Senate
Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014
Revised Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon J. B. Hockey MP)This Memorandum takes account of amendments made by the House of Representatives to the bill as introduced and recommendations made by the Senate Economics Legislation Committee report of 16 June 2014.
Glossary
The following abbreviations and acronyms are used throughout this explanatory memorandum.
| Abbreviation | Definition |
| ADI | Authorised Deposit-taking institution |
| ASIC | Australian Securities and Investments Commission |
| Corporations Act | Corporations Act 2001 |
| Corporations Regulations | Corporations Regulations 2001 |
| Dissenting Report | Dissenting Report by Coalition members of the Parliamentary Joint Committee on Corporations and Financial Services inquiry into the 2012 FOFA Bills |
| FOFA | Part 7.7A of the Corporations Act 2001, as introduced by the Corporations Amendment (Future of Financial Advice) Act 2012 and the Corporations Amendment (Further Future of Financial Advice Measures) Act 2012, also known as the Future of Financial Advice |
| 2012 FOFA Bills | Corporations Amendment (Future of Financial Advice) Bill 2012 and the Corporations Amendment (Further Future of Financial Advice Measures) Bill 2012 |
| ICCPR | International Covenant on Civil and Political Rights |
| Licence | Australian Financial Services Licence |
| Licensee | holder of an Australian Financial Services Licence |
| Representative | representative of an Australian financial services licensee |
| RIS | regulation impact statement |
| SIS Act | Superannuation Industry (Supervision) Act 1993 |
| SOA | Statement of Advice |
| Bill | Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 |