On 23 May 2012, the Government released for consultation the highly anticipated draft FOFA regulations in two separate packages.
The first is a package of regulations set out in the draft Corporations Amendment Regulations 2012 which deals with a number of FOFA measures (FOFA Regulations). The second package is a number of further proposed amendments to the Corporations Regulations 2001 which deal solely with grandfathering aspects of the reforms (FOFA Grandfathering Regulations).
The release of these regulations follows the passage of the first and second tranches of the FOFA reforms set out in the Corporations Amendment (Future of Financial Advice) Bill 2011 (Tranche 1 Bill) and Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011 (Tranche 2 Bill) by the House of Representatives. These Bills await further debate in the Senate. Our summary of the FOFA Reforms can be found here.
Submissions on the draft FOFA Regulations and FOFA Grandfathering Regulations are due by 5 June 2012.
A copy of the draft regulations and explanatory notes are available here.
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