grid which sets out the planned regulatory initiatives for the next 24 months.

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.

It will be established and administered by Treasury and include proposed legislation, rule, and regulations and standard making, consultation processes, and data collection processes.

The grid will include initiatives of agencies including the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulatory Agency (APRA), the Australian Competition and Consumer Commission (ACCC), the Reserve Bank of Australia (RBA), and the Australian Taxation Office (ATO).

If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.

Author: David Jacobson
Principal, Bright Corporate Law
Email:
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.