Federal Register of Legislation - Australian Government.

Financial Services Reform Act 2001. No. 122, 2001. An Act to amend the law relating to financial services and markets, and for other purposes. Contents. 1. Short title. 1. 2. Commencement. 1.

This is a most timely conference as we start to approach the 11 March commencement date for the Financial Services Reform Act 2001 (FSRA). As you would expect, a major focus for ASIC over the last year has been, and will continue to be, the significant transition to the new financial services disclosure and licensing regime under FSRA.

As per Financial Service Reform Act 2001 the financial planners must provide FSG (Financial Service Guide) to the existing as well as new expected retail clients. The FSG is an important disclosure document as it helps the clients to decide whether to get financial services from a licensed.

Item 1 repeals Chapters 7(securities) and 8 (the futures industry) of the Corporations Act 2001 and inserts a new Chapter 7 entitled 'financial services and markets'. Licensing of Financial Markets Chapters 7 and 8 of the Corporations Law currently separately regulate securities and futures exchanges such as the Australian Stock Exchange (ASX) and the Sydney Futures Exchange (SFE).

The Financial Services Reform Act 2001 (Cth) introduced new definitions of“derivative” and “financial product” into the Corporations Act 2001 (Cth), andreplaced the separate regulatory regimes governing futures contracts andsecurities with a single financial markets authorisation regime and a singleintermediary licensing regime.

This Order sets out the amendments to primary and secondary legislation consequential on the coming into force of the Financial Services and Markets Act 2000 (c. 8) (“FSMA”). The large majority of the amendments are needed as a result of the principal repeals and revocations made by article 3. All references in other legislation to the enactments repealed here, or to expressions used in.

This is federal legislation that changes the way the public interacts with providers of financial services and products. The Act makes significant changes to the Corporations Act.

The Corporations Act 2001 imposes: a single licensing regime for financial sales, advice and dealings in relation to financial products, consistent and comparable financial product disclosure, and a single authorisation procedure for financial exchanges and clearing and settlement facilities.

Legislation (FSRL) which commences on 11 March 2002, is the culmination of an extensive reform program examining current regulatory requirements applying to the financial services industry. The Financial System Inquiry had concluded that financial system regulation in.

Summary and Background Background. 3. The Government committed to putting in place a new system for financial regulation in the Government’s publication “The Coalition: our programme for government”: “ We will reform the regulatory system to avoid a repeat of the financial crisis. We will bring forward proposals to give the Bank of England control of macro-prudential regulation and.

Corporations Act 2001 to raise the education, training and ethical standards. have seen a significant shift in the regulation of financial advice (compared with the. and Financial Services conducted an inquiry into financial products and services in Australia.

Retail clients are provided with additional protection from other clients under the Corporation Act 2001 (The Act). The Act defines Retail Clients as; Individuals or a manufacturing business employing less than 100 people or any other business employing less than 20 people, and that are purchasing the following types of insurance cover.