House of Representatives

Explanatory Memorandum

(Circulated by authority of the Minister for Financial Services and Regulation, the Honourable J.B. Hockey MP and the Attorney-General, the Honourable Daryl Williams AM QC MP)

Chapter 3 - Regulation Impact Statement and Financial Impact Statement

Regulation impact statement

3.1. The Bill will for practical purposes restore the regulatory environment which existed before the High Court's decisions in Hughes and Wakim . While the Bill also corrects a number of existing anomalies and updates the drafting style, it does not involve substantive policy changes.

3.2. On that basis, the Office of Regulation Review has advised that a Regulation Impact Statement is not required for the Bill.

Financial impact statement

3.3. The Bill does not have any financial impact.