Financial System Inquiry discussion paper
- Bib ID:
- 2995778
- Format:
- Book
- Author:
- Financial System Inquiry (Australia)
- Description:
-
- Canberra, ACT : Australian Govt. Pub. Service, 1996
- xxi, 415 p. : ill. ; 25 cm.
- ISBN:
- 0644481706
- Summary:
-
The terms of reference for the inquiry are as follows: The inquiry is charged with providing a stocktake of the results arising from the financial deregulation of the Australian financial system since the early 1980s. The forces driving further change will be analysed, in particular technological development. Recommendations will be made on the nautre of the regulatory arrangements that will best ensure an efficient, responsive, competitive and flexible financial system to underpin stronger economic performance, consistent with financial stability, prudence, integrity and fairness. 1. The inquiry will report on the results arising from the financial regulation flowing from the Inquiry into the Australian Financial System (Campbell report) published in 1981. This will involve examining and reporting the consequences for: (a) the choice, quality and cost of financial services available to consumers and other users;
(b) the efficiency of the financial system, including its international and domestic competitiveness; (c) the economic effects of derregulation on growth, employment and savings; (d) the evolution of financial institutions and products offered by them and the impact on the regulatory structure of the industry. 2. The inquiry will identify the factors likely to drive further change including: (a) technological and marketing advances; (b) international competition and integration of financial markets; (c) domestic competition in all its forms; (d) consumer needs and demands. 3. The inquiry will make recommendations on the regulatory arrangements and other matters affecting the operation of the financial system (including prudential and other regulations made by the Reserve Bank and other bodies) as will:
(a) best promote the most efficient and cost effective service for users, consistent with financial market stablility, prudence, integrity and fairness; (b) ensure that financial system providers are well placed to develop technology, services and markets and that the financial system regulatory regime is adaptable to such innovation; (c) provide the bestmeans for funding the direct costs of regulation; (d) establish a consistent regulatory framework for similar financial functions, products or services which are offered by differing types of institutions. 4. The inquiry in its consideration of financial system deregulation may not make recommendations on, but will take account of: (a) the objectives or procedures of the Reserve Bank in its conduct of monetary policy; (b) retirement incomes policies; (c) the regulation of the general opration of companies through corporations law; (d) policies for the taxation of financial arrangements, products or institutions.
5. In carrying out its investigations, the inquiry may invite submissions and seek information from any persons or bodies. 6. A final report is to be provided to the Treasurer no later than 31 March 1997.
- Full contents:
-
- 1. Scope of the inquiry
- Terms of reference
- Defining the Australian financial system
- Functions of the financial system
- Structure of the discussion paper
- Exclusions under the terms of reference
- 2. The Australian financial system
- Fifty years in a 'nutshell': the evolution of Australia's financial system
- Financial intermediaries
- Financial markets
- 3. Factors driving further change
- Factors driving change
- Market implications
- Policy challenges
- 4. Approaches to financial regulation
- The objectives of regulation
- Special features of the financial system
- Financial system regulation
- Principles for the assessment of regulation
- 5. Regulation of financial markets
- Market integrity regulation
- Development of financial markets
- Small and medium sized enterprises
- 6. Mergers and acquisitions
- Arrangements for merger regulation
- The 'six pillars' policy
- Influences on the assessment of mergers
- Foreign investment and acquisition
- 7. Prudential regulation
- The structure of prudential regulation
- The central bank and prudential regulation
- Financial conglomerates
- The ownership of regulated entities
- Participation in payments and settlement systems
- Meeting the cost of regulation
- 8. Consumer protection
- Commonwealth arrangements for consumer protection
- State and Territory consumer protection laws
- Privacy
- Protection of depositors
- Community service obligations
- Protecting consumers in a global marketplace
- 9. Other influences on competitiveness
- Regulation and technology
- Taxation
- Australia as a regional financial centre
- 10. Regulatory coordination
- Appendix A. Terms of reference
- Appendix B. Regulation review
- Methodology of the review
- Regulations subject to review
- Appendix C. Existing regulatory arrangements in Australia
- Reserve Bank of Australia
- Australian Financial Institutions Commission
- Insurance and Superannuation Commission
- Australian Securities Commission
- the co-regulatory agencies
- Australian Competition and Consumer Commission
- The Council of Financial Supervisors
- Consumer protection arrangements in Australia
- Appendix D. Overseas regulatory frameworks
- Licensing of financial institutions
- Prudential regulation of financial institutions
- Financial markets regulations
- Consumer protection
- Coordination across financial regulators
- Recovery of costs of financial regulation
- Appendix E. Submissions to the inquiry.
- Notes:
-
- Chairman of Inquiry: Stanley Wallis.
- A.G.P.S. cat. no. 96 5485 2.
- Inquiry also known as the Wallis Inquiry.
- "November 1996."
- Bibliography: p. 409-415.
- Subject:
-
- Financial institutions -- Australia
- Financial services industry -- Australia
- Finance
- Financial institutions -- Law and legislation
- Financial institutions -- Deregulation
- Banks and banking -- Australia
- Finance companies
- Credit unions
- Insurance companies -- Australia
- Pension trusts -- Australia
- Mutual funds
- Money market
- Bank mergers
- Foreign investment -- Australia
- Consumer protection -- Australia
- Competition -- Australia
- Other authors/contributors:
- Wallis, Stanley
- Also Titled:
-
- Wallis Inquiry
- Financial System Inquiry
- Copyright:
-
In Copyright
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- Reason for copyright status:
- Until 2046 [Created/Published Date + 50 Years]
Copyright status was determined using the following information:
- Material type:
- Literary Dramatic Musical
- Published status:
- Published
- Publication date:
- 1996
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