The introduction of the Financial Services Reform Act has created a complex maze of legislative provisions, regulations, Australian Securities & Investments Commission (ASIC) policy statements and class orders. Our financial services team has developed Integrated FSR, an electronic tool to help clients navigate and come to grips with financial services legislation.

Integrated FSR brings together in an easy-to-use format the most relevant provisions of Chapter 7 of the Corporations Act, regulations, explanatory material, class orders and references to Treasury and ASIC material.

The Integrated FSR sample shows the benefits of this tool.

New version released – 30 September 2007

Change is a constant feature of FSR – which makes keeping up to date a challenge.  Integrated FSR 2007 has been updated to the latest changes made in the incorporation by reference regulations, the Corporations Amendment (Simpler Regulatory System) Act, draft regulations proposed in the Corporate and Financial Services Regulation Review released on 26 March 2007 and other changes such as the compensation arrangements regulations.

Integrated FSR is now available in three different editions:

• a full edition which adds the financial markets provisions to the Financial Services and Products edition;
• a Financial Services and Products edition which is an update of material previously covered by Integrated FSR – financial services licensing, obligations of licensees and product disclosure; and
• a new Financial Markets edition which covers licensing of markets and clearing and settlement facilities, compensation regimes and the provisions covering title and transfer. 

All three editions include the market misconduct provisions and general definitions.

As with previous versions, Integrated FSR is made up of three volumes.

Volume 1

The principal component of Integrated FSR, this volume extracts and integrates the provisions of Chapter 7 of the Corporations Act 2001 and the Corporations Regulations relevant to the provision of financial services and products. It also includes links to and, in some cases, extracts from relevant ASIC Class Orders, policies and Frequently Asked Questions. Transitional provisions that have some ongoing relevance are also included in Volume 1.

A user guide and tables of statutes, regulations, class orders and FAQs are located at the end of this volume.

Volume 2

This volume aims to match each of the extracted provisions of Chapter 7 of the Corporations Act 2001 with statements made about the provision in the various Explanatory Memoranda tabled in Parliament. Each provision is shown on the left hand side of the page and relevant statements in the Explanatory Memoranda are shown on the right hand side. Amendments to the legislation as it progressed through Parliament are shown as marked changes with explanations shown in the same colour and coding. Copies of the second reading speeches are also included along with all transitional provisions.

Volume 3

This volume aims to match the extracted Regulations with statements made about them in the various Explanatory Statements released by Treasury. It also contains transitional regulations.

Electronic links

The electronic version of Volume 1 contains links to Volumes 2 and 3, which are intended to aid Integrated FSR users to quickly identify any explanatory material that may assist with interpreting various provisions and understanding the context of the explanation.

Contact us
To order a copy of our Integrated FSR, please complete the request form or contact Candi Yeung on +61 2 9921 4628 or by email candi.yeung@minterellison.com 

For further information about compliance with Financial Services Reform law, please contact Richard Batten on +61 2 9921 4712 or by email richard.batten@minterellison.com