Regulation Impact Statement – Department of the Treasury
On 16 March 2016, the Government introduced the Financial System Legislation Amendment (Resilience and Collateral Protection) Bill 2016. The bill amends the Payment Systems and Netting Act 1998 to enable financial institutions in Australia to comply with internationally-agreed margining requirements when dealing in over-the-counter derivatives. The bill also provides legal certainty about the operation of Australian law in relation to termination rights (close out rights) under certain financial market transactions and approved Real Time Gross Settlement systems, approved netting arrangements and netting markets (netting market contracts) in all market conditions. A Regulation Impact Statement (RIS) was prepared and certified by the Treasury, and was assessed as compliant and consistent with best practice by the Office of Best Practice Regulation (OBPR). The RIS estimates the measures will reduce regulatory costs by $3.9 million per annum. The OBPR has agreed to the regulatory cost estimate.
- Regulation Impact Statement [
49KB] - Regulation Impact Statement [
182KB] - Deputy Secretary Certification Letter [ 153KB]
- Deputy Secretary Certification Letter [ 138KB]
- OBPR Assessment Advice [ 151KB]
- OBPR Assessment Advice [ 63KB]