Explanatory Memorandum(Circulated by authority of the Minister for Financial Services and Regulation, the Honourable Joe Hockey, MP)
Outline and financial impact statement
1.1 This Bill gives effect to the Financial Sector (Collection of Data) Bill 2001. The provisions contain no new policy and simply ensure that the Governments policy as outlined in the Financial Sector (Collection of Data) Bill 2001 currently before the Parliament is implemented in Commonwealth legislation.
1.2 The proposed amendments will not have a financial impact on the operations of government. The Australian Prudential Regulation Authority is self funded through financial sector levies.