Insurance associations around Sydney, as well as the large insurance and broking bodies, are waiting with bated breath for the first FSRB regulations to start spewing out from the Federal Treasury. Financial Services and Regulation Minister Joe Hockey said the first installment of the regulations – which provide the flesh on the bones of the FSRB – will be released this week. These will cover financial markets and clearing and settlement facilities.

Each release will then be followed by two weeks of frantic work as experts pore over the regulations. That 14 days will be all the time they have to put their reactions down on paper for submission to the Government.

Mr Hockey – who is sticking to his October 1 implementation deadline with the Bill scheduled for debate in the Senate in the week of August 20 – said he wants “to make sure that everyone has an opportunity to have their say on the regulations”.

The most eagerly awaited regulations for the insurance industry – the licensing of service providers and product disclosure – will be released in the next couple of weeks. There is some concern at the final form of these regulations. Intensive lobbying of Mr Hockey and backbenchers by some industry groups has raised fears the Government has backed down on a number of important aspects. But no one will know for sure until the regulations are released.

“The Government is desperate to get this through the Senate without too much pain,” a Canberra source said. “[Mr] Hockey has been the target of some very heavy-handed lobbying.”

Announcing the imminent release of the regulations, Mr Hockey said the Bill is “the culmination of extensive work and consultations stretching back to 1997. Once enacted, the legislation will generate significant efficiencies for players in the industry as well as support an effective regime for the protection of consumers.”

We’ll keep you posted on the new regulations, with immediate analysis and reaction in our “Breaking News” section.