Second Reading Speech
Mr Jones (Assistant Treasurer and Minister for Financial Services)I move:
That this bill be now read a second time.
The Financial Accountability Regime (Consequential Amendments) Bill 2023 is part of a package of bills that finalises a number of remaining recommendations from the banking royal commission.
The bill will make minor and consequential amendments to various Commonwealth laws to support the Financial Accountability Regime and provide transitional arrangements relating to the repeal of the Banking Executive Accountability Regime, otherwise known as the BEAR.
The government acknowledges that most of these reforms will require some time for industry to implement, so the bulk of the proposed changes will commence six months following royal assent.
The Legislative and Governance Forum for Corporations was notified of this bill as required under the Corporations Agreement 2002 and the National Credit Law Agreement 2009.
Full details of the measure are contained in the explanatory memorandum.
Debate adjourned.
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