However, the proposed amendments in this Bill were introduced prior to the Wallis inquiry findings being published. The amendments are designed to enhance the current system's efficiency and effectiveness. The exchange of information between the RBA and ISC and overseas financial regulatory bodies is seen by the Government as a key prudential tool. The Wallis inquiry supported an international co-operative approach to prudential supervision. It also recommended that the CFSC should be empowered to enter into bilateral and multilateral mutual assistance treaties with overseas counterparts.
Current disputes arising formmisleading, deceptive or fraudulent conduct are hard to resolve.
This Bill's predominant amendments are in sympathy with the above mentioned Wallis recommendation. In line with government policy, some of the provisions relating to information sharing are subject to a five-year sunset clause. A summary of the amendments to each of the Acts follow. 22 December 2001.The Government sees that these amendments are necessary because it decided that it was unreasonable to expect foreign banks to make long-term strategic decisions about whether to convert to branch status while the Wallis inquiry into the financial system was in progress, and before the outcomes and changes flowing from it were known. This Act has the most substantial amount of amendments in the Bill.