Jenny McAllister (NSW, Australian Labor Party, Shadow Cabinet Secretary) Share this | Hansard source

Given that the minister isn't going to make this observation, I'll say in response to Senator Whish-Wilson's observations: essentially, the same test is embedded in the regulations that are proposed. ASIC will need to make an assessment based on the regime that's been established now. Our argument's a procedural one. This is a reasonable and sensible thing to ask ASIC to do in the case of every application that comes before it for regulatory relief. Why wouldn't you put it in the primary legislation?