Aussies may copy us
The plea of "don’t copy the Aussies" is often heard over the issue of financial sector regulation – but our trans-Tasman cousins may now be interested in copying us.
Tuesday, August 2nd 2005, 6:31AM
by Rob Hosking
There is growing interest in the New Zealand approach to financial sector regulations, Securities Commission chief executive Jane Diplock pointed out at a recent forum on trans-Tasman banking regulation.
New Zealanders should not fear that the flow of rules or regime would necessarily all be one way, she says. She warned of New Zealanders getting into a “little sister” syndrome.
There is particular interest in the approach of the Task Force on Financial intermediates panel.
“There is certainly interest,” Task Force chairman Michael Webb told Good Returns.
The Australian financial services regulatory regime, implemented in the wake of the HIH Insurance fallout and amid a general mood of regulatory mistrust, is currently being revisited by the Australian authorities.
The Australian Treasury is currently circulating a batch of proposals aimed at reducing the compliance costs, and the work of the New Zealand Task Force has attracted interest.
The Task Force spent several days in Australia and that included discussion with government authorities. The Task Force’s report is to be released by Commerce Minister Pete Hodgson this week.
Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.
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