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It will be virtually impossible for small financial planning firms to comply with the new breach reporting regime proposed to be imposed on the industry via
the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2020 Measures)) Regulations 2021: Breach Reporting legislation,
according to the Association of Financial Advisers (AFA).
What is more, the AFA has cited member feedback which suggests that four breaches reported by a licensee in 2020 could be escalated to as many as 198 under the new regime.
In a submission filed with the Treasury, the AFA has strongly complained that the breach reporting measures contained in the legislation go well beyond what was proposed in the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
The seven bills, filed by Republicans and Democrats, emerged from hours-long legislative hearings into the power outages in late February, when lawmakers questioned regulatory leaders, energy industry executives and other stakeholders about the crisis.
The proposals represent the first phase of the chamber s response to the power outages, House Speaker Dade Phelan, R-Beaumont, said. They address weatherizing energy infrastructure and improving coordination between state agencies during a disaster, among other issues.
But the bills do not dictate who will pay for weatherproofing at power plants and they do not make sweeping changes to the state s deregulated energy market. I am proud the Texas House is leading the charge in protecting consumers, fortifying our grid, and creating clear lines of communication and authority during extreme weather events, Phelan said in a statement. We must take accountability, close critical gaps in our system, and prevent these breakdowns fr
These are the bills the Texas House is prioritizing to target ERCOT and better prepare for future storms Madlin Mekelburg, Austin American-Statesman
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The seven bills, filed by Republicans and Democrats, emerged from hours-long legislative hearings into the power outages in late February, when lawmakers questioned regulatory leaders, energy industry executives and other stakeholders about the crisis.
The proposals represent the first phase of the chamber s response to the power outages, House Speaker Dade Phelan, R-Beaumont, said. They address weatherizing energy infrastructure and improving coordination between state agencies during a disaster, among other issues.
But the bills do not dictate who will pay for weatherproofing at power plants and they do not make sweeping changes to the state s deregulated energy market.
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