In a recent speech, Chris Pearce, the Parliamentary Secretary to the Treasurer, identified 4 areas where the Government was supporting improved communication by companies with investors:

Simpler Regulatory System Bill: contains a proposal to allow companies to publish their annual reports online as the default option.

Corporate social responsibility: While not making it obligatory, the Government supported annual reports providing information about the  company’s social and environmental activities.

Fundraising:
Proposals in the Simpler Regulatory System Bill streamline fundraising.

Infringement notice scheme:To support continuous disclosure the Government is reviewing the operation of the infringement notice provisions in the Corporations Act.

The speech also refers to other current reviews of regulation.

ComLaw has published the Bills that are part of the Simpler Regulatory System Package:

Corporations Legislation Amendment (Simpler Regulatory System) Bill 2007

Corporations (Fees) Amendment Bill 2007

Corporations (Review Fees) Amendment Bill 2007

Financial Sector Legislation Amendment (Restructures) Bill 2007

Following the Treasurer’s announcement in April that the Government has decided to introduce a
court-based process for decisions to disqualify individuals under
APRA‑administered legislation, Treasury has now released a Consultation Paper (pdf).

The Paper specifies APRA decisions where it is proposed to remove
ministerial consent, provisions whereit is proposed that a
disqualification decision be made by the Court and proposed streamlined
directions powers under the Banking Act, Insurance Act and Life Act.

The Government also proposes to specify in the legislation the APRA decisions for which a merits review will be available as well as a limited set of triggers for issuing a direction under the proposed new general directions power, which, if invoked, would exempt the resultant direction from merits review. This approach will provide a greater degree of certainty and clarity with respect to the reviewability of an APRA direction while ensuring APRA is able to act decisively when the interests of depositors, policyholders and beneficiaries, or the stability of the financial system, is at risk.

ASIC has issued a further updated guide for issuers of superannuation and managed investment products to help them comply with the Corporations Amendment Regulations
2005 (No. 1) (the enhanced fee disclosure regulations).

The revised Enhanced fee disclosure regulations: Questions and Answers – an ASIC Guide answers commonly asked questions about compliance with the regulations.

The enhanced fee disclosure regulations include
measures on the disclosure of transactions and fees and costs in
product disclosure statements (PDSs). These provisions require PDSs for
certain investment-linked financial products to include:

• a standardised fee template (with accompanying explanation);
• an example of annual fees and costs for a balanced or similar fund; and
• a boxed consumer advisory warning.

The regulations applied to PDSs for superannuation
products from1 July 2005 and for other financial products, including
managed investment products, from 1 July 2006. The regulations also
mandate certain transactional disclosures in periodic statements of
product issuers of superannuation products (from 1 July 2006) and of
managed investment products (from 1 July 2007).

On 26 March 2007, Treasury released for comment
draft Corporations Amendment Regulations that proposed extending the
enhanced fee disclosure regime to investment life insurance policies. A
date for the commencement of the regulations is yet to be announced.