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House Of Representatives

Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill 2007

Explanatory Memorandum

(Circulated by the authority of the Minister for Revenue and Assistant Treasurer, the Hon Peter Dutton MP)


The following abbreviations and acronyms are used throughout this explanatory memorandum.

Abbreviation Definition
ABN Australian Business Number
ABN Act A New Tax System (Australian Business Number) Act 1999
ABN Regulations A New Tax System (Australian Business Number) Regulations 1999
ABR Australian Business Register
ADF Approved Deposit Fund
ADI Authorised Deposit-taking Institutions
AIA Acts Interpretation Act 1901
APRA Australian Prudential Regulation Authority
APRA Act Australian Prudential Regulation Authority Act 1998
ASIC Australian Securities and Investments Commission
ASIC Act Australian Securities and Investments Commission Act 2001
ATO Australian Taxation Office
Banking Act Banking Act 1959
Banking Regulations Banking Regulations 1966
CALDB Companies Auditors and Liquidators Disciplinary Board
Corporations Act Corporations Act 2001
Corporations Regulations Corporations Regulations 2001
Criminal Code Criminal Code Act 1995
DBF Defined Benefit Fund
FRLI Federal Register of Legislative Instruments
FSCODA Financial Sector (Collection of Data) Act 2001
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
Insurance Act Insurance Act 1973
Insurance Regulations Insurance Regulations 2002
ISC Insurance and Superannuation Commission
LIA Legislative Instruments Act 2003
LIASB Life Insurance Actuarial Standards Board
Life Act Life Insurance Act 1995
Life Regulations Life Insurance Regulations 1995
NOHC Non-Operating Holding Company
Prudential Acts Banking Act 1959, Insurance Act 1973, Life Insurance Act 1995, Superannuation Industry (Supervision) Act 1993
PST Pooled Superannuation Trust
RSE Registrable Superannuation Entity
SIS Act Superannuation Industry (Supervision) Act 1993
SIS Regulations Superannuation Industry (Supervision) Regulations 1994
SMSF Self-managed superannuation fund
SMSF Taxation Act Superannuation (Self Managed Superannuation Funds) Taxation Act 1987

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