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House of Representatives

Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Bill 2008

Explanatory Memorandum

Circulated By the Authority of the Treasurer, the Hon Wayne Swan Mp


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

Abbreviation Definition
ADI Authorised deposit-taking institution
ALRC Australian Law Reform Commission
AML-CTF Act Anti-Money Laundering and Counter Terrorism Act 2006
APRA Australian Prudential Regulation Authority
APRA Act Australian Prudential Regulation Authority Act 1998
ASIC The Australian Securities and Investments Commission
Banking Act Banking Act 1959
Commonwealth Commonwealth of Australia
Corporations Act Corporations act 2001
Davis Report Study of Financial System Guarantees
EAFD Early Access Facility for Depositors
FCS Financial Claims Scheme
Federal Court Federal Court of Australia
FSS Special Account Financial System Stability Special Account
Government The Australian Government
HIH The HIH Group of Companies
IMF International Monetary Fund
Insurance Act Insurance Act 1973
ITAA Income tax Assessment Act 1997
Legislative Instruments Act Legislative Instruments Act 2003
Life Insurance Act Life Insurance Act 1995
PCF Policyholder Compensation Facility
RBA The Reserve Bank of Australia
Scheme Financial Claims Scheme
SIS Act Superannuation Industry (Supervision) Act 1993
Court The Federal Court of Australia
TFN Tax file number
The Inquiry The 1997 Financial System Inquiry

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