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


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