Exposure Draft Regulations – FSR Refinements

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Abstract:

On 11 October 2005, the Parliamentary Secretary to the Treasurer released an exposure draft of Corporations Amendment Regulations designed to implement the proposed refinements to financial services regulation requiring changes to the law, which were released for public consultation by the Parliamentary Secretary on 2 May 2005.

In particular, the draft regulations are designed to implement proposals to amend the regulations to provide relief from some requirements under Chapter 7 of the Corporations Act, and to specify requirements and/or clarify the intent of the legislation. The draft regulations implement proposals 1, 2, 3, 4, 6, 7, 8, 9, 10.1, 11, and 12.1 listed in the proposals paper.

The remaining proposals are being implemented by guidance and relief issued by the Australian Securities and Investments Commission (ASIC). Details of the refinements projects for which ASIC is responsible are available on the ASIC website.

In developing the draft regulations, consideration has been given to comments provided by industry and consumer representatives in written submissions and during the series of round table consultation meetings. Some of these comments raised issues that were able to be taken into account in drafting the regulations and have resulted, in some cases, in draft regulations deviating slightly from or extending the original proposal.

However, some comments suggested further refinements that are relatively complex and/or extend beyond the scope of the listed proposals. These issues will be considered separately and if undertaken, will be implemented outside of the timeframe for implementing the proposed refinements.

Submission closing date: 4  November  2005

Address written comments to:

Manager
Investor Protection Unit
The Treasury
Langton Crescent
PARKES ACT 2600

Fax: 02 6263 2770

Email: FSRcomments@treasury.gov.au

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