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 2 - Regulation impact statement and financial impact statement

Regulation impact statement

2.1. The Bill is part of a package of legislation which will for practical purposes restore the regulatory environment which existed before the High Courts decisions in Hughes and Wakim .

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

Financial impact statement

2.3. The Bill does not have any financial impact.