Financial Services Reform Act 2001 (122 of 2001)
Schedule 1 Financial Services and Markets
Part 1 Main amendments
Corporations Act 2001
1 Chapter 7 - Part 7.1 - Division 1
Chapter 7 - Financial services and markets
Part 7.1 - Preliminary
Division 1 - Object of Chapter and outline of Chapter
760A Object of Chapter
The main object of this Chapter is to promote:
(a) confident and informed decision making by consumers of financial products and services while facilitating efficiency, flexibility and innovation in the provision of those products and services; and
(b) fairness, honesty and professionalism by those who provide financial services; and
(c) fair, orderly and transparent markets for financial products; and
(d) the reduction of systemic risk and the provision of fair and effective services by clearing and settlement facilities.
760B Outline of Chapter
An outline of this Chapter is set out in the table below.
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Part-by-Part outline of Chapter 7 |
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Part... |
Covers... |
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1 |
7.1 |
definitions of key concepts and of commonly occurring expressions |
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2 |
7.2 |
licensing of financial markets other matters relating to financial markets |
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3 |
7.3 |
licensing of clearing and settlement facilities other matters relating to clearing and settlement facilities |
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4 |
7.4 |
limitation on ownership of certain licensees individuals who are disqualified from being involved in certain licensees |
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5 |
7.5 |
compensation regimes for financial markets |
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6 |
7.6 |
licensing of providers of financial services other related matters (e.g. restrictions on use of terminology; agreements with unlicensed persons relating to provision of financial services) |
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7 |
7.7 |
disclosure requirements for financial services licensees and their authorised representatives disclosure requirements for certain people who are not required to be licensed |
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8 |
7.8 |
other conduct requirements for financial services licensees (e.g. dealing with client money and property; financial records, statements and audit) special provisions relating to insurance |
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9 |
7.9 |
financial product disclosure requirements other requirements relating to issue and sale of financial products |
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10 |
7.10 |
market misconduct and other prohibited conduct relating to financial products and services |
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11 |
7.11 |
title to, and transfer of, certain securities and other financial products |
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12 |
7.12 |
qualified privilege in certain situations other miscellaneous matters |