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Financial Accountability Regime Bill 2023
Financial Accountability Regime (Consequential Amendments) Bill 2023
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The Financial Accountability Regime Bill 2023 establishes the Financial Accountability Regime, or FAR, which replaces and extends the existing Banking Executive Accountability Regime, following a number of recommendations from the banking royal commission, commonly known as the Hayne royal commission.
The key aspects of the FAR from the 2022 have remained unchanged under the New Bill. The FAR will be administered by APRA and ASIC jointly.
Schedule 1 Part 1 and Schedule 2 to the Financial Accountability Regime (Consequential Amendments) Bill 2023 commence the day after Royal Assent, at the same time as the Financial Accountability Regime Bill 2023 commences. Schedule 1 Part 2 to the Financial Accountability Regime (Consequential Amendments) Bill 2023 will commence the date the regime applies to the banking industry. That date will be six months after commencement of the Financial Accountability Regime Bill 2023.
Full details of the measure are contained in the explanatory memorandum.
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Financial Accountability Regime Bill 2022 was Introduced into HoR 8 September 2022. The FAR Bill and the CSLR Bills were debated (via Cognate Debate).
After slight modifications, the bill has returned in its current 2023 form to the House of Representatives on 8 March 2023. Second reading moved on 8 March 2023.
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Financial Services Compensation Scheme of Last Resort Bill 2023
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The Treasury Laws Amendment (Financial Services Compensation Scheme of Last Resort) Bill 2023 is part of a package of bills to establish and fund a financial services compensation scheme of last resort.
Legislation to establish a CSLR was previously introduced by this government on 8 September last year. That legislation proceeded to the Senate. In December 2022, the government identified the issue of the one-off levy, and so the CSLR legislation was not passed last year while further consultation was undertaken.
The CSLR bills package reflect the same intent and are substantively the same as the legislation considered by parliament last year.
Minor and targeted amendments to reflect the passage of time and
further stakeholder feedback have been made.
The Legislative and Governance Forum for Corporations was notified of this bill, as required under the Corporations Agreement 2002.
Full details of the measure are contained in the explanatory memorandum.
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Introduced into HoR 8 September 2022 in its previous form. The FAR Bill and the CSLR Bills were debated (via Cognate Debate).
After slight modifications, the bill has returned in its current 2023 form to the House of Representatives on 8 March 2023. Second reading moved on 8 March 2023.
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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 was introduced into the Senate on 7 February 2023 and the second reading moved on the same day.
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Treasury Laws Amendment (2023 Measures No. 1) Bill 2023
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On 16 February 2023, the Hon Stephen Jones MP introduced the Treasury Laws Amendment (2023 Measures No. 1) Bill 2023. Although not directly related to superannuation, it does cover the following:
Schedule 1 to the Bill amends the Corporations Act to:
• allow ASIC to approve applications from one or more licensees to register on the Financial Advisers Register the same relevant provider, and
• allow assisted decision-making to be used for any purpose for which ASIC may make decisions in the performance or exercise of ASIC’s functions or powers to register a relevant provider.
Schedule 2 of the Bill allows the AASB to develop sustainability standards. It clarifies the AUASB’s function to develop and maintain relevant auditing and assurance standards for sustainability purposes. It also empowers the FRC to provide strategic oversight and governance functions in relation to the AASB’s and AUASB’s sustainability standards functions.
Schedule 3 relates to the Government response to the review of the Tax Practitioners Board. Schedule 4 relates to off-market share buy backs.
Full details are contained within the explanatory memorandum
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Introduced to the House of Representatives 16 February 2023. Second reading debate 7 and 8 March 2023
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