Explanatory Memorandum(Circulated by authority of the Minister for Financial Services and Regulation, the Hon Joe Hockey MP)
Chapter 3 - Regulation Impact Statement and Financial Impact Statement
The Bill will maintain the status quo of existing offences after the commencement of the Criminal Code . While the Bill makes a number of amendments to the relevant legislation, those amendments are of a minor or machinery nature and do not substantially alter existing arrangements.
On that basis, the Office of Regulation Review has advised that a Regulation Impact Statement is not required for the Bill.
The Bill does not have any financial impact.