Trade
Australia to Simplify Financial Regulation for Upcoming Changes
- Treasurer Chalmers says financial ‘grid’ to help businesses
- ABA says move will provide more certainty for Australian banks
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Australian Treasurer Jim Chalmers unveiled a new regulatory framework that will make it easier for banks and pension funds to assess the compliance requirements of upcoming regulatory changes, part of a slew of measures to address productivity.
Similar to the British system, a financial sector “grid” will help financial services businesses engage with the government and regulators more effectively and allow regulators to avoid duplication, Chalmers said in a statement Monday.