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: Australian Regulatory Compliance ReviewFinancial Claims Scheme disclosure
By David Jacobson
The Minister for Financial Services, Superannuation and Corporate Law has released exposure drafts of the Corporations Amendment Regulations 2010 and the Banking Amendment Regulations 2010, with explanatory statements for public consultation.
The Corporations Amendment Regulations would require authorised deposit-taking institutions (ADI’s) and general insurers to provide information relating to the Financial Claims Scheme (FCS) in Product Disclosure Statements.
The FCS disclosure requirements for general insurers will become operational from 17 April 2010 and for ADI’s 12 October 2011.
The Banking Amendment Regulations would ensure that a statutory manager can be appointed under the Banking Act 1959, notwithstanding the existence of external support arrangements such as the Government’s guarantee of deposits.
Submissions close on 16 February 2010.
Full post as published by Australian Regulatory Compliance Review on January 19, 2010 (boomark / email).
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