Lawyers and various other experts are poring over the latest package of policy proposal papers related to the Financial Services Reform Bill. ASIC Deputy Chair Gillian Segal said the release of the latest papers marks the beginning of the second round of consultations with the industry and consumer groups.

The first set of proposals was issued on April 26, and have had the experts busy ever since. Most organisations are maintaining a low-key approach to the nature of their submissions. .

The second package of papers comprises policy proposals on licensing of principals and representatives; external and internal dispute resolution procedures; discretionary powers; and the approval of codes

The FSR Bill heads into the parliamentary committee system this week, with two days set aside for deliberations before the third reading debate begins later this month.

The legislation is still believed to be on target, although Canberra sources are casting doubts on the ability of all parties to have it ready for enactment by October 1. January 1 is said to be a more realistic bet.

The latest weighty set of ASIC proposals don’t contain the financial requirements for licensing, which have been awaited with considerable interest in light of the APRA/HIH debate. Ms Segal said this paper “will be issued separately in the future”.

“Following the assessment of feedback on these and other related papers, we will release policy statements and other publications describing the administrative arrangements that will implement the new legislative framework, including an orderly transition to the new law,” she said.

Written submissions are due by Thursday July 5. Copies of the policy proposals can be obtained from the ASIC website at (are you ready for this?) www.asic.gov.au/policy/index.cfm-id=99F83E27-3D11-11D5-A52F009027DE39A4&Method=Full&story=yes.htm