Published Impact Analyses

Foreign Financial Services Provider (FFSP) relief instruments - Australian Securities and Investment Commission

On 21 September 2018 the Australian Securities and Investment Commission (ASIC) extended the following instruments, without significant amendments, for a period of 12 months until 30 September 2019:

• ASIC Corporations (Repeal and Transitional) Instrument 2016/396;
• ASIC Corporations (Foreign Financial Service Providers—Limited Connection) Instrument 2017/182; and
• ASIC Corporations (CSSF-Regulated Financial Services Providers) Instrument 2016/1109.

Foreign financial services providers (FFSPs) dealing with Australian wholesale clients are exempt from the requirement to hold an Australian financial services (AFS) license where they are regulated under overseas regulatory regimes that ASIC has assessed as sufficiently equivalent to the AFS licensing regime.

Regulation Impact Statement - Department of the Treasury

On 05 December 2018, the Government made the Insolvency Practice Rules (Corporations) amendment (Restricting Related Creditor Voting Rights) Rules 2018 to amend the Insolvency Practice Rules 2016 (Rules) to combat illegal phoenixing by limiting the ability of phoenix operators to ‘stack’ votes on certain resolutions at creditors’ meetings.

Regulation Impact Statement - Department of the Treasury

On 5 December 2018, the Government introduced the Treasury Laws Amendment (Prohibiting Energy Market Misconduct) Bill 2018 to establish a legislative framework to address misconduct identified by the Australian Competition and Consumer Commission’s (ACCC) Electricity Price Monitoring Inquiry.

The legislative framework prohibits conduct by electricity corporations which is detrimental to competition or to consumer welfare.

The Bill establishes prohibitions on certain conduct in electricity retail, contract and wholesale markets. These prohibitions correspond to the three limbs of the ACCC’s ongoing Electricity Price Monitoring Inquiry.

COAG Consultation Regulation Impact Statement – COAG Energy Council

COAG Decision Regulation Impact Statement – Commonwealth, state and territory governments 

On 26 November 2018, Commonwealth, state and territory governments formally committed to the National Consumer Protection Framework (National Framework) for online wagering in Australia.

The National Framework has been developed in response to the recommendations made in the 2015 Review of Illegal Offshore Wagering. The National Framework provides 10 consumer protection measures, which aim to reduce the harm that can be caused to individuals and their families from online wagering, from a voluntary opt-out pre-commitment system to a national multi‑operator self‑exclusion scheme.

Decision Regulation Impact Statement – Legislative and Governance Forum on Consumer Affairs

On 26 October 2018, the Legislative and Governance Forum on Consumer Affairs agreed to apply disclosure requirements to event ticket resale websites.

The proposal requires ticket resale websites to disclose the face value of tickets and the fact that the website is not a primary ticket seller. This will ensure consumers can make an informed decision about whether to buy tickets from resale websites. The proposal does not restrict the continued operation of secondary ticket markets, in recognition that these provide a valuable service for consumers. While some states and territories intend to continue to regulate resale prices, this does not form part of the proposal.

Regulation Impact Statement – Australian Prudential Regulation Authority

A 2016 thematic review conducted by the Australian Securities and Investment Commission (ASIC) identified the need for better quality and more consistent and transparent data on life insurance claims and disputes. Previous published data gaps made it difficult for consumers to compare and assess declined claim rates and performance across providers, while insurers themselves were hampered in their ability to assess and compare the performance and outcomes of their own claims handling procedures.

Regulation Impact Statement - Department of Foreign Affairs and Trade

On 28 November 2018, the Government introduced the Timor Sea Maritime Boundaries Treaty Consequential Amendments Bill 2018 and the Passenger Movement Charge Amendment (Timor Sea Maritime Boundaries Treaty) Bill 2018 as the first step towards that implementation of the Treaty between Australia and the Democratic Republic of Timor-Leste Establishing their Maritime Boundaries.

Finalising the implementation of a Treaty between Australia and the Democratic Republic of Timor-Leste will:

COAG Decision Regulation Impact Statement – Consumer Affairs Australia and New Zealand

On 26 October 2018, Consumer Affairs Ministers discussed options to prevent vulnerable or disadvantaged consumers being charged to receive paper bills. Ministers agreed to encourage businesses to increase the uptake of their existing fee exemption programs.

While many consumers may have the option to transition to digital bills, this is not the case for all consumers. Vulnerable and disadvantaged consumers may pay paper billing fees out of necessity, because they do not have the ability to access digital bills. Potential options canvassed in the RIS range from a ban on paper billing fees through to promoting the uptake of fee exemptions.

Decision Regulation Impact Statement – Legislative and Governance Forum on Consumer Affairs

The Legislative and Governance Forum on Consumer Affairs has endorsed an Australian Government proposal to amend the Australian Consumer Law to regulate the expiry period for retail gift cards and vouchers. The Treasury Laws Amendment (Gift Cards) Act 2018 has been passed by the Parliament and was given Royal Assent on 26 October 2018. It will apply to gift cards supplied on or after 1 November 2019.