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Wednesday, 26 November 2008
Page: 11566


Mr BOWEN (Minister for Competition Policy and Consumer Affairs, and Assistant Treasurer) (6:24 PM) —Of course the honourable gentleman is deliberately misrepresenting the government’s position. As I made clear in my closing remarks to the Corporations Amendment (Short Selling) Bill 2008, the government has the view that it is an appropriate balance for the framework to be set out in the legislation and for the detailed implementation to be set out in the regulations to allow the government to respond flexibly on the advice of regulators to emerging and fluid situations, which is entirely appropriate in the circumstances. The government has thought long and hard about this and believes that the right level of detail is set out in the legislation and that it is appropriate that further details be set out in the regulations.