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House of Representatives

Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009

Explanatory Memorandum

Circulated By the Authority of the Minister for Human Services Minister for Financial Services, Superannuation and Corporate Law the Hon Chris Bowen Mp


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

Abbreviation Definition
ABN Australian business number
ACN Australian company number
AFSL Australian financial services licence
AML Australian market licence
APRA Australian Prudential Regulation Authority
ASIC Australian Securities and Investments Commission
ASIC Act Australian Securities and Investments Commission Act 2001
ASX Australian Securities Exchange
Bill Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009
CGT capital gains tax
COAG Council of Australian Governments
Corporations Act Corporations Act 2001
CS facility licence Australian clearing and settlement facility licence
EDR Scheme External Dispute Resolution Scheme
FSG Financial Services Guide
Green Paper The Government's Green Paper issued in June 2008 titled : Financial Services and Credit Reform: Improving, Simplifying and Standardising Financial Services and Credit Reform
GST goods and services tax
IDR internal dispute resolution
Legislative Instruments Act Legislative Instruments Act 2003
LUR loan-to-value ratio
Minister Minister responsible for administering the Corporations Act determined in accordance with section 19A of the Acts Interpretation Act 1901
PDS product disclosure statement
regulations Corporations Regulations 2001
RG (ASIC) Regulatory Guide
RSEs Registrable Superannuation Entity licensees
SoA Statement of Advice
TCA Trustee Corporations Association of Australia

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