Wednesday, 11 September 2019
Select Committee on Financial Technology and Regulatory Technology; Appointment
(1) That a select committee to be known as the Select Committee on Financial Technology and Regulatory Technology be established to inquire and report on the following matters:
(a) the size and scope of the opportunity for Australian consumers and business arising from financial technology (FinTech) and regulatory technology (RegTech);
(b) barriers to the uptake of new technologies in the financial sector;
(c) the progress of FinTech facilitation reform and the benchmarking of comparable global regimes;
(d) current RegTech practices and the opportunities for the RegTech industry to strengthen compliance but also reduce costs;
(e) the effectiveness of current initiatives in promoting a positive environment for FinTech and RegTech start-ups; and
(f) any related matters.
(2) That the committee present its final report on or before the first sitting: day in October 2020.
(3) That the committee consist of six senators, as follows:
(a) three nominated by the Leader of the Government in the Senate;
(b) two nominated by the Leader of the Opposition in the Senate; and
(c) one nominated by any minority party or independent senator.
(a) participating members may be appointed to the committee on the nomination of the Leader of the Government in the Senate, the Leader of the Opposition in the Senate or any minority party or independent senator; and
(b) participating members may participate in hearings of evidence and deliberations of the committee, and have all the rights of members of the committee, but may not vote on any questions before the committee.
(5) If a member of a committee is unable to attend a meeting of the committee, that member may in writing to the chair of the committee appoint a participating member to act as a substitute member of the committee at that meeting, and if the member is incapacitated or unavailable, a letter to the chair of a committee appointing a participating member to act as a substitute member of the committee may be signed on behalf of the member by the leader or whip of the party or group on whose nomination the member was appointed to the committee.
(6) That the committee may proceed to the dispatch of business notwithstanding that not all members have been duly nominated and appointed and notwithstanding any vacancy.
(7) That the committee elect as chair one of the members nominated by the Leader of the Government in the Senate, and as deputy chair one of the members nominated by the Leader of the Opposition in the Senate.
(8) That the deputy chair shall act as chair when the chair is absent from a meeting of the committee or the position of chair is temporarily vacant.
(9) That the chair, or the deputy chair when acting as chair, may appoint another member of the committee to act as chair during the temporary absence of both the chair and deputy chair at a meeting of the committee.
(10) That, in the event of an equally divided vote, the chair, or the deputy chair when acting as chair, has a casting vote.
(11) That the committee have power to appoint subcommittees consisting of three or more of its members, and to refer to any such subcommittee any of the matters which the committee is empowered to examine.
(12) That the committee and any subcommittee have power to send for and examine persons and documents, to move from place to place, to sit in public or in private, notwithstanding any prorogation of the Parliament or dissolution of the House of Representatives, and have leave to report from time to time its proceedings, the evidence taken and such interim recommendations as it may deem fit.
(13) That the committee be provided with all necessary staff, facilities and resources and be empowered to appoint persons with specialist knowledge for the purposes of the committee with the approval of the President.
(14) That the committee be empowered to print from day to day such documents and evidence as may be ordered by it, and a daily Hansard be published of such proceedings as take place in public.
Question agreed to.