Commonwealth of Australia Explanatory Memoranda

[Index] [Search] [Download] [Bill] [Help]

TREASURY LAWS AMENDMENT (2018 MEASURES NO. 2) BILL 2018

                           2016-2017-2018-2019



    THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA



                                   Senate




   TREASURY LAWS AMENDMENT (2018 MEASURES No. 2) BILL 2018




         SUPPLEMENTARY EXPLANATORY MEMORANDUM



           Amendments to be moved on behalf of the Government



                       (Circulated by authority of the
               Assistant Treasurer, the Hon Stuart Robert MP)




AMENDMENT 1 - INDEPENDENT REVIEW
        1.1       The amendment imposes a new requirement on the Minister to
        arrange for an independent review of the FinTech Sandbox Regulatory
        Licencing Exemption in Schedule 1 to the Bill.
        1.2       The review must commence as soon as possible 12 months after
        regulations relating to the new licencing exemption under the
        Corporations Act 2001 are first made. The review must be completed
        within six months.
        1.3       The person conducting the review must provide the Minister
        with a written report of the review and the Minister must arrange for the
        report to be tabled in each house of Parliament within 15 sitting days of
        receiving the report.
        1.4       The amendments do not engage and are therefore compatible
        with the human rights and freedoms recognised or declared in the
        international instruments listed in section 3 of the Human Rights
        (Parliamentary Scrutiny) Act 2011.

                                                                                    1