FSRB to be debated tonight
There is a good chance the Financial Services Reform Bill will get its second reading tonight in the House of Representatives, while the Superannuation Choice of Funds Bill will most probably be held over until when Parliament resumes in August.
The House of Representatives will be sitting in its final session before taking a break until August, and has extended the time to hear Bills until the early hours of tomorrow morning. However, a spokesperson from Financial Services Minister Joe Hockey’s office said even though Parliament had extended its hours, there was a slim chance it would not be heard and will be held over until August.
She said some notable changes since the first reading include: a change in the role of the Reserve Bank in supervising clearing and settlement systems; refinement of arrangements for the way in which the Australian Securities and Investments Commission deals with bodies also regulated by the Australian Prudential Regulation Authority; and changes to wording relating to license holders, reverting back to the original words describing licensees’ responsibility to act “honestly, efficiently and fairly”.
The Choice of Funds bill was scheduled to be debated in the Senate last night, but according to a spokesperson for Assistant Treasurer Rod Kemp, it will not get an airing until August when the Parliament meets again after its break. However, the spokesperson said there was a very small chance that the Bill could make it into the Senate halls, despite it not being listed in the orders for the day.
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