Set out below is a summary of the main developments relating to FSR since the release of the draft legislation in February 2000.
| 2006 | |
|---|---|
| 14 September | ASIC updates policy statement on relief applications to provide transparency about how it reduces burdens on business (PS 51) |
| 3 August | ASIC releases policy statement which sets out how superannuation trustees can deliver product disclosure information about investment strategies to superannuation fund members (PS 184). |
| 7 April | Government releases consultation paper, Corporate and Financial Services Regulation Review, which contains 56 issues to reduce further the regulatory and compliance burden for financial services and associated industries covering the following areas: refinements to FSR; company reporting obligations; auditor independence; corporate governance; fundraising; takeovers; collective investments; and dealing with regulators. |
| 2005 | |
| 20 December | ASIC updates policy statement on licensing discretionary powers for regulation of generic financial calculators (amendments to PS 167 (new section F)) |
| 19 December | FSR regulations on 'refinements to financial services regulation' (released in draft on 11 October 2005) are registered in the Federal Register of Legislative Instruments |
| 24 November | ASIC updates FSR licensing kit (version 7) to reduce the amount of paperwork required to be submitted as part of an application for an AFS licence |
| 17 June | FSR regulations on 'common fund' disclosure (released in draft on 19 May 2005) receive Royal Assent |
| 2 May | Government releases proposals paper, Refinements to Financial Services Regulation, which contains 25 proposed refinements to improve the operation of the financial services regulation framework |
| 10 March | FSR regulations on fee disclosure (released in draft on 23 December 2004) receive Royal Assent |
| 11 January | ASIC updates policy statement on licensing discretionary powers and transition matters to take account of licensing relief offered to securitisation special purpose vehicles (amendments to PS 167) |
| 2004 | |
| 15 December | ASIC releases policy statement on dollar disclosure (PS182) |
| 13 December | ASIC updates FSR licensing kit (version 6) and Small Business Guide for information that new licence applicants will be required to provide to ASIC regarding their management of conflicts of interest obligation (which commences on 1 January 2005) |
| 30 September | ASIC updates FSR licensing kit (version 6) |
| 30 August | ASIC releases policy statement in relation to conflicts management (PS 181) |
| 25 June | Fee disclosure regulations (batch 8) receive Royal Assent |
| 2 June | Parliamentary Joint Committee on Corporations and Financial Services' Report on FSR regulations 7.1.29A, 7.1.35A and 7.1.40(h) released. (This report follows on from the Committee's report released on 25 March 2004.) |
| 31 May | ASIC releases policy statement on foreign collective investment schemes (PS 178) (which replaces PS 65) |
| 13 May | Disallowance of superannuation fee disclosure regulations by the Senate (on 24 March) rescinded |
| 24 March | Parliamentary Joint Committee on Corporations and Financial Services' Report on Corporations Amendment Regulations 2003 (Batch 6), Corporations Amendment Regulations 2003/04 (Batch 7) and Draft Regulations - Corporations Amendment Regulations 2004 (Batch 8) released. |
| 24 March | Superannuation fee disclosure regulations disallowed by the Senate |
| 15 March | ASIC releases policy statement in relation to regulation of managed discretionary account services (PS 179) |
| 11 March | ASIC updates FSR licensing kit (version 5) |
| 10 March | Transition period (which commenced on 11 March 2002) ends |
| 26 February | FSR regulations (released in draft on 24 December 2003) receive Royal Assent |
| 2003 | |
| 23 December | Further FSR regulations receive Royal Assent |
| 17 December | Financial Services Reform Amendment Act 2003 receives Royal Assent |
| 13 November | Further FSR regulations receive Royal Assent |
| 23 October | Government releases final version of proposed amendments to the Financial Services Reform Amendment Bill 2003 (introduced on 26 June) to be debated by Parliament |
| 21 October | ASIC updates FSR licensing kit (version 4) |
| 26 September | Government announces that it will move amendments to the Financial Services Reform Amendment Bill 2003 (introduced on 26 June) when it is debated by Parliament |
| 12 September | ASIC releases policy statement in relation to wholesale foreign services providers (PS176 - reissued 17 May 2005) |
| 26 June | Government introduces Financial Services Reform Amendment Bill 2003 |
| 26 June | ASIC releases policy statement on conduct and disclosure obligations for financial product advisers (PS175 - reissued 13 May 2005) |
| 12 June | Regulations (based on draft regulations released on 12 March and 28 March) receive Royal Assent |
| 1 May | Regulations (including many of the draft regulations released on 12 March and part of the draft regulations released on 17 December 2002) receive Royal Assent |
| 29 April | ASIC updates FSR licensing kit (version 3) |
| 8 April | Regulations (to address issues associated with making unsolicited offers to retail investors) receive Royal Assent |
| 11 March | Regulations (released in draft on 13 December 2002) receive Royal Assent |
| 11 March | Transition period expires in one year's time (10 March 2004) |
| 2002 | |
| 6 November | Regulations (released in draft on 24 September) receive Royal Assent |
| 23 October | Senate Joint Committee report on Corporations and Financial Services Regulations and ASIC Policy Statements made under the FSR Act released |
| 15 October | ASIC updates FSR licensing kit (version 2) |
| 16 September | Superannuation disclosure regulations disallowed by Federal Opposition |
| 14 August | ASIC updates FSR licensing kit (addendum to version 1) |
| 30 June | Due ate by which licensees must have in place training and supervision regime in accordance with requirements under ASIC PS 146 for many who advise retail clients |
| 27 June | Regulations (released in draft on 24 May) receive Royal Assent |
| 18 June | Notice of Disallowance of superannuation product disclosure statement and anti-hawking regulations given by Federal Opposition in Senate |
| 14 June | Further regulations (released in draft on 16 April and 2 May) receive Royal Assent |
| 5 April | Financial Services Reform (Consequential Provisions) Act 2002 receives Royal Assent |
| 11 March | FSR begins |
| 5 March | Further regulations under second stage of FSR regulations receive Royal Assent |
| 21 February | Second stage FSR regulations receive Royal Assent |
| 14 February | Government introduces Financial Services Reform (Consequential Provisions) Bill2002 |
| 1 February | ASIC releases FSR licensing kit (version 1) |
| 2001 | |
| 20 December | ASIC releases policy statement on financial licensing requirements under FSR (PS166 - updated 8 November 2002; reissued 13 May 2005) |
| 28 November | ASIC releases 6 policy statements and a guidance paper on implementation of licensing and product disclosure requirements under FSR (PS146 - updated 22 January 2003; PS164 - updated 8 November 2002; PS165 updated 8 November 2002 and 2 October 2003; PS167- updated 8 November 2002 and 2 October 2003 and reissued 13 May 2005; PS168 and PS169 - updated 8 November 2002 and 2 October 2003 and reissued 13 May 2005) |
| 27 September | FSR receives Royal Assent, and some parts commence |
| 15 July | Commonwealth's Corporations Act 2001commences |
| 5 April | Joe Hockey introduces FSR Bill to parliament |
| 4 April | Joe Hockey introduces the Corporations Bill 2001 into parliament |
| 29 March | NSW passes referral legislation |
| 2 February | Joe Hockey threatens to press ahead with FSR, without the backing of all the states, if necessary |
| 2000 | |
| 22 December | The Commonwealth, NSW & Victoria agree on the referral powers; WA says no to the deal |
| 29 November | Joe Hockey announces FSR on hold until the Corporations Law problem is solved |
| 6 October | Joe Hockey (Commonwealth Minister for Financial Services & Regulation) announces FSR delayed until 1 July 2001 |
| 14 August | Parliamentary Joint Statutory Committee's Report on the Draft FSR Bill released |
| July | Public hearings into the draft FSR Bill held in Sydney, Melbourne and Canberra |
| 11 March | Parliamentary Joint Statutory Committee invites submissions to its inquiry into the Draft FSR Bill. A total of 67 submissions are received (tabled in the 14 August report above) |
| 8 March | Parliamentary Joint Statutory Committee on Corporations and Securities resolves to hold an inquiry into the draft Bill |
| February | Draft Financial Services Reform Bill released |
For more information about ASIC policy and guidelines (including policy statements, guides and class orders) and FSR legislation and regulations, refer to our Breaking News and FSR overview section.
