Bernie Ripoll (Oxley, Australian Labor Party, Parliamentary Secretary for Small Business) Share this | Hansard source

In summing up on this bill, the Corporations and Financial Sector Legislation Amendment Bill 2013, I want to thank all the honourable members who have shown interest in this particular area. I want to particularly mention the member for Casey, who has made some brief comments in relation to this bill and shown support for the good things that are being done with these amendments. I also want to note that the member for Robertson was due to speak on this bill but, being in the chair, that is not quite possible so at least I wanted to note that she would have made a contribution because she has an enormous interest in all these bills and in the corporations and financial services sector as well.

This bill delivers a number of very important measures to improve the functioning of our financial system. While many of the amendments in the bill may seem highly technical in nature, they have a very real impact on the work of our financial markets and our regulators. They will also complement the existing legislative framework to implement our core G20 commitments in relation to over-the-counter derivatives. Passage of the bill will provide crucial protections to clearing facilities, which are critical parts of our financial system. These important reforms will allow our clearing facilities to better protect themselves against a default by one of their participants. The work of clearing facilities is at the heart of our financial system and the reforms in this bill are therefore important in guaranteeing market confidence in the stability of the financial system, which ultimately benefits the economy as a whole and ultimately everyone in Australia. The reforms in the bill will also allow ASIC and the RBA to better focus their resources on supervising those licensed markets as well as clearing and settlement facilities, which pose the highest risk to our system and to retail investors.

Finally, the bill will provide appropriate powers to our regulators, allowing them to cooperate as required with other regulators and official bodies. This in turn will facilitate the business activities of our financial industry in overseas markets. These important reforms are part of the Gillard government's broad agenda to promote Australia as a leading financial services hub and boost our reputation as one of the most attractive investment destinations in that world. I commend the bill to the House.

Question agreed to.

Bill read a second time.

Ordered that this bill be reported to the House without amendment.

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