Regulation Impact Statement Updates

Response to the review of the EPBC Act – Regulation Impact Statement – Department of Sustainability, Environment, Water, Population and Communities

12th September 2011

On 24 August the Australian Government announced its response to the 10 year review of the Environment Protection and Biodiversity Conservation Act 1999. The Government’s response included a large number of changes; the two major components are to:

increase the use of environmental approvals to classes of actions, rather than project-by-project approvals. The Government will do this by encouraging ‘strategic’ approaches to assessment, including the use of regional environment plans,...

Regulation of consumer leases and enhancements to the National Credit Code – Regulation Impact Statement – Treasury

Aust Gov

9th September 2011

On 5 August 2011, the Assistant Treasurer released for public consultation the exposure draft of the National Consumer Credit Protection Amendment (Enhancements) Bill 2011, which forms a part of Phase Two of the National Consumer Credit reforms. The proposal provides greater protection in relation to consumer leases that are functionally similar to other forms of credit – for example, leases for televisions and other consumer electronics. It also provides a number of specific enhancements to...

Delivering for Seniors: Equity Release Product Reforms – Regulation Impact Statement – Treasury

Aust Gov

9th September 2011

On 5 August 2011 the Assistant Treasurer, the Hon Bill Shorten, released for public consultation the exposure draft to the National Consumer Credit Protection Amendment (Enhancements Bill) 2011. One measure sought to be implemented includes protections for older Australians accessing the equity in their homes through reverse mortgages or home reversion schemes. These will require providers to comply with increased procedural requirements, both pre and post contract, as well as increased...

Regulation of short-term, small amount (payday) finance – Regulation Impact Statement – Treasury

Aust Gov

2nd September 2011

On 25 August 2011, the Assistant Treasurer announced measures to increase the level of protection for the provision of short-term, small amount lending. These changes follow on from the issues identified during the course of Phase One of the National Consumer Credit Protection Reforms, and have been addressed as part of Phase Two. Credit providers will be expected to comply with additional obligations, including:

the imposition of a cap on costs for loans under $2000 that run for less...

Benchmark disclosure requirements for Over-the-Counter Contracts for Difference – Regulation Impact Statement – Australian Securities and Investments Commission

Aust Gov

2nd September 2011

On 12 August 2011, the Australian Securities and Investments Commission (ASIC) released a suite of disclosure benchmarks for Product Disclosure Statements for Over-the-Counter Contracts for Difference (OTC CFDs). OTC CFDs are considered high risk financial products requiring more detailed disclosure on a number of key points. Providers will be required to disclose against the benchmarks specified by ASIC, or explain why they have not. The benchmarks include:

client qualification policies...

Unpackaged Meat Products Country of Origin Labelling Standard – COAG Consultation Regulation Impact Statement – Food Standards Australia New Zealand

COAG

29th August 2011

On 18 July 2011 Food Standards Australia New Zealand (FSANZ) announced the release of a proposal to extend country of origin labelling to unpackaged beef, sheep and chicken meat. The proposed standard will require retailers to display point-of-sale labels showing the country of origin of the main unpackaged meat categories not already subject to labelling requirements.

FSANZ has prepared a Consultation Regulation Impact Statement (RIS) which has been approved by the Office of Best...

Separation of Generation and Transmission – COAG Consultation Regulation Impact Statement – Ministerial Council on Energy

COAG

26th August 2011

The Consultation Regulation Impact Statement (RIS) examines competition issues associated with the co-ownership of electricity generation and transmission assets. The Consultation RIS examines the adequacy of current legislative protections, and outlines several options to address future co-ownership of generation and transmission assets.

The Consultation RIS has been assessed as adequate by the Office of Best Practice Regulation.

Submissions are due by 22 September 2011....

Export of Patented Pharmaceuticals to Countries Experiencing a Health Crisis – Regulation Impact Statement - IP Australia

Aust Gov

15th August 2011

On 22 March 2011, the Minister for Innovation, Industry, Science and Research, Senator Kim Carr and the Minister for Trade, Craig Emerson released a joint media release announcing that the Australian Government would introduce legislation regarding the export of patented medicines from Australia to countries experiencing a serious epidemic.

The legislation enables the Australian Federal Court in limited circumstances to grant a license to export patented medicines to countries...

Electricity Distribution Transformers – COAG Consultation Regulation Impact Statement – Ministerial Council on Energy

COAG

10th August 2011

The Consultation Regulation Impact Statement (RIS) examines whether to introduce a revised Minimum Energy Performance Standards (MEPS) for electricity distribution transformers to improve existing levels of energy efficiency and performance. The proposed revised standard would apply to oil-immersed and dry type electricity distribution transformers with power ratings from 10 kVA to 3150 kVA intended to be used on 11 kV, 22 kV and 33 kV networks throughout Australia and New Zealand.

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Mandatory Disclosure of Residential Building Energy, Greenhouse and Water Performance – COAG Consultation Regulation Impact Statement – Ministerial Council on Energy

COAG

10th August 2011

The Consultation Regulation Impact Statement (RIS) examines whether to introduce mandatory disclosure of building energy, greenhouse and water performance at the point of sale or lease for residential properties. It contains information about the energy, greenhouse and water performance of residential buildings and discusses possible options and impacts.

The Consultation RIS has been assessed as adequate by the Office of Best Practice Regulation.

Submissions are due by 12...