Published Impact Analyses

On 14 December 2020, the previously known Legislative and Governance Forum on Gene Technology (now the Gene Technology Ministers Meeting) released a Consultation Regulation Impact Statement (RIS) and Explanatory Paper in relation to Modernising and Future Proofing the National Gene Technology Scheme.

The RIS and Explanatory Paper assess delivering more flexible, streamlined and risk-based processes that future-proof the Scheme, enable efficiencies, and relieve regulatory burden where warranted.

Three potential regulatory options for improving the authorisation pathways for dealing with Genetically Modified Organisms (GMOs) are considered:

On 1 October 2020, the Australian Energy Market Commission (AEMC) received separate rule change requests from TransGrid and ElectraNet seeking participant derogations from the applicability of the rules in relation to the financeability of their share of actionable Integrated System Plan (ISP) projects.

On 1 April 2021, the Australian Energy Market Commission (AEMC) released the draft rule determination titled National Energy Amendment (prioritising arrangements for system security during market suspension) Rule 2021.

The rule change request was submitted by the COAG Energy Council, following recommendations made by the AEMC in its Mechanisms to Enhance Resilience in the Power System – Review of the South Australian Black System Event report (BSE report).

On 1 April 2021, the Australian Securities and Investments Commission (ASIC) announced a ban on the sale of binary options to retail clients.

The objective of the product intervention order is to reduce the risk of significant detriment to retail clients resulting from over the counter (OTC) binary options. The order strengthens consumer protections by banning the issue and distribution of binary options to retail clients, and brings Australian requirements into line with prohibitions in force in comparable markets overseas. It follows the commencement on 29 March 2021 of ASIC’s product intervention order imposing conditions on contracts for difference offered to retail clients.

On 25 March 2021, the Australian Energy Market Commission (AEMC) released a draft rule determination and the associated rules Draft National Electricity Amendment (Access, pricing and incentive arrangements for distributed energy resources) Rule 2021 and Draft National Electricity Retail Amendment (Access, pricing and incentive arrangements for distributed energy resources) Rule 2021.

On 25 March 2021, the Acting Minister for Industrial Relations made the Seafarers Rehabilitation and Compensation (Specified Diseases and Employment) Instrument 2021 (Seafarers Instrument) under the Seafarers Rehabilitation and Compensation Act 1992. The Seafarers Instrument replaced the Notice of Declarations and Specifications 1993 (Seafarers Notice), which was due to sunset on 1 April 2021, with minor amendments. The newly remade Seafarers Instrument will now sunset on 31 March 2026.

Consistent with Government’s Regulation Impact Statement requirements for sunsetting instruments, the Attorney-General’s Department has, after consultation with stakeholders, assessed the Seafarers Notice as operating effectively and efficiently. Therefore, a Regulation Impact Statement is not required for making the Seafarers Instrument.

On 22 March 2021, the Australian Prudential Regulation Authority (APRA) made the Reporting Standard ARS 114.0 Standardised Approach – Operational Risk. The Legislative Instrument was due to sunset on 1 April 2021, and is being remade without significant amendment. The newly remade Instrument will now sunset on 1 April 2031.

Consistent with the Government’s Regulation Impact Statement requirements for sunsetting instruments, APRA has, after consultation with stakeholders, assessed the Instrument as operating effectively and efficiently. Therefore, a Regulation Impact Statement is not required for making the Instrument.

On 24 March 2021, the Government introduced the Mitochondrial Donation Law Reform (Maeve’s Law) Bill 2021 (the Bill).

Mitochondrial donation is an assisted reproductive technology that, when combined with in-vitro fertilisation, has the potential to allow women whose mitochondria would predispose their potential children to mitochondrial disease, to have a biological child who does not inherit that predisposition.

On 24 March 2021, the Australian Securities and Investment Commission remade the relief underlying ASIC Class Order [CO 10/1034] Margin lending relief for ASX-traded instalment warrants (CO 10/1034). The remade relief is the ASIC Corporations (Margin Lending Relief for Exchange-Traded Instalment Warrants) Instrument 2021/194 (Instrument 2021/194).

Instrument 2021/194 extends the underlying relief as CO 10/1034 was due to sunset on 1 April 2021. The relief has been remade without significant changes.  Instrument 2021/194 will now sunset on 1 April 2026.

On 24 March 2021, the Australian Securities and Investments Commission (ASIC) remade with only minor amendments the ASIC Class Order [CO 10/407], which was due to sunset on 1 April 2021. The newly remade ASIC Corporations (Short Term Trading Market) Instrument 2021/218 will now sunset on 1 April 2026.

Consistent with Government’s Regulation Impact Statement requirements for sunsetting instruments, ASIC has, after consultation with stakeholders, assessed the instrument as operating effectively and efficiently. Therefore, a Regulation Impact Statement is not required for remaking this instrument.