Assistant Treasurer Peter Dutton has released a draft of the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill. The industry has until May 30 to comment on it.

The bill contains proposals for streamlining and simplifying prudential regulation.  They include streamlined breach reporting; flexibility through exemption powers, enforceable undertakings and discretion under prudential standards; simpler processes for appointing actuaries and auditors; and simplifying the Life Insurance Act.

Mr Dutton says the bill reflects discussions with the industry and builds on a commitment to cut red tape.