Bill: Proposed Financial Institution Reporting Amendment

[xXLordLyonXx]

Author: Lysander Lyon, MP
Sponsor: N/A
Type: Amendment to an Act of Parliament

A
BILL
TO
Change the Financial Institution Reporting Process​

Preamble: It is possible for Ministry of Economic Affairs requests to become over-burdensome. This bill provides relief for financial institutions to pursue in case requests are too expansive.

1. Short Title
(a) This bill shall be referred to as the "Financial Institution Reporting Amendment".
(b) This bill was authored by Lysander Lyon.

2. Amendment
(a) Section 7(c) of the Banking Foundations Act may shall be amended as follows:

(c) The Ministry of Economic Affairs may requirerequest more information than is outlined in Section 2(a) in the monthly or quarterly reports for a category of financial institution, or for all financial institutions.

(b) A new section, Section 8, shall be added to the Banking Foundations Act as follows:

8. The Finance Committee
(a) Parliament shall create and maintain a standing Finance Committee that shall be recreated upon each newly elected Parliament, with three seats. All decisions shall be made via simple majority.
(b) Financial institutions may appeal the additional information requests outlined in Section 7(c) to the Parliamentary Finance Committee. Upon appeal, any such request is paused and non-enforceable for 7 days.
(i) If Parliament is not in session; ends session during the 7 day period; or ends session while considering the appeal but without returning a vote, the request remains paused until a new Parliament is elected, and a fresh 7 days have passed thereafter.
(c) Parliament is required to fill the Finance Committee within the first 7 days of the term, or else the Azalea Isles Government may be held liable for damages resulting from the inability of appeal requests to be heard.
(i) If the Finance Committee has not been seated, financial institutions are expected to comply with the Ministry of Economic Affairs’ information request, after the 7 day pause an appeal has expired.
(ii) Damages are incurred at a rate of $1,000 per day starting on the 8th day of an appeal being submitted and the Finance Committee not being fully seated.
(iii) There is no liability for damages if the delay is due to disruptions outlined in Section 8(b)i.
(d) If the Finance Committee rejects hearing an appeal, the information request should be answered by the financial institution within the following 7 days.
(e) If the Finance Committee decides to hear an appeal, the Ministry of Economic Affairs shall be granted 48 hours to present their argument as to why the request is reasonable and/or necessary. Then, the financial institution shall assign a representative, who shall be granted 48 hours to present their argument as to why the request is unreasonable and/or unnecessary.
(f) After arguments have been made, the committee shall vote whether the request is reasonable and/or necessary; if it is determined to be reasonable, the institution must fulfill it within the following 7 days, while if it is not, the institution is not required to fulfill it.

Enactment: This Amendment comes into force immediately upon passage.