On 11 April 2013 the Council of Australian Governments (COAG) Standing Council on Environment and Water (the Council) released a consultation Regulation Impact Statement (RIS) on the regulation of water market intermediaries. Some stakeholders in the water sector have expressed concerns about the potential for misconduct and inappropriate practices of water market intermediaries to impact on irrigators and other water market participants. For example, there are some concerns about inappropriate use of client funds or conflicts of interest amongst some intermediaries. However, the best available evidence sourced from previous investigations into the sector suggests that any problems relating to intermediary misconduct is limited and isolated. The Council is seeking input from stakeholders relating to the extent of intermediary misconduct and the appropriateness of the proposed options in addressing this misconduct. The options under consideration include no action, publication of additional guidance material, a voluntary accreditation scheme and a mandatory licensing scheme. The Commonwealth Department of Sustainability, Environment, Water, Population and Communities is co-ordinating the consultation process on behalf of the Council. Comments may be submitted to the Department until COB Friday 7 June 2013. For further details on the consultation process refer to the Department of Sustainability, Environment, Water, Population and Communities website. A Consultation Regulation Impact Statement was prepared by the Council and assessed as adequate by the Office of Best Practice Regulation.
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