Summary
Amends the financial sector regulation law to: implement recommendations of the Taskforce on Reducing Regulation Burdens on Business to streamline and simplify prudential regulation; provide more equitable financial assistance to superannuation funds who have suffered loss as a result of fraud or theft; abolish the Special Protection Account; consolidate and rationalise prudential reporting requirements in the superannuation industry; close a regulatory gap for reporting contraventions of the market conduct and disclosure provisions in the Corporations Act 2001; and makes technical amendments consequential on the enactment of the Legislative Instruments Act 2003.