FAA review number two on new Minister's list

"We're working really hard right now with Parliamentary Counsel to get that drafting right" says financial markets policy manager James Hartley who heads the team working on the FAA review.

Following the release of the exposure draft, there is likely to be a consultation period of around six weeks which Hartley says can be really useful to flush out any issues with the drafting, "things that you haven't thought of or could be expressed better."

The consultation process will also include discussion around transitional arrangements for the new regime to ensure that current industry participants have enough time to meet such things as new competency standards, "if there are new competency standards" adds Hartley.

Given that the new FAA Act will be very technical, Hartley says that MBIE will publish a "chunky" companion document alongside the exposure draft to make it more accessible to stakeholders. There will also be additional sessions with the industry to talk through the detail.