Financial Accountability Regime Bill 2022
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The Financial Accountability Regime Bill 2022 introduces a new accountability regime for the banking, insurance and superannuation industries.
Schedules 1 and 2 to the Financial Sector Reform Bill 2022 make consequential amendments to relevant Acts to support the Financial Accountability Regime.
The Bill commences on Royal Assent. For superannuation, the regime commencement date is 18 months after the commencement of the FAR Bill.
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Introduced into HoR 8 September 2022
The FAR Bill and the CSLR Bills were debated (via Cognate Debate).
These Bills may be debated in a later sitting.
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Financial Services Compensation Scheme of Last Resort Levy Bill 2022
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The CSLR is intended to support confidence in the financial system’s external dispute resolution framework.
The scheme will provide compensation where a determination issued by AFCA remains unpaid and the determination relates to a financial product or service within the scope of the scheme.
The Commonwealth will fund the establishment of the scheme and its operation in the first year. A levy will be imposed on the financial services industry to fund the scheme in future years.
The establishment of the scheme and the supporting levy framework commences on the day after Royal Assent.
The operator of the scheme can begin to make compensation payments under the scheme from 1 July 2023.
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Introduced into HoR 8 September 2022
The FAR Bill and the CSLR Bills were debated (via Cognate Debate).
These Bills may be debated in a later sitting.
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Financial Services Compensation Scheme of Last Resort Levy (Collection) Bill 2022
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As above.
The CSLR Bills were introduced in October last year but were prorogued on 11 April 2022 with the declaration of the election.
AIST made a submission re the FAR and associated Bills in December 2021
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Introduced into HoR 8 September 2022
The FAR Bill and the CSLR Bills were debated (via Cognate Debate).
These Bills may be debated in a later sitting.
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Treasury Laws Amendment (2022 Measures No. 4) Bill 2022
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The principal provisions relating to superannuation are contained in Schedule 6 of the Bill.
Schedule 6 to the Bill amends the Corporations Act, the ASIC Act and the SIS Act to extend and adapt the financial reporting and auditing requirements in Chapter 2M of the Corporations Act to apply to registrable superannuation entities.
This Bill was previously known as the Treasury Laws Amendment (Streamlining and Improving Economic Outcomes for Australians) Bill 2022 and was introduced to Parliament earlier this year. However, it lapsed upon dissolution of Parliament prior to the Federal election.
The context of the proposed legislation, a comparison between the current and proposed laws and a detailed explanation of the provisions are in the Explanatory Materials from Pages 85 to 148.
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It is intended that the proposed amendments in Schedule 6 will commence on and from 1 July 2023.
The Bill was immediately referred to the Senate Economics Legislation Committee for report on 25 January 2023.
The Bill proceeded to the Senate and was Read a 1st time on 1 December 2022.
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Treasury Laws Amendment (Modernising Business Communications and Other Measures) Bill 2022
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A Bill with a very similar title [Treasury Laws Amendment (Modernising Business Communications) Bill 2022], which had lapsed at the dissolution of Parliament at 11 April 2022, has been tabled by the Assistant Treasurer on 23 November 2022.
While this Bill covers similar topics such as the execution of documents electronically and the electronic holding of meetings (Schedule 1, Parts 1 & 2), it also updates the payment provisions in the Treasury Laws (Schedule 1, Part 3) and replaces the requirements to give notice of certain events in Treasury Laws in newspapers and government gazettes to “[in an] accessible and reasonably prominent manner” (Schedule 1, Part 4).
Further, Schedule 2 of the Bill proposes that amendments be made as a result of the Australian Law Reform Commission’s recommendations to simplify and improve the navigability of Australia's financial services laws.
Schedule 3 to the Bill amends the Corporations Act to transfer longstanding and accepted matters currently contained in ASIC legislative instruments into the primary law.
The amendments will improve navigability of the law and provide industry and consumers with greater certainty and clarity when interacting with Treasury laws.
Schedule 4 to the Bill makes a number of miscellaneous and technical amendments to Treasury portfolio legislation. The amendments reflect the Government’s ongoing commitment to the care and maintenance of Treasury portfolio legislation.
The amendments correct drafting errors, repeal inoperative provisions, address unintended outcomes and make other technical changes.
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The Commencement Dates of the provisions are various and are described at Item 2 of the Bill.
The Bill was immediately referred to the Senate Economics Legislation Committee for report also on 25 January 2023.
The Bill has progressed through the House of Representatives. The Senate has moved a second reading on 7 February 2023
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