Sam Dastyari (NSW, Australian Labor Party) Share this | Hansard source

A facilitative process is available to ASIC for the process of implementation to allow these matters. I would urge the minister and the government to make sure of this in their discussions with ASIC. There are those on this side of the chamber who are very reasonable about this matter and acknowledge and recognise the fact that the allowing of this disallowance will mean a facilitative approach will need to be initiated and entered into with ASIC. I think that is a reasonable thing to do.

It is reasonable to say that, when there have been changes, there needs to be a facilitative approach. I note that people like myself have spoken to ASIC about this specifically. I also note that ASIC have actually done this in the past. They did this during previous Labor and Liberal governments, where they said to industry, 'Let's be clear about this: there are going to be some changes and there are going to be new laws. We are going to work with you and with business for implementation.' So I reject the notion that somehow the industry is going to fall apart overnight.

I do believe that we have to be setting a higher standard. We have to be setting a higher bar. I and others in this place believe that the FoFA regulations that were brought in by Senator Cormann in the dead of the night, moments before they were to come into effect, not through legislation but through regulation, have created a situation where the only opportunity available to us is to reject them all. I urge the minister to bring forward legislation, allow us to be part of the debate and engage with the crossbenchers and the Labor Party and say—