On 12 December the Treasurer, the Hon Wayne Swan, announced a package of measures relating to the banking system. One part of the package was a undertaking to develop a ‘deep and liquid’ corporate bond market by facilitating the trading of Commonwealth Government Securities on a security exchange, and simplifying the disclosure and prospectus liability regulations associated with issuing corporate bonds to retail investors. A Regulation Impact Statement (RIS) was required for this undertaking, but the Prime Minister granted an exemption on the basis of exceptional circumstances. A post implementation review will be required within 1 to 2 years of its implementation.