Treasury has published the first edition of the Regulatory Initiatives Grid (RIG) which details reform priorities and initiatives that will materially affect the financial sector over the next 2 years.
It covers data collection and consultation on policy changes as well as legislation, regulations and instruments by the following agencies:
- Treasury
- Attorney-General’s Department
- Australian Competition and Consumer Commission (ACCC)
- Australian Financial Security Authority (AFSA)
- Australian Prudential Regulation Authority (APRA)
- Australian Securities and Investments Commission (ASIC)
- Australian Taxation Office (ATO)
- Australian Transaction Reports and Analysis Centre (AUSTRAC)
- Reserve Bank of Australia (RBA).
The RIG first edition does not include changes by the Privacy Commissioner.
The RIG divides the financial system into 8 sectors:
- Banking, credit and lending
- Collective management and investment management
- Financial advice
- Financial markets
- Insurance and reinsurance
- Payment services and digital assets
- Superannuation and retirement income
- Other.
The RIG divides initiatives into 4 categories that reflect policy lifecycle phases:
- Policy development
- Development of legislation, regulations and instruments
- Ongoing program implementation
- Review and evaluation.
It will still be up to businesses to assess the impact on products and executives’ accountabilities and key functions.
It is available in three formats: a RIG Report, an interactive dashboard, and an Excel workbook.
An updated RIG publication (Edition 2) is planned to be published in September 2025.
After this, the RIG will be updated and published twice a year (March and September).
The forward calendar is presented in quarter year periods for year 1 (Q1 – Q4), and half year periods for year 2 (H1 – H2). All activities and dates are indicative only and are subject to change by the agency or regulator.
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Author: David Jacobson
Principal, Bright Corporate Law
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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.
