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7 June 2013
In 2009, two sets of amendments were made to the Marriage Celebrant program administered by the Attorney-General’s Department. These changes increased the level of qualification required for registration as a new marriage celebrant to a Certificate IV level; and amended the delivery of compulsory professional development for marriage celebrants.
A Regulation Impact Statement (RIS) was required [...]
Continue reading Marriage Amendment Regulations 1 and 2 of 2009 -Post-implementation Review – Attorney-General’s Department
7 May 2013
On 26 April 2013, the Minister for Financial Services and Superannuation announced that the Government will strengthen the professional indemnity insurance requirements for Australian Financial Services Licensees (‘Licensees’). These changes were announced as part of the Australian Government’s response to the report, Compensation arrangements for consumers of financial services (‘the St John Report’).
Currently, licensees are [...]
Continue reading Requiring Australian Financial Services Licensees to assure ASIC on the adequacy of their professional indemnity insurance – Regulation Impact Statement – Treasury
12 April 2013
Superannuation reporting standards require regulated superannuation funds to provide certain information to the Australian Prudential Regulation Authority (APRA). These reporting standards were previously updated in 2004. Since then, the superannuation industry has evolved significantly and become considerably larger and more complex. In particular, superannuation entities now have a greater number of products, investment options and [...]
Continue reading Superannuation Reporting Standards –Regulation Impact Statement – Australian Prudential Regulation Authority
14 March 2013
On 25 January 2013, COAG released a Consultation Regulation Impact Statement (RIS) which outlines the potential for regulatory duplication between the Commonwealth governance and reporting standards under the Australian Charities and Not-for-profits Commission Act 2012 (the ACNC Act) and existing State and Territory requirements for charities.
The ACNC Act sets outs the eligibility for a not-for-profit [...]
Continue reading Governance and reporting standards for charities –COAG Consultation Regulation Impact Statement –Standing Council on Federal Financial Relations
28 February 2013
On 17 October 2012, legislation was introduced in the NSW Parliament to enact the national law relating to electronic conveyancing. The national law for electronic conveyancing establishes a nationally consistent scheme to enable the transfer of property and other related transactions to occur electronically. While participation in the electronic conveyancing scheme is voluntary a high [...]
Continue reading Non-compliance with COAG’s best practice regulation requirements –Electronic Conveyancing National Law – Australian Registrars’ National Electronic Conveyancing Council
27 February 2013
On 12 February 2009, the Treasurer announced changes to the foreign investment review framework to ensure that it would apply equally to all foreign investment proposals irrespective of the way they were structured. A Regulation Impact Statement was not prepared by Treasury for that decision. Consequently, a Post-implementation Review (PIR) was required to be undertaken [...]
Continue reading Foreign Acquisitions and Takeovers Amendment Act 2010 and its associated Regulations – Post-implementation Review – Treasury
27 February 2013
Australia’s foreign investment laws generally require foreign persons to notify the Government in advance of acquiring interests in Australian land, including residential real estate. In 2008, amendments were made to the foreign investment review regime which exempted temporary residents from notifying certain acquisitions of residential real estate. In broad terms, acquisitions by temporary residents did [...]
Continue reading Foreign Acquisitions and Takeovers Regulations 2010 (No. 2): Reintroduction of notification requirement for temporary residents purchasing residential real estate – Post-implementation Review – Treasury
15 January 2013
On 21 December 2012, the Minister for Financial Services and Superannuation released for public consultation draft legislation to address perceived gaps in existing credit regulation and enforcement.
In recent investment collapses, high levels of losses to individual consumers were exacerbated in some situations by the use of credit to invest. Some activity by market participants can [...]
Continue reading Credit for investment – Regulation Impact Statement – The Treasury
15 January 2013
On 21 December 2012, the Minister for Financial Services and Superannuation released for public consultation draft legislation to address perceived gaps in existing credit regulation and enforcement.
A review of the provision of credit to small business has shown that, while the majority of small business lenders and brokers provide a valuable service, some practices exist [...]
Continue reading Small business credit – Regulation Impact Statement – The Treasury
15 January 2013
On 21 December 2012, the Minister for Financial Services and Superannuation released for public consultation draft legislation to address perceived gaps in existing credit regulation and enforcement.
The draft legislation seeks to address avoidance by prohibiting ‘credit-like’ transactions arranged for the purpose of avoiding the National Credit Code.
While the costs have not been fully quantified, the [...]
Continue reading Addressing avoidance of the National Credit Code – Regulation Impact Statement – The Treasury
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Overview. Best Practice Regulation Updates publishes information about regulatory decisions announced by the Australian Government, and by COAG and Ministerial Councils, including Regulation Impact Statements (RIS), the OBPR’s RIS assessments, when a Prime Minister’s exemption has been granted and Post-implementation Reviews.
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