New year’s day 2001 has been slated as the date CLERP 6 comes into action, six months later than originally planned.
New year’s day 2001 has been slated as the date CLERP 6 comes into action, six months later than originally planned.
Speaking at the recent FPA Sydney chapter luncheon, Financial Services Minister Joe Hockey said the Government hopes to release a draft legislation by Christmas for three months public exposure and then introduce legislation into parliament “in the first half of the year”.
Hockey is also talking tough on any plans by opposition parties or lobby groups to unsettle the measures. “We are not going to cherry pick CLERP 6,” he says. “The CLERP 6 package is just that – a package. Any such expedition of one part of CLERP 6 will significantly delay other parts.”
Hockey is also talking up the significance of the reforms. The Government re-ceived 115 submissions from the last discussion paper which he says underlines the significance of the moves.
“You should be aware that the scale of CLERP 6 is unmatched anywhere in the world,” he says. “The Wallis paper (the basis of the CLERP reforms) has been used as a regulatory blueprint in the UK but they have certainly not made any changes to rival the magnitude of those slated here.”
However, Hockey warns that the reforms will be unpopular with some elements of the industry.
He says there has been some “colourful” meetings with industry groups where there has been “a full and frank dialogue”.
“Not everyone will be pleased with the outcome of consultation. In fact, some will be disadvantaged under the new regulatory regime,” he says.
