| Date |
Title |
Relevant Links |
| 16/5/13 |
Regulation made providing:
- Part 7.7A of the Act does not have effect in relation to retail clients not in this jurisdiction; and
- an exemption from the obligations in Division 2 of Part 7.7A of the Act (the best interests obligations) for financial advice providers in situations where the conditions in certain ASIC Class Orders are satisfied.
|
Corporations Amendment Regulation 2013 (No. 2)
Explanatory Statement |
| 7/5/13 |
Treasury releases an exposure draft of regulations to provide that:
- brokerage fees are exempt from the ban on asset-based fees on borrowed amounts; and
- fees can be paid by licensees that execute trades on behalf of the retail clients of other licensees, where those trades are requested by the client through the non executing licensee's online trading service, under circumstances where clients do not receive personal advice.
|
Draft grandfathering regulations (5/5/13)
Explanatory Statement to the draft regulations |
| 11/4/13 |
ASIC announces delay in the proposal to introduce a national examination for financial advisers. ASIC indicated:
- this was to allow appropriate time for other reforms to be implemented in the financial advice sector, notably the FOFA package; and
- in the coming months, it will also consult on enhancements to the training standards for financial product advisers.
|
ASIC's Media Release (11/4/13) |
| 4/3/13 |
Treasury releases an exposure draft of regulations dealing with grandfathering and buyer of last resort arrangements |
Draft grandfathering regulations
Explanatory Statement to the draft regulations
Minter Ellison Commentary (4/3/13) |
| 4/3/13 |
Treasury releases an exposure draft of regulations dealing with grandfathering and buyer of last resort arrangements |
Draft grandfathering regulations
Explanatory Statement to the draft regulations
Minter Ellison Commentary (4/3/13) |
| 4/3/13 |
ASIC releases guidance on conflicted remuneration ban |
ASIC's Media Release (4/3/13)
Regulatory Guide 246: Conflicted remuneration (RG246)
Minter Ellison Commentary (4/3/13) |
| 1/3/13 |
ASIC releases updated guidance related to approval of codes of conduct |
ASIC's Media Release (1/3/13)
Regulatory Guide 183: Approval of financial services sector codes of conduct (RG183)
Minter Ellison Commentary (4/3/13) |
| 27/2/13 |
The Minister for Financial Services and Superannuation announced:
- regulations to replace the accountants' licensing exemption with a limited Australian Financial Services Licence will be finalised in April 2013;
- the new licence will be open to accountants and other financial practitioners;
- an application process will apply from 1 July 2013 to 1 July 2016.
|
Minister's Media Release (27/2/13) |
| 21/2/13 |
During a Senate Estimates Committee hearing, Treasury officials indicated:
- they expect the Minister for Financial Services to outline rules around FOFA grandfathering within the next few weeks; and
- the way the grandfathering arrangements were drafted were, in Treasury's view, liberal permissive and went too far
|
Coverage of comments by Treasury officials at Senate estimates Committee Hearing |
| 6/2/13 |
Speech given by ASIC Commissioner Peter Kell stating:
- ASIC is currently on track to release additional regulatory guidance on its approach to professional codes of conduct and conflicted remuneration in the next few weeks.
- 'In most cases' a code sponsor would be an industry association.
- In the final code of conduct guidance ASIC will be proposing a more detailed checklist.
|
Coverage of speech by Peter Kell regarding codes of conduct |
| 4/2/13 |
Speech given by Bernie Ripoll (Parliamentary Secretary to the Treasurer) to the Financial Advice in Super Symposium reiterates the Government will exempt intra-fund advice fees from the FoFA adviser charging regime. |
Speech - Address to the Financial Advice in Super Symposium |
| 25/1/13 |
ASIC releases guidance on FOFA fee disclosure statements |
ASIC's Media Release
Regulatory Guide 245: Fee disclosure statements (RG 245) |
| 13/12/12 |
ASIC releases guidance related to best interests duty and scaled advice |
ASIC Media Release
Regulatory Guide 175 Licensing: Financial product advisers – conduct and disclosure (RG 175)
Regulatory Guide 244 Giving information, general advice and scaled advice (RG 244) |
| 28/11/12 |
Draft Accountant's Exemption replacement regulation released |
Draft Regulation
Explanatory Statement Minister's Media Release (28/11/12) |
| 28/11/12 |
Draft legislative amendments relating to the use of the expressions 'financial planner' and 'financial adviser' released |
Draft Corporations and Consumer Legislation Amendment (Consumer Financial Protection) Bill 2012
Explanatory Memorandum Minister's Media Release (28/11/12) |
| 27/11/12 |
Regulations on best interest duty and conflicted remuneration ban exemptions commence |
Corporations Amendment Regulation 2012 (No. 10)
Explanatory Statement
Minter Ellison Alert (30/11/12) |
| 23/10/12 |
ASIC release FOFA consultation paper relating to Approval of codes of conduct for exemption from opt-in requirement |
Consultation Paper 191 Future of Financial Advice: Approval of codes of conduct for exemption from opt-in requirement
ASIC's Media Release (23/10/12)
Minter Ellison Alert (2/11/12) |
| 3/10/12 |
Grandfathering regulations commence |
Corporations Amendment Regulation 2012 (No. 8)
Explanatory Statement |
| 28/9/12 |
ASIC release FOFA consultation paper relating to conflicted remuneration |
Consultation Paper 189 Future of financial advice - Conflicted remuneration
ASIC's Media Release (28/9/12)
Minter Ellison Alert (5/10/12) |
| 3/9/12 |
Professional indemnity insurance premiums & FOFA |
Australian Financial Review, "Indemnity premiums set to rise", Richard Batten comments (3/9/12) |
| 27/8/12 |
Timing of FOFA reforms |
Australian Financial Review, "Doubts over FOFA reform deadline" Richard Batten comments (27/9/12)
Financial Standard,"Delay FOFA reforms another year", Richard Batten comments (27/8/12) |
|
9/8/12 |
ASIC release consultation papers containing proposed guidance on FOFA reforms – scaled advice and best interests duty |
Consultation Paper 182 Future of financial advice: Best interests duty and related obligations – Update to RG 175
Consultation Paper 183 Giving information, general advice and scaled advice
Professional Planner, "Best practice: ASIC won’t expect perfection", Richard Batten comments(14/8/12)
ASIC's Media Release (9/8/12)
Money Management, "ASIC's language making industry nervous", Richard Batten comments (3/9/12) |
|
26/7/12 |
Speech given by Peter Kell (Commissioner, ASIC) to the Association of Financial Advisers National Roadshow entitled 'ASIC's financial advidser work 2012-13'. The commissioner makes comments about the implementation of the FOFA reforms. |
Speech: 'ASIC's financial adviser work 2012-13' (26/7/12) |
|
20/7/12 |
Minister for Financial Services & Superannuation Media Release – Application of FOFA to the timeshare industry |
Minister's Media Release |
|
13/7/12 |
Regulations relating to ongoing fee arrangements and conflicted remuneration registered as the Corporations Amendment Regulation 2012 (No. 4) |
Corporations Amendment Regulation 2012 (No. 4)
Explanatory Statement |
|
29/6/12 |
Minter Ellison makes submission to Treasury on stamping fees exemption |
Minter Ellison Submission |
|
28/6/12 |
ASIC updates policy on administrative action following FOFA reforms to ASIC powers |
ASIC's media release (28/6/12)
Regulatory Guide 98 Licensing: Administrative action against financial services providers
Information Sheet 151 ASIC's approach to enforcement |
|
27/6/12 |
First and Second FOFA Acts receive Royal Assent |
Corporations (Future of Financial Advice) Act 2012 (Cth)
Corporations (Further Future of Financial Advice Measures) Act 2012 (Cth) |
|
25/6/12 |
FOFA Bills pass House of Representatives |
Minter Ellison Commentary (25/6/12) |
|
20/6/12 |
FOFA Bills pass Senate with amendments |
Draft Senate amendments to Corporations Amendment (Future of Financial Advice) Bill 2012 (Cth)
Draft Senate amendments to Corporations Amendment (Further Future of Financial Advice Measures) Bill 2012 (Cth)
Minister's Media Release
Minter Ellison Commentary (20/6/12) |
|
14/6/12 |
Tranche 3 of the Draft FOFA Regulations released relating to best interest duty and conflicted remuneration exemptions |
Consultation Draft – Corporations Amendment Regulation 2012 (No. )
Explanatory Statement |
|
23/5/12 |
Draft FOFA Regulations released in two tranches, the first relating to ongoing fee arrangements and conflicted remuneration, and the second relating to grandfathering of conflicted remuneration |
Consultation Draft – Corporations Amendment Regulation 2012 (No. ) (Ongoing fee arrangements and conflicted remuneration)
Explanatory Statement (Ongoing fee arrangements and conflicted remuneration)
Consultation Draft – Corporations Amendment Regulation 2012 (No. ) (Grandfathering of conflicted remuneration)
Explanatory Statement (Grandfathering of conflicted remuneration)
Minter Ellison Alert (28/5/12) |
|
8/5/12 |
St John Report on compensation arrangements for consumers of financial services released |
Richard St. John's report
Minter Ellison Alert (18/5/12) |
|
22/3/12 |
FOFA bills pass House of Representatives with amendments |
Corporations Amendment (Future of Financial Advice) Bill 2012 (Cth)
Corporations Amendment (Further Future of Financial Advice Measures) Bill 2012 (Cth)
First Government Amendment to Corporations Amendment (Future of Financial Advice) Bill 2012 (Cth) (Sheet BG223)
Second Government Amendment 2 to Corporations Amendment (Future of Financial Advice) Bill 2012 (Cth) (Sheet ZA284)
Government Amendment to Corporations Amendment (Further Future of Financial Advice Measures) Bill 2012 (Cth) (Sheet BG224)
Money Management Commentary (22/3/12)
Minter Ellison Commentary (22/3/12) |
|
15/3/12 |
Consultation drafts relating to amendment of commencement date released |
Exposure Draft – Corporations Amendment (Future of Financial Advice) Bill 2012 (Cth)
Supplementary Explanatory Memorandum
Exposure Draft – Corporations Amendment (Further Future of Financial Advice Measures) Bill 2012 (Cth)
Supplementary Explanatory Memorandum |
|
14/3/12 |
Release of the Senate Economics Committee (SEC) FOFA – Report
Smoother Transition for Financial Advice Reforms |
Senate Economics Committee FOFA Report (14/3/12)
Minister's Media Release (14/3/12)
Minter Ellison Commentary (14/3/12) |
|
29/2/12 |
Release of Parliamentary Joint Committee on Corporations and Financial Services FOFA Report |
Parliamentary Joint Committee on Corporations and
Financial Services FOFA Report (29/2/12)
Minter Ellison Alert (6/3/12) |
|
8/12/11 |
Federal Government announces its approach to intra-fund advice |
Minister's Media release (8/12/11)
Minter Ellison Commentary (8/12/11) |
|
1/12/11 |
Richard Batten (Partner) publishes article entitled 'Formulating the Future of Advice' first published in the Financial Services Newsletter Vol 10 No. 6 2011 produced by Lexis Nexis |
Article – Formulating the Future of Advice (1/12/11) |
|
24/11/11 |
FOFA Tranche 2 tabled in the House of Representatives |
Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011
Minter Ellison Commentary (24/11/11) Second reading speech (24/11/12) |
|
21/10/11 |
Minter Ellison makes submission to Treasury on Tranche 2 of draft FOFA legislation |
Minter Ellison Submission (21/10/11) |
|
13/10/11 |
FOFA Tranche 1 Bill tabled in the House of Representatives – Changes made to exposure draft |
Corporations Amendment (Future of Financial Advice Measures) Bill 2011 (Cth)
Minter Ellison Alert (14/10/11)
Second reading speech (13/10/12) |
|
28/9/11 |
Tranche 2 of draft FOFA legislation released |
Exposure Draft – Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011 (Cth)
Draft Explanatory Memorandum
Minter Ellison Alert (4/10/11) |
|
16/9/11 |
Minter Ellison makes submission to Treasury on Tranche 1 of draft FOFA legislation |
Minter Ellison Submission (16/9/11) |
|
29/8/11 |
Tranche 1 of draft FOFA legislation released |
Exposure Draft – Corporations Amendment (Future of Financial Advice) Bill 2011 (Cth)
Draft Explanatory Memorandum
Minter Ellison Alert (1/9/11) |
|
28/4/11 |
Australian Government released FOFA Information Pack outlining the outcome of its consultations |
FOFA Information Pack (28/4/11)
Minter Ellison Alert (29/4/11) |
|
26/4/10 |
Government announcement of Future of Financial Advice (FOFA) reforms |
Minister's FOFA press release (26/4/10)
FOFA Information Pack (26/4/10) |
| 23/11/09 |
Parliamentary Joint Committee on Corporations and Financial Services releases report on financial products and services in Australia |
PJC Committee Report (2009)
PJC Committee Media Release |