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Understanding the reforms to the system of licensing and disclosure contained in the Financial Services Reform Act is essential to a deeper appreciation of the evolution of financial services in Australia. Building on the 2nd edition, this clear and concise text is an essential starting point for those wishing to understand the significant changes to the Financial Services industry, and assists in translating theory into practice. A new chapter on compliance has been included to aid financial services licensees and compliance managers with their new obligations. The 3rd edition also provides a highly practical, plain English guide to the legislation, as well as summarising ASIC's policy statements. Disclosure obligations, exemption, misconduct, enforcement and penalties are discussed. Crucial definitions, key compliance requirements and information resources are also included.
Guide to the legislation and issues surrounding the Financial Services Reform Act 2001 for those working in the Financial Services Industry. Outlines the legislation governing the way that financial products and services are bought and sold. Includes explanations of the intent of the Act, the main transitional provisions and a summary of ASIC's policy statements. Includes appendices and index.
The Financial Services Reform Act 2001 (Cth) introduced new definitions of “derivative” and “financial product” into the Corporations Act 2001 (Cth), and replaced the separate regulatory regimes governing futures contracts and securities with a single financial markets authorisation regime and a single intermediary licensing regime. This article examines the reforms to evaluate whether they have been successful. It is argued that there are definite improvements resulting from the reforms, and the scope for regulatory arbitrage has been greatly reduced. However, numerous problems remain. There are significant differences in the regulation of securities and derivatives. The distinction between securities and derivatives is still based on legal characteristics, not economic function. There is uncertainty as to the exact scope and interaction of the definitions, particularly with respect to equity derivatives, warrants and options. The current law has thus not fully addressed many of the problems that existed prior to the reforms.
The Financial Services Reform Act 2001 commenced on 11 March 2002. It amended the Corporations Act 2001 and related legislation, introducing a new regulatory framework for the licensing, conduct and disclosure of providers of financial services, and a licensing regime for financial markets and clearing and settlement facilities. The amendments were subject to a transition period, and during this period a number of issues were identified which required clarification or amendment to enable members of the industry to move into the new arrangements. This bill would clarify and amend various aspects of Chapter 7 and related provisions of the Corporations Act. This report reviews the provisions of the Bill.