On 11 May, the Government announced a suite of Financial Market Infrastructure Regulatory Reforms.
Consistent with the Government’s Regulatory Impact Analysis requirements, a number of independent reviews have been certified by the Treasury as meeting the requirements of a Regulation Impact Statement (RIS). The Office of Best Practice Regulation (OBPR) does not assess the quality of independent reviews and RIS-like documents used in lieu of a RIS, but does assess whether the options analysed in the reviews are relevant to the regulatory proposal. The OBPR assessed that the options analysed in the materials certified by the Treasury are sufficiently relevant to the regulatory proposal.
The Treasury estimates the average annual regulatory cost at $0.3 million.
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