ASIC released guidance for mortgage lenders that sets out how provisions in the National Credit Code which is part of the National Consumer Protection Act 2009 and unfair contract terms provisions of the Australian Securities and Investments Commission Act 2001 apply to mortgage early termination fees (exit fees): Regulatory Guide 220 Early termination fees for residential loans: unconscionable fees and unfair contract terms (RG 220). This follows consultation leading up to and after the 1...

The RIS requirements did not envisage the possibility of post-election undertakings such as those made by the ALP to the Greens and Independents. The Government has agreed to treat these undertakings consistent with the arrangements applying to election commitments for the purposes of the RIS requirements. This clarification is reflected in this correspondence between Minister Wong and Cabinet Secretary Dreyfus.

This measure was announced on 1 July 2010. 

This regulation impact statement supports the introduction of a product safety standard for movable outdoor soccer goals. The standard was proposed in response to a number of injuries, and a few deaths in Australia and overseas. The majority of these incidents were associated with children climbing or swinging on unsecured goal posts. The standard reduces the risk of goal posts falling onto children.

The new standard will be...

How well do organisations manage risk and what role does risk play in the regulation assessment process? Addressing the first of these questions, the International Risk Governance Council recently released a report titled Risk Governance Deficits – PDF version [ 1.55 mb ] .  The 22 ‘risk deficits’ identified are broadly split into two clusters: those relating to the failure to identify risk and those relating to the failure to adequately manage risks once identified.

 Identification...