Financial Services Laws General Amendment Bill

Standing Committee on FinanceParliament

23 April 2013

Agenda

• About ASISA

• Consultation with ASISA members

• Consultation with NT and the FSB

• Support of the Bill

• Main concerns

About ASISA

• Represents the majority of – Life insurance companies Asset managers Collective investment scheme

management companies Linked investment services providers

• Mandated by members to pro-actively engage on policy, regulatory and other issues of common concern.

About ASISA

Life and Risk Business

InvestmentsMarketing & Distribution

Regulatory Affairs

Technical & Operations

Economics and Savings

Policy

Transformation, Skills Dev & Education

Standing Committees

Working Groups

ASISA members

ASISA Board

Executive Comm.

Nominations Comm.

Board Committees

• Remuneration• Audit• Disciplinary

About ASISA

• Established a Working Group under Regulatory Affairs Board Committee

• Member nominated representatives serves on the Working Group

• Collated written comments from all ASISA members

• ASISA submission is the product of the deliberations of the Working Group

• Representative of ASISA membership’s views

Consultation with ASISA members

• Draft Bill – invited comments and hosted information session

• Draft ASISA comments to Parliament discussed on 18 February 2013

• Feedback from this meeting taken into account in submission to Parliament

• Included in Annexure 1 of ASISA submission

Consultation with NT and the FSB

• ASISA supports majority of clauses

• No comment on clause means acceptance

• Substantive and technical comments

• Technical comments made where proposed wording may be problematic from an implementation perspective, proposed alternative wording for consideration

Support of the Bill

• Consultation processo Obligation, not enabling o Proportionate balance with regulatory

powerso Industry needs legal certaintyo Appropriate and robust o Consistency and transparency

• Liabilityo Proportionalityo Powers must be exercised with due skill,

care and diligence

Main concerns

• ASISA and its members appreciate the opportunity to appear before the Committee

Thank you