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Financial Services Laws General Amendment Bill Standing Committee on Finance Parliament

Financial Services Laws General Amendment Bill Standing Committee on Finance Parliament 23 April 2013. Agenda. About ASISA Consultation with ASISA members Consultation with NT and the FSB Support of the Bill Main concerns. About ASISA. Represents the majority of –

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Financial Services Laws General Amendment Bill Standing Committee on Finance Parliament

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  1. Financial Services Laws General Amendment Bill Standing Committee on Finance Parliament 23 April 2013

  2. Agenda • About ASISA • Consultation with ASISA members • Consultation with NT and the FSB • Support of the Bill • Main concerns

  3. About ASISA • Represents the majority of – • Life insurance companies • Asset managers • Collective investment scheme management companies • Linked investment services providers • Mandated by members to pro-actively engage on policy, regulatory and other issues of common concern.

  4. About ASISA ASISA members • Remuneration • Audit • Disciplinary Executive Comm. ASISA Board Nominations Comm. Board Committees Investments Life and Risk Business Marketing & Distribution Economics and Savings Policy Regulatory Affairs Transformation, Skills Dev & Education Technical & Operations Standing Committees Working Groups

  5. About ASISA

  6. Consultation with ASISA members • Established a Working Group under Regulatory Affairs Board Committee • Member nominated representatives serves on the Working Group • Collated written comments from all ASISA members • ASISA submission is the product of the deliberations of the Working Group • Representative of ASISA membership’s views

  7. Consultation with NT and the FSB • Draft Bill – invited comments and hosted information session • Draft ASISA comments to Parliament discussed on 18 February 2013 • Feedback from this meeting taken into account in submission to Parliament • Included in Annexure 1 of ASISA submission

  8. Support of the Bill • ASISA supports majority of clauses • No comment on clause means acceptance • Substantive and technical comments • Technical comments made where proposed wording may be problematic from an implementation perspective, proposed alternative wording for consideration

  9. Main concerns • Consultation process • Obligation, not enabling • Proportionate balance with regulatory powers • Industry needs legal certainty • Appropriate and robust • Consistency and transparency • Liability • Proportionality • Powers must be exercised with due skill, care and diligence

  10. Thank you • ASISA and its members appreciate the opportunity to appear before the Committee

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